0001193125-13-151192.txt : 20130411
0001193125-13-151192.hdr.sgml : 20130411
20130411171108
ACCESSION NUMBER: 0001193125-13-151192
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20130411
DATE AS OF CHANGE: 20130411
EFFECTIVENESS DATE: 20130429
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Metropolitan Life Separate Account UL
CENTRAL INDEX KEY: 0000858997
IRS NUMBER: 135581829
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-91226
FILM NUMBER: 13756833
BUSINESS ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
BUSINESS PHONE: 2125788717
MAIL ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
FORMER COMPANY:
FORMER CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL
DATE OF NAME CHANGE: 19920703
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Metropolitan Life Separate Account UL
CENTRAL INDEX KEY: 0000858997
IRS NUMBER: 135581829
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06025
FILM NUMBER: 13756834
BUSINESS ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
BUSINESS PHONE: 2125788717
MAIL ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
FORMER COMPANY:
FORMER CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL
DATE OF NAME CHANGE: 19920703
0000858997
S000004219
Metropolitan Life Separate Account UL
C000011874
Group Variable Universal Life Insurance
485BPOS
1
d444549d485bpos.txt
GROUP VUL POST-EFFECTIVE AMENDMENT NO. 20
As filed with the Securities and Exchange Commission on April 11, 2013
Registration Nos. 033-91226
811-06025
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-6
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Post-Effective Amendment No. 20 [X]
and/or
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
Amendment No. 63 [X]
Metropolitan Life Separate Account UL
(Exact Name of Registrant)
Metropolitan Life Insurance Company
(Name of Depositor)
200 Park Avenue
New York, NY 10066
(Address of depositor's principal executive offices)
----------
Ricardo A. Anzaldua, Esq.
Executive Vice President and General Counsel
Metropolitan Life Insurance Company
1095 Avenue of the Americas
New York, NY 10036
(Name and address of agent for service)
Copy to:
Stephen E. Roth, Esquire
Sutherland Asbill & Brennan LLP
1275 Pennsylvania Avenue, N.W.
Washington, D.C. 20004-2415
It is proposed that this filing will become effective (check appropriate box)
[_] immediately upon filing pursuant to paragraph (b)
[X] on April 29, 2013 pursuant to paragraph (b)
[_] 60 days after filing pursuant to paragraph (a)(1)
[_] on (date) pursuant to paragraph (a)(1) of Rule 485
[_] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment
Title of Securities Being Registered: Interests in Metropolitan Life Separate
Account UL, which funds certain Variable Universal Life Insurance Policies.
PROSPECTUS
FOR
GROUP VARIABLE UNIVERSAL LIFE
INSURANCE POLICIES ("GROUP POLICIES")
ISSUED BY
METROPOLITAN LIFE INSURANCE COMPANY ("METLIFE")
APRIL 29, 2013
This Prospectus provides you with important information about MetLife's Group
Variable Universal Life Policies and its Certificates. However, we will also
issue a Group Policy to the employer and Certificates to the employees which
are separate documents from the prospectus. There may be differences between
the description of the Group Policy and the Certificate contained in this
prospectus and the Group Policy issued to the employer and the Certificate
issued to the employee due to differences in state law. Please consult the
Group Policy and the Certificate for the provisions that apply in your state.
The Group Policies are designed to provide:
.. Life insurance coverage for employees (and/or their spouses) of employers
who purchase a Group Policy
.. Flexible premium payments, including the option of paying premiums through
payroll deduction
.. A death benefit that varies because it includes the employee's cash value in
addition to a fixed insurance amount
.. Ownership rights of employees set forth in a certificate ("Certificate")
issued in connection with the Group Policy
You allocate net premiums to and may transfer cash value among a fixed interest
account ("Fixed Account") and the Metropolitan Life Separate Account UL
investment divisions which invest in the following Portfolios:
FIDELITY(R) VARIABLE INSURANCE PRODUCTS (INITIAL CLASS)
Freedom 2010 Portfolio
Freedom 2020 Portfolio
Freedom 2030 Portfolio
Freedom 2040 Portfolio
Freedom 2050 Portfolio
MET INVESTORS SERIES TRUST (CLASS A)
BlackRock Large Cap Core Portfolio
Lord Abbett Bond Debenture Portfolio
Morgan Stanley Mid Cap Growth Portfolio
Oppenheimer Global Equity Portfolio
METROPOLITAN SERIES FUND (CLASS A)
Baillie Gifford International Stock MetLife Stock Index Portfolio
Portfolio MFS(R) Value Portfolio
Barclays Aggregate Bond Index Portfolio MSCI EAFE(R) Index Portfolio
(formerly Barclays Capital Aggregate Russell 2000(R) Index Portfolio
Bond Index Portfolio) T. Rowe Price Small Cap Growth
BlackRock Bond Income Portfolio Portfolio
BlackRock Diversified Portfolio
In some cases, the employer may limit which of the above Portfolios are
available.
The prospectuses for the Portfolios describe in greater detail an investment in
the Portfolios listed above. YOU CAN OBTAIN PROSPECTUSES FOR THE PORTFOLIOS BY
CALLING OUR ADMINISTRATIVE OFFICE AT (800) 685-0124.
Since the Fixed Account is not registered under the federal securities laws,
this Prospectus contains only limited information about the Fixed Account. The
Group Policy and the Certificate give you more information on the operation of
the Fixed Account.
Neither the Securities and Exchange Commission ("SEC") nor any state securities
authority has approved or disapproved these securities, nor have they
determined if this Prospectus is accurate or complete. This prospectus does not
constitute an offering in any jurisdiction where such offering may not lawfully
be made. Any representation otherwise is a criminal offense. Interests in the
Separate Account and the Fixed Account are not deposits or 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. We do not guarantee how any of the Portfolios will perform.
TABLE OF CONTENTS
PAGE
IN THIS
SUBJECT PROSPECTUS
------- ----------
Cover Pages
Contacting Us................................................ 3
Summary of Benefits and Risks................................ 3
Certificate Benefits...................................... 3
Risks of a Certificate.................................... 4
Fee Tables................................................... 5
Transaction Fees.......................................... 6
Periodic Charges Other Than Portfolio Operating Expenses.. 6
Periodic Charges Applicable to Any Optional Riders That
May be Added to Your Certificate........................ 7
Portfolio Operating Expenses.............................. 9
MetLife...................................................... 11
The Fixed Account......................................... 11
Separate Account UL.......................................... 11
The Funds................................................. 13
Certain Payments We Receive with Regard to the Portfolios. 13
Selection of Portfolios................................... 13
Management of Portfolios.................................. 14
The Portfolio Share Classes that We Offer................. 16
Purchase and Redemption of Portfolio Shares by Our
Separate Account........................................ 16
Issuing a Group Policy and a Certificate..................... 16
Payment and Allocation of Premiums........................... 17
Paying Premiums........................................... 17
Maximum and Minimum Premium Payments...................... 17
Allocating Net Premiums................................... 18
Insurance Proceeds........................................... 18
Death Benefit............................................. 19
Alternate Death Benefit................................... 19
Specified Face Amount..................................... 20
Income Plans.............................................. 20
Cash Value, Transfers and Withdrawals........................ 21
Cash Value................................................ 21
Cash Value Transfers...................................... 21
Surrender and Withdrawal Privileges....................... 25
Benefit at Final Date..................................... 25
Paid-Up Certificate Provision................................ 26
Loan Privileges.............................................. 26
Optional Benefits Added By Rider............................. 27
Charges and Deductions....................................... 28
Important Information Applicable to All Certificate
Charges and Deductions.................................. 28
Charges Deducted from Premiums............................ 29
Charges Included in the Monthly Deduction................. 29
Charges Against the Separate Account...................... 31
Variations in Charges..................................... 31
Portfolio Company Charges................................. 31
Other Charges............................................. 31
Certificate Termination and Reinstatement.................... 32
Federal Tax Matters.......................................... 32
Rights We Reserve............................................ 37
Other Certificate Provisions................................. 37
Sales of Certificates........................................ 42
Legal Proceedings............................................ 44
Restrictions on Financial Transactions....................... 44
Financial Statements......................................... 45
2
CONTACTING US
[SIDEBAR: YOU CAN CONTACT US AT OUR ADMINISTRATIVE OFFICE.]
You can communicate all of your requests, instructions and notifications to us
by contacting us in writing at our Administrative Office. We may require that
certain requests, instructions and notifications be made on forms that we
provide. These include: changing your beneficiary; taking a Certificate loan;
changing the specified face amount; taking a partial withdrawal; surrendering
the Certificate; making transfer requests (including elections with respect to
the systematic investment strategies) or changing your premium allocations. Our
Administrative Office is our office at MetLife GVUL, Mail Code A2-10, 13045
Tesson Ferry Road, St. Louis, MO 63128. We may name additional or alternate
Administrative Offices. If we do, we will notify you in writing.
If you send your premium payments or transaction requests to an address other
than the one we have designated for receipt of such premium payments or
requests, we may return the premium payment to you, or there may be a delay in
applying the premium payment or transaction to your Policy.
SUMMARY OF BENEFITS AND RISKS
This summary gives an overview of the Group Policy and Certificates and is
qualified by the more detailed information in the balance of this Prospectus,
the Group Policy and the Certificates. MetLife issues the Group Policy and
Certificates.
CERTIFICATE BENEFITS
PREMIUM PAYMENT FLEXIBILITY. Generally, if elected by your employer, you may
pay premiums through payroll deduction. If payroll deduction is not available,
you may pay premiums to us on a monthly, quarterly or annual basis. You may,
with certain restrictions, make premium payments in any amount and at any
frequency.
However, you may also be required to make an unscheduled premium payment so
that the Certificate will remain in force. The Certificate will remain in force
until its Final Date, 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 Certificate 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 (see "Cash Value,
Transfers and Withdrawals"). If elected by your employer, 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 Certificate is issued. You may also
increase the amount at certain times determined by your employer and subject to
our underwriting requirements. In certain cases, we will automatically increase
the specified face amount at each employee's salary increase on dates chosen by
the employer. You may also decrease the specified face amount.
DEATH BENEFIT. The death benefit is the specified face amount of the
Certificate plus the Certificate cash value at the date of death of the covered
person.
3
INCOME PLANS. The insurance proceeds can be paid under a variety of income
plans that are available under the Certificate.
SURRENDERS, PARTIAL WITHDRAWALS AND LOANS. Within certain limits, you may take
partial withdrawals and loans from the Certificate. You may also surrender the
Certificate for its cash surrender value.
PAID-UP CERTIFICATE BENEFIT. You can choose to terminate the death benefit
(and any riders in effect) and use all or part of the cash surrender value as a
single premium for a "paid-up" benefit within the terms set forth in the
Certificate. ("Paid-up" means no further premiums are required.)
TAX ADVANTAGES. If you meet certain requirements, you will not pay income
taxes on withdrawals or surrenders or at the Final Date of the Certificate,
until your cumulative withdrawn amounts exceed the cumulative premiums you have
paid. 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. As with any taxation matter, you should consult with and rely on the
advice of your own tax advisor.
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) as part of the
monthly deduction.
RISKS OF A CERTIFICATE
This Prospectus discusses the risks associated with purchasing the Certificate.
Other prospectuses (which are attached at the end of this Prospectus) discuss
the risks associated with investment in the Fund described therein. Those
prospectuses are being provided to you in addition to this Prospectus because
each of the Separate Account UL investment divisions that are available to you
under a Certificate 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 certain Certificate fees and charges from your
Certificate's cash value, which can significantly reduce your Certificate's
cash value. During times of poor investment performance, this deduction may
have an even greater impact on your Certificate's cash value. It is possible to
lose your full investment and your Certificate 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 stated in your Certificate.
SURRENDER AND WITHDRAWAL RISKS. The Certificates 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 a
Certificate only if you have the financial ability to keep it in force for a
substantial period of time. You should not purchase the Certificate if you
intend to surrender all or part of the Certificate's cash value in the near
future.
4
RISK OF CERTIFICATE TERMINATION. Your Certificate 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 Certificate 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 certificate on which there is an outstanding loan may have adverse
tax consequences.
CERTIFICATE CHARGE AND EXPENSE INCREASE. We have the right to increase certain
Certificate charges.
TAX LAW RISKS. We anticipate that the Certificate should generally be deemed a
life insurance contract under Federal tax law. Assuming that a Certificate
qualifies as a life insurance contract for Federal income tax purposes, you
should not be deemed to be in receipt of any portion of your Certificate's cash
value until there is an actual distribution from the Certificate. Moreover,
insurance proceeds payable under the Certificate should be excludable from the
gross income of the beneficiary. Although the beneficiary generally should not
have to pay Federal income tax on the insurance proceeds, other taxes, such as
estate taxes, may apply.
If you pay more than a certain amount of premiums, you may cause your
Certificate 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 Certificate (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 Certificate 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. However, during the first 15 Certificate
years, in certain circumstances, a distribution may be subject to tax on a
income-out-first basis if there is a gain in the Certificate (which is
generally when your cash value exceeds the cumulative premiums you paid). Loans
will generally not be treated as distributions prior to termination of your
Certificate, whether by lapse, surrender or exchange. Finally, neither
distributions nor loans from a Certificate that is not a modified endowment
contract are subject to the 10% penalty tax.
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.
FEE TABLES
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the Certificate. The charges set forth in the
first three tables can vary, pursuant to terms of the Group Policy under which
the Certificate is issued. In certain cases, we have the right to increase our
charges for new Certificates, as well as for Certificates already outstanding.
The maximum charges in such cases are shown in the far right-hand columns of
each of the first three tables below. In addition to the following tables,
certain charges that we don't currently impose (but which we have the right
5
to impose on your Certificate in the future) are described under "Charges and
Deductions--Other Charges," further back in this Prospectus.
TRANSACTION FEES
This table describes the fees and expenses that you will pay at the time that
you buy the Certificate, surrender the Certificate, or transfer cash value
among the variable investment options or the Fixed Account.
The Current Amount Deducted represents an amount that would be deducted from a
hypothetical group that is representative of the groups to whom the
Group Policy is offered. The amount may not reflect the actual amount
currently deducted for any current Policy owner, since the current amount
deducted varies from group to group based on the anticipated experience of the
group.
WHEN CHARGE IS CURRENT AMOUNT MAXIMUM AMOUNT
CHARGE DEDUCTED DEDUCTED WE CAN DEDUCT
-----------------------------------------------------------------------------------
Charge for average On payment of An amount equal to No specific
expected state and premium the estimate of taxes maximum
local taxes we will actually pay
attributable to for your group,
premiums/1/ currently up to
2.55% of each
premium payment.
-----------------------------------------------------------------------------------
Charge for expected On payment of 0.35% of each Same as current
federal taxes premium premium payment amount
attributable to
premiums/1/
-----------------------------------------------------------------------------------
Surrender, On surrender, None Up to $25 per
withdrawal and loan withdrawal or loan surrender,
transaction fees/2/ withdrawal or loan
--------
/1/ Rather than deducting this charge from each premium payment you make, we
have the option of deducting an equivalent amount as part of the monthly
deduction. In that case, the amount of the deduction will be based on the
amount of premium payments received under all Certificates issued in connection
with the Group Policy. We will waive the state premium tax charge for Internal
Revenue Code Section 1035 exchanges from any other policy to a Certificate. We
will also waive the state premium tax charge, as well as the charge for
expected federal taxes attributable to premiums for 1035 exchanges, from
another MetLife policy to a Certificate.
/2/ Generally, we will not make any transaction charge for the surrender of a
Certificate because of the termination of an employer's participation in the
Group Policy. See your Certificate for more details.
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 Certificate not including the fees and
expenses of the Portfolios. The amounts shown for a 45 year old covered person
assume that person is a member of a hypothetical group that has been derived
from all groups to whom the Group Policy is offered. These amounts may not
reflect the amounts for any actual Certificate owner, since the amounts vary
from group to group based on the anticipated experience of the group. The
actual charge at that age for your group may be higher or lower than the rate
shown.
6
PERIODIC CHARGES APPLICABLE TO ALL CERTIFICATES
WHEN CHARGE IS CURRENT AMOUNT MAXIMUM AMOUNT
CHARGE DEDUCTED DEDUCTED WE CAN DEDUCT
-------------------------------------------------------------------------------------------------------------
Cost of term insurance* On each monthly
anniversary of the
Certificate
Highest and lowest charge Highest: $30.45 per Highest: $53.24 per
among all possible covered $1,000 of net amount $1,000 of Net
persons at risk Amount at Risk
Lowest: $.02 per Lowest: $.06 per
$1,000 of net amount $1,000 of Net
at risk Amount at Risk
Charge for a hypothetical $.10 per $1,000 of net $.43 per $1,000 of net
45 year old amount at risk amount at risk
-------------------------------------------------------------------------------------------------------------
Mortality and expense risk Daily against the Effective annual rate Effective annual rate
charge** cash value in the of .45% of the cash of .90%
Separate Account value in the
Separate Account
-------------------------------------------------------------------------------------------------------------
Administration charge*** On each monthly $0 to $3 per $5 per Certificate
anniversary of the Certificate
Certificate
-------------------------------------------------------------------------------------------------------------
Loan interest spread**** Annually (or on loan Annual rate of 0.25% Annual rate of 2% of
termination, if of the loan amount the loan amount
earlier)
PERIODIC CHARGES APPLICABLE TO ANY OPTIONAL RIDERS THAT MAY BE ADDED TO YOUR
CERTIFICATE*****
WHEN CHARGE IS CURRENT AMOUNT MAXIMUM AMOUNT
OPTIONAL FEATURE DEDUCTED DEDUCTED WE CAN DEDUCT
----------------------------------------------------------------------------------------------
Disability waiver of monthly On each monthly Since your employer No separate
deduction benefit anniversary of the decides for the whole maximum
Certificate group whether to
elect this benefit, the
cost is included in
the basic cost of
insurance rates for
the group.
----------------------------------------------------------------------------------------------
Accelerated benefits option On each monthly Since your employer No separate
anniversary of the decides for the whole maximum
Certificate group whether to
elect this benefit, the
cost is included in
the basic cost of
insurance rates for
the group.
----------------------------------------------------------------------------------------------
Accidental death benefit On each monthly No maximum
anniversary of the applies to this
Certificate benefit
Highest and Lowest charge among Highest: $.04 per
all possible Certificates $1,000 of rider
benefit amount
Lowest: $.01 per
$1,000 of rider
benefit amount
Charge for a hypothetical $.03 per $1,000 of
45 year old rider benefit amount
----------------------------------------------------------------------------------------------
7
WHEN CHARGE IS CURRENT AMOUNT MAXIMUM AMOUNT
OPTIONAL FEATURE DEDUCTED DEDUCTED WE CAN DEDUCT
-------------------------------------------------------------------------------------------
Accidental Death or Dismemberment On each monthly No maximum
Benefit anniversary of the applies to this
Certificate benefit
Highest and Lowest Charge Among Highest: $.05 per
All Possible Certificates $1,000 of rider
benefit amount
Lowest: $.02 per
$1,000 of rider
benefit amount
Charge for a hypothetical $.04 per $1,000 of
45 year old rider benefit
amount
-------------------------------------------------------------------------------------------
Dependent life benefits (spouse On each monthly No maximum
coverage only) anniversary of the applies to this
Certificate benefit
Highest and lowest charge among Highest: $30.34 per
all possible certificates $1,000 of rider
benefit amount
Lowest: $.03 per
$1,000 of rider
benefit amount
Charge for a hypothetical $.10 per $1,000 of
45 year old rider benefit amount
-------------------------------------------------------------------------------------------
Dependent life benefits (children On each monthly No maximum
coverage only) anniversary of the applies to this
Certificate benefit
Highest and lowest charge among Highest: $.18 per
all possible certificates $1,000 of rider
benefit amount
Lowest: $.07 per
$1,000 of rider
benefit amount
Charge for a hypothetical 45 year $.13 per $1,000 of
old rider benefit amount
* The cost of 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. The cost of insurance charge may not be
representative of the charge that any particular Certificate owner would pay.
See "Charges and Deductions--Cost of Insurance" for a more detailed discussion
of factors affecting this charge. You can obtain more information about the
cost of insurance or other 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 Certificate
based on various assumptions.
** We may determine differences in this charge for different employer groups
based on differences in the levels of mortality and expense risks. See "Charges
and Deductions--Certificate Charges--Charge Against the Separate Account" below
for a fuller description of how this charge may vary. We are currently 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 portfolio expenses that are in excess of 0.62% for the
investment division investing in the Oppenheimer Global Equity Portfolio (Class
A).
*** This charge for a Certificate may vary based on differences in the levels
of administrative services performed by us and by the employer for the specific
group under which the Certificate is issued.
**** We charge interest on Certificate 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.
***** The rider charges may vary based on individual characteristics, or
anticipated variations in our costs or risks associated with the group or
individuals in the group under which the Certificate is issued. The charge may
not be representative of the charge that any particular Certificate owner would
pay. You can obtain more information about this and other charges that would
apply by contacting your insurance sales representative.
8
PORTFOLIO OPERATING EXPENSES
Each of the Funds pays an investment management fee. Each of the Funds also
incurs other direct expenses (see the applicable Fund Prospectus attached at
the end of this 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. The Funds offer various
classes of shares, each of which has a different level of expenses. However, we
offer only Class A shares of the Funds under the Certificates.
The following tables describe the fees and expenses that the Portfolios will
pay and that therefore a Certificate owner will indirectly pay periodically
during the time that he or she owns a Certificate. The first table shows the
minimum and maximum fees and expenses charged by the Portfolios for the fiscal
year ended December 31, 2012. The second table shows each Portfolio's fees and
expenses, as a percentage of average daily net assets, as of December 31, 2012,
in some cases after contractual waivers and/or expense reimbursements. More
detail concerning each Portfolio's fees and expenses is contained in the
prospectuses for the Portfolios. Certain Portfolios may impose a redemption fee
in the future.
MINIMUM AND MAXIMUM TOTAL ANNUAL PORTFOLIO OPERATING EXPENSES
MINIMUM MAXIMUM
--------------------------------------------------------------------------------------
TOTAL ANNUAL PORTFOLIO OPERATING EXPENSES
(expenses that are deducted from Portfolio assets, including
management fees, distribution and/or service (12b-1) fees, and other
expenses) 0.28% 0.91%
--------------------------------------------------------------------------------------
PORTFOLIO FEES AND EXPENSES
(as a percentage of average daily net assets)
DISTRIB- FEE
UTION WAIVER
AND/OR ACQUIRED TOTAL AND/OR NET TOTAL
MANAGE- SERVICE FUND FEES ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER AND OPERATING REIM- OPERATING
PORTFOLIO FEE FEES EXPENSES EXPENSES EXPENSES BURSEMENT EXPENSES
--------------------------------------------------------------------------------
FIDELITY(R)
VARIABLE
INSURANCE
PRODUCTS --
INITIAL CLASS
--------------------------------------------------------------------------------
Freedom 2010
Portfolio -- -- -- 0.56% 0.56% -- 0.56%
--------------------------------------------------------------------------------
Freedom 2020
Portfolio -- -- -- 0.59% 0.59% -- 0.59%
--------------------------------------------------------------------------------
Freedom 2030
Portfolio -- -- -- 0.65% 0.65% -- 0.65%
--------------------------------------------------------------------------------
Freedom 2040
Portfolio -- -- -- 0.68% 0.68% -- 0.68%
--------------------------------------------------------------------------------
Freedom 2050
Portfolio -- -- -- 0.69% 0.69% -- 0.69%
--------------------------------------------------------------------------------
9
DISTRIB- FEE
UTION WAIVER
AND/OR ACQUIRED TOTAL AND/OR NET TOTAL
MANAGE- SERVICE FUND FEES ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER AND OPERATING REIM- OPERATING
PORTFOLIO FEE FEES EXPENSES EXPENSES EXPENSES BURSEMENT EXPENSES
----------------------------------------------------------------------------------
MET INVESTORS
SERIES TRUST
-- CLASS A
----------------------------------------------------------------------------------
BlackRock
Large Cap
Core Portfolio 0.59% -- 0.05% -- 0.64% 0.01% 0.63%
----------------------------------------------------------------------------------
Lord Abbett
Bond
Debenture
Portfolio 0.51% -- 0.03% -- 0.54% -- 0.54%
----------------------------------------------------------------------------------
Morgan
Stanley Mid
Cap Growth
Portfolio 0.65% -- 0.07% -- 0.72% 0.01% 0.71%
----------------------------------------------------------------------------------
Oppenheimer
Global Equity
Portfolio 0.67% -- 0.09% -- 0.76% 0.02% 0.74%
----------------------------------------------------------------------------------
METROPOLITAN
SERIES FUND
-- CLASS A
----------------------------------------------------------------------------------
Baillie Gifford
International
Stock
Portfolio 0.81% -- 0.10% -- 0.91% 0.10% 0.81%
----------------------------------------------------------------------------------
Barclays
Aggregate
Bond Index
Portfolio 0.25% -- 0.04% -- 0.29% 0.01% 0.28%
----------------------------------------------------------------------------------
BlackRock
Bond Income
Portfolio 0.32% -- 0.04% -- 0.36% 0.00% 0.36%
----------------------------------------------------------------------------------
BlackRock
Diversified
Portfolio 0.46% -- 0.07% -- 0.53% -- 0.53%
----------------------------------------------------------------------------------
MetLife Stock
Index
Portfolio 0.25% -- 0.03% -- 0.28% 0.01% 0.27%
----------------------------------------------------------------------------------
MFS(R) Value
Portfolio 0.70% -- 0.03% -- 0.73% 0.13% 0.60%
----------------------------------------------------------------------------------
MSCI EAFE(R)
Index
Portfolio 0.30% -- 0.11% 0.01% 0.42% 0.00% 0.42%
----------------------------------------------------------------------------------
Russell 2000(R)
Index
Portfolio 0.25% -- 0.08% 0.09% 0.42% 0.00% 0.42%
----------------------------------------------------------------------------------
T. Rowe Price
Small Cap
Growth
Portfolio 0.49% -- 0.06% -- 0.55% -- 0.55%
----------------------------------------------------------------------------------
The information shown in the table above was provided by the Portfolios and we
have not independently verified that information. Net Total Annual Operating
Expenses shown in the table reflect any current fee waiver or expense
reimbursement arrangement that will remain in effect for a period of at least
one year from the date of the Portfolio's 2013 prospectus. "0.00%" in
10
the Fee Waiver and/or Expense Reimbursement column indicates that there is such
an arrangement in effect for the Portfolio, but that the expenses of the
Portfolio are below the level that would trigger the waiver or reimbursement.
Fee waiver and expense reimbursement arrangements with a duration of less than
one year, or arrangements that may be terminated without the consent of the
Portfolio's board of directors or trustees, are not shown.
METLIFE
Metropolitan Life Insurance Company is a leading provider of insurance,
annuities and employee benefit programs with operations throughout the United
States. MetLife offers life insurance and annuities to individuals, as well as
group insurance and retirement and savings products and many other services to
corporations and other institutions. MetLife was formed under the laws of New
York in 1868. The Company's home office is located at 200 Park Avenue, New
York, New York 10166-0188. The Company is a wholly-owned subsidiary of MetLife,
Inc. MetLife, Inc. is a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. Through its
subsidiaries and affiliates, MetLife, Inc. holds leading market positions in
the United States, Japan, Latin America, Asia, Europe and the Middle East.
THE FIXED ACCOUNT
The Fixed Account is part of our general assets that are not in any legally
segregated separate accounts. The minimum guaranteed interest rate will vary
based on the provisions stated in the Certificate but will never be lower than
3%. 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.
We credit the guaranteed and excess interest on each "Valuation Date" (as
defined below in "Other Certificate Provisions--When Your Requests Become
Effective"). We guarantee the credited interest, and it becomes part of the
Certificate's cash value in the Fixed Account. We charge the portion of the
monthly deduction that is deducted from the Fixed Account against the most
recent premiums paid and interest credited thereto.
We can delay transfers, withdrawals, surrender and payment of Certificate 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 Group Policy and the
Certificate give you more information on the operation of the Fixed Account.
SEPARATE ACCOUNT UL
THE SEPARATE ACCOUNT
The Separate Account receives premium payments from the Group Policies and
Certificates 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 policyholders and creditors. All
the income, gains and losses (realized or unrealized) resulting from these
assets
11
are credited to or charged against the Group Policies and Certificates issued
from the Separate Account without regard to our other business. 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 Certificates even if that
amount exceeds the Certificate's Cash Value in the Separate Account. Any such
amount that exceeds the Certificate's Cash Value in the Separate Account is
paid from our general account. Death benefit amounts paid from the general
account are subject to the financial strength and claims paying ability of the
Company and our long term ability to make such payments. We issue other life
insurance policies and annuity contracts where we pay all money we owe under
those policies and contracts from our general account. MetLife is regulated as
an insurance company under state law, which includes, generally, limits on the
amount and type of investments in its 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.
We are obligated to pay all amounts and other benefits to which you are
entitled under the terms of your Certificate.
The investment adviser to certain of the Portfolios offered with the Group
Policy or with other variable life insurance policies issued through the
Separate Account may be regulated as Commodity Pool Operators. While it does
not concede that the Separate Account is a commodity pool, MetLife has claimed
an exclusion from the definition of the term "commodity pool operator" under
the Commodities Exchange Act ("CEA"), and is not subject to registration or
regulation as a pool operator under the CEA.
THE INVESTMENT DIVISIONS
[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. In some cases, your employer
retains the right to allocate the portion of any net premiums it pays (rather
than any premiums you pay). If so, the Certificate will state this. Amounts you
allocate to each investment division receive the investment experience of the
investment division, and you bear this investment risk.
SUBSTITUTION OF INVESTMENTS
If investment in the Portfolios or a particular Portfolio is no longer
possible, or 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
12
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.
THE FUNDS
[SIDEBAR: YOU SHOULD CAREFULLY REVIEW THE INVESTMENT OBJECTIVES, STRATEGIES,
AND RISKS OF EACH PORTFOLIO WHICH ARE DESCRIBED IN THE PROSPECTUS FOR EACH
PORTFOLIO.]
Each of the Funds is a "series" type of mutual fund, which is registered as an
open-end management investment company under the 1940 Act. Each Fund is divided
into Portfolios, each of which represent a different class of stock in which a
corresponding investment division of the Separate Account invests. Not all of
the Portfolios of a Fund are available in connection with the Certificates. You
should read the prospectus for each Portfolio. It contains information about
the Portfolio, including the investment objectives, strategies, risks and
investment advisers that are associated with each Portfolio.
CERTAIN PAYMENTS WE RECEIVE WITH REGARD TO THE PORTFOLIOS
An investment adviser (other than our affiliate MetLife Advisers, LLC), or a
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 of expenses for certain administrative, marketing
and support services with respect to the Policies, and, in the Company's role
as an intermediary, with respect to the Portfolios. The Company and its
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 direct investment in the Portfolios, bear the costs of
these advisory fees. (See the Portfolios' 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 0.50%.
We, and certain of our affiliated insurance companies, have an ownership
interest in our affiliated investment adviser, MetLife Advisers, LLC which is
formed as a limited liability company. Our ownership interest in MetLife
Advisers, LLC entitles us to profit distributions if the adviser makes a profit
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 advisers. (See "Fee Tables--Annual Portfolio Operating
Expenses" for information on the management fees paid by the Portfolios to the
advisers and the Statement of Additional Information for the Funds for
information on the management fees paid by the adviser to sub-advisers.)
Additionally, an investment adviser (other than our affiliate MetLife Advisers,
LLC) 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 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.
SELECTION OF PORTFOLIOS
We select the Portfolios offered through the Policy based on a number of
criteria, including asset class coverage, the strength of the adviser's or
13
sub-adviser'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
sub-adviser is one of our affiliates or whether the Portfolio, its adviser, its
sub-adviser(s), or an affiliate will make payments to us or our affiliates. 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. We review the Portfolios periodically and may
remove a Portfolio or limit its availability to new premium payments and/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 policy owners. In some cases, we have included
Portfolios based on recommendations made by selling firms. These selling firms
may receive payments from the Portfolios they recommend and may benefit
accordingly from the allocation of Cash Value to such Portfolio.
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 Equity Options resulting from the performance of the Portfolios you have
chosen.
MANAGEMENT OF PORTFOLIOS
Each Fund has an investment adviser who is responsible for overall management
of the Fund. These investment advisers have contracted with sub-advisers to
make the day-to-day investment decisions for some of the Portfolios.
The adviser, any sub-adviser and the investment objective of each Portfolio are
as follows:
----------------------------------------------------------------------------------
INVESTMENT
PORTFOLIO INVESTMENT OBJECTIVE ADVISER/SUBADVISER
----------------------------------------------------------------------------------
FIDELITY(R) VARIABLE
INSURANCE PRODUCTS --
INITIAL CLASS
----------------------------------------------------------------------------------
Freedom 2010 Portfolio 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 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 Seeks high total return with a Strategic Advisers, Inc.
secondary objective of
principal preservation as the
fund approaches its target date
and beyond.
----------------------------------------------------------------------------------
Freedom 2040 Portfolio Seeks high total return with a Strategic Advisers, Inc.
secondary objective of
principal preservation as the
fund approaches its target date
and beyond.
----------------------------------------------------------------------------------
14
----------------------------------------------------------------------------------------------
INVESTMENT
PORTFOLIO INVESTMENT OBJECTIVE ADVISER/SUBADVISER
----------------------------------------------------------------------------------------------
FIDELITY(R) VARIABLE
INSURANCE PRODUCTS --
INITIAL CLASS
----------------------------------------------------------------------------------------------
Freedom 2050 Portfolio Seeks high total return with a Strategic Advisers, Inc.
secondary objective of
principal preservation as the
fund approaches its target date
and beyond.
----------------------------------------------------------------------------------------------
MET INVESTORS SERIES
TRUST -- CLASS A
----------------------------------------------------------------------------------------------
BlackRock Large Cap Core Seeks long-term capital MetLife Advisers, LLC
Portfolio growth. Subadviser: BlackRock
Advisors, LLC
----------------------------------------------------------------------------------------------
Lord Abbett Bond Seeks high current income and MetLife Advisers, LLC
Debenture Portfolio the opportunity for capital Subadviser: Lord, Abbett &
appreciation to produce a high Co. LLC
total return.
----------------------------------------------------------------------------------------------
Morgan Stanley Mid Cap Seeks capital appreciation. MetLife Advisers, LLC
Growth Portfolio Subadviser: Morgan Stanley
Investment Management Inc.
----------------------------------------------------------------------------------------------
Oppenheimer Global Equity Seeks capital appreciation. MetLife Advisers, LLC
Portfolio Subadviser:
OppenheimerFunds, Inc.
----------------------------------------------------------------------------------------------
METROPOLITAN SERIES FUND
-- CLASS A
----------------------------------------------------------------------------------------------
Baillie Gifford International Seeks long-term growth of MetLife Advisers, LLC
Stock Portfolio capital. Subadviser: Baillie Gifford
Overseas Limited
----------------------------------------------------------------------------------------------
Barclays Aggregate Bond Seeks to track the performance MetLife Advisers, LLC
Index Portfolio of the Barclays U.S. Aggregate Subadviser: MetLife
Bond Index. Investment Management, LLC
----------------------------------------------------------------------------------------------
BlackRock Bond Income Seeks a competitive total MetLife Advisers, LLC
Portfolio return primarily from Subadviser: BlackRock
investing in fixed-income Advisors, LLC
securities.
----------------------------------------------------------------------------------------------
BlackRock Diversified Seeks high total return while MetLife Advisers, LLC
Portfolio attempting to limit investment Subadviser: BlackRock
risk and preserve capital. Advisors, LLC
----------------------------------------------------------------------------------------------
MetLife Stock Index Seeks to track the MetLife Advisers, LLC
Portfolio performance of the Standard & Subadviser: MetLife
Poor's 500(R) Composite Stock Investment Management, LLC
Price Index.
----------------------------------------------------------------------------------------------
MFS(R) Value Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: Massachusetts
Financial Services Company
----------------------------------------------------------------------------------------------
MSCI EAFE(R) Index Seeks to track the MetLife Advisers, LLC
Portfolio performance of the MSCI Subadviser: MetLife
EAFE(R) Index. Investment Management, LLC
----------------------------------------------------------------------------------------------
Russell 2000(R) Index Portfolio Seeks to track the MetLife Advisers, LLC
performance of the Russell Subadviser: MetLife
2000(R) Index. Investment Management, LLC
----------------------------------------------------------------------------------------------
T. Rowe Price Small Cap Seeks long-term capital MetLife Advisers, LLC
Growth Portfolio growth. Subadviser: T. Rowe Price
Associates, Inc.
----------------------------------------------------------------------------------------------
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.
15
THE PORTFOLIO SHARE CLASSES THAT WE OFFER
The Funds offer various classes of shares, each of which has a different level
of expenses. The prospectus for a Portfolio may provide information for share
classes of the Portfolio that are not available through the Certificate. When
you consult the prospectus for a Portfolio, you should be careful to refer only
to the information regarding the class of shares that is available through the
Certificate:
.. For the Metropolitan Series Fund and the Met Investors Series Trust
Portfolios, we offer Class A shares only.
.. For the Fidelity Variable Products Portfolios, we offer Initial Class shares
only.
PURCHASE AND REDEMPTION OF PORTFOLIO SHARES BY OUR SEPARATE ACCOUNT
As of the end of each Valuation Period (see "Valuation Period" description
below in "Other Certificate 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.
.. Dividends and distributions on Fund shares that 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).
.. Certificate loans and loan repayments allocated to the Separate Account.
.. Transfers to and among investment divisions.
.. Withdrawals and surrenders taken from the Separate Account.
VOTING RIGHTS THAT YOU WILL HAVE
[SIDEBAR: YOU CAN GIVE US VOTING INSTRUCTIONS ON SHARES OF EACH PORTFOLIO OF A
FUND THAT ARE ATTRIBUTED TO YOUR CERTIFICATE.]
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 Certificate
based on your instructions. 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 GROUP POLICY AND A CERTIFICATE
[SIDEBAR: WE WILL ISSUE A CERTIFICATE TO YOU AS OWNER. UNLESS YOUR EMPLOYER HAS
RESERVED OTHERWISE, YOU WILL HAVE ALL THE RIGHTS UNDER THE CERTIFICATE,
INCLUDING THE ABILITY TO NAME A NEW OWNER OR CONTINGENT OWNER.]
We may issue a Group Policy to an employer or association ("employer") or to a
trust through which an employer participates. Generally, the minimum number of
people in a group that is required before we will issue a Group Policy directly
to an employer is 200 lives. However, we reserve the right to issue a Group
Policy or provide coverage to an employer that does not meet this minimum.
Employees of employers and members of associations ("employees") may own
Certificates issued under their employer's Group Policy. If you want to own a
Certificate, then you must complete an enrollment form, which must be received
by the Administrative Office. We reserve the right to reject an enrollment form
for any reason permitted by law, and our acceptance of an enrollment form is
subject to our underwriting rules.
16
Generally, we will issue a Certificate only to an eligible employee, or a
spouse of an eligible employee when permitted by the employer. The person upon
whose life the Certificate is issued is called the covered person. The owner is
generally the employee unless the enrollment form designates someone else as
owner. For the purpose of computing the covered person's age under the
Certificate, we start with the covered person's age on a day selected by your
employer. Age can be measured from December 31st in a given year, or from any
other date agreed to by your employer and us.
The Date of Certificate is set forth in the Certificate and is the effective
date for life insurance protection under the Certificate. We use the Date of
Certificate to calculate the Certificate years (and Certificate months and
monthly anniversaries).
PAYMENT AND ALLOCATION OF PREMIUMS
[SIDEBAR: YOU CAN MAKE PLANNED PERIODIC PREMIUM PAYMENTS AND UNSCHEDULED
PREMIUM PAYMENTS.]
The payment of a given premium will not necessarily guarantee that your
Certificate will remain in force. Rather, this depends on the Certificate's
cash surrender value.
PAYING PREMIUMS
You can make premium payments, subject to certain limitations discussed below,
through:
.. PAYROLL DEDUCTION: Where provided by your employer, you may pay premiums
through payroll deduction. Your employer may require that you pay a minimum
monthly amount in order to use payroll deduction. Your employer may send
payroll deductions to us as much as 30 days after the deduction is made.
.. PLANNED PERIODIC PAYMENTS: If there is no payroll deduction available, you
may elect to pay premiums monthly, quarterly or annually.
.. UNSCHEDULED PREMIUM PAYMENT OPTION: You also can make other premium
payments at any time.
We do not accept premiums made in cash or by money order.
If you send your premium payments or transaction requests to an address other
than the one we have designated for receipt of such premium payments or
requests, we may return the premium payment to you, or there may be a delay in
applying the premium payment or transaction to your Certificate.
MAXIMUM AND MINIMUM PREMIUM PAYMENTS
.. The first premium may not be less than the planned premium.
.. 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
Certificate from terminating. We will let you make premium payments that
would turn the Certificate into a modified endowment contract, but we will
promptly tell you of this status, and if possible, we will tell you how to
reverse the status. ("See Tax Matters--Modified Endowment Contracts.")
17
ALLOCATING NET PREMIUMS
[SIDEBAR: NET PREMIUMS ARE YOUR PREMIUMS MINUS THE CHARGES DEDUCTED FROM YOUR
PREMIUMS.]
Generally, you indicate on your enrollment form the initial allocation of net
premiums (your premiums minus the charges deducted from your premiums) among
the Fixed Account and the investment divisions of the Separate Account. In some
cases, your employer has the right to allocate the portion of any net premiums
it pays (but not any premiums that you pay) until the covered person retires
(if the covered person is employed by your employer) or the Certificate becomes
portable. (See "Portable Certificate" under "Other Certificate
Provisions--Effect of Termination of Employer Participation in the Group
Policy.") If you fail to provide allocation instructions, we may allocate net
premiums as described in the application. The Certificate includes a
description of your right to allocate net premiums.
The percentage of your net premium allocation into each of these investment
options must be a minimum of 10% and in whole numbers. You can change your
allocations at any time by giving us written notification at our Administrative
Office or in any other manner that we permit.
INSURANCE PROCEEDS
If the Certificate is in force, we will pay your beneficiary the insurance
proceeds as of the end of the Valuation Period that includes the covered
person's date of death. We will pay this amount after we receive documents that
we request as due proof of the covered person's death.
We will pay the proceeds in one sum, including either by check, by placing the
amount in an account that earns interest and to which the accountholder has
immediate and full access, 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 available on request from our Administrative
Office. We will pay interest on the proceeds as required by the applicable
state law.
Unless otherwise requested and subject to state law, the Certificate'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 Certificate
surrender proceeds paid into a Total Control Account established for you.
Assets backing the Total Control Accounts are maintained in our general account
and are subject to the claims of our creditors. We will bear the investment
experience of such assets; however, regardless of the investment experience of
such assets, the interest credited to the Total Control Account will never fall
below the applicable guaranteed minimum annual effective rate. Because we bear
the investment experience of the assets backing the Total Control Accounts, we
may receive a profit from these assets. The Total Control Account is not
insured by the FDIC or any other governmental agency.
18
The insurance proceeds equal:
.. The death benefit provided on the date of death or the alternate death
benefit; plus
.. Any additional insurance proceeds provided by rider; minus
.. Any unpaid Certificate loans and accrued interest thereon, and any due and
unpaid charges accruing during a grace period.
The amount of the death benefit that exceeds the Certificate's Cash Value is
paid from our general account. Death benefit amounts paid from our general
account are subject to the claims of our creditors.
Every state has unclaimed property laws which generally declare life insurance
policies to be abandoned after a period of inactivity of three to five years
from the date any death benefit is due and payable. For example, if the payment
of a death benefit has been triggered, and after a thorough search, we are
still unable to locate the beneficiary of the death benefit, the death benefit
will be paid to the abandoned property division or unclaimed property office of
the state in which the beneficiary or the policy owner last resided, as shown
on our books and records. ("Escheatment" is the formal, legal name for this
process.) However, the state is obligated to pay the death benefit (without
interest) if your beneficiary steps forward to claim it with the proper
documentation. To prevent your Certificate's death benefit from being paid to
the state's abandoned or unclaimed property office, it is important that you
update your beneficiary designation--including complete names and complete
address--if and as they change. You should contact our Administrative Office at
1-800-685-0124 in order to make a change to your beneficiary designation.
DEATH BENEFIT
The death benefit varies and equals the specified face amount of insurance of
the Certificate plus the cash value on the date of death.
ALTERNATE DEATH BENEFIT
[SIDEBAR: THE CERTIFICATE PROVIDES A DEATH BENEFIT WHICH INCLUDES THE CASH
VALUE OF THE CERTIFICATE.]
In order to ensure that the Certificate qualifies as life insurance under the
federal income tax laws, the beneficiary will receive an alternate death
benefit if it is greater than the amount that the beneficiary would have
received under the death benefit described above. The alternate death benefit
is calculated by multiplying the Certificate's cash value by a prescribed
percentage. The prescribed percentage is determined by the covered person's age
at the time of the calculation and declines as the covered person grows older.
The alternate death benefit is as follows:
AGE OF COVERED PERSON AT DEATH % OF CASH VALUE*
-------------------------------------------------
40 and less 250%
45 215%
50 185%
55 150%
60 130%
65 120%
70 115%
75 to 90 105%
95 100%
--------
* For the ages not listed, the percentage decreases by a ratable portion for
each full year.
19
During any period when your cash value is high enough that the alternate death
benefit applies, your charges for insurance costs will be higher, since the
effective amount of your coverage will be greater. In no event will the death
benefit be less than the minimum insurance amount required under current
Federal income tax rules applicable to the definition of life insurance as in
effect on the date your Certificate is issued.
SPECIFIED FACE AMOUNT
[SIDEBAR: YOU CAN GENERALLY INCREASE OR DECREASE THE CERTIFICATE'S SPECIFIED
FACE AMOUNT.]
The specified face amount is the basic amount of life insurance specified in
the Certificate. The Minimum Specified Face Amount is the smallest amount of
specified face amount for which a Certificate may be issued, and is set forth
in the Certificate. This amount will never be less than $10,000.
Generally, you may change your specified face amount subject to certain
limitations. Any change you request will be effective on the monthly
anniversary on or next following our approval of your request. You are
permitted to decrease the specified face amount to as low as the Minimum
Specified Face Amount set forth in the Certificate.
You may request an increase on dates determined by your employer and set forth
in the Certificate. If you are a qualifying employee, we will make automatic
increases in the specified face amount when your salary increases on a date or
dates determined by your employer. However, you can notify us in writing at any
time that you do not desire such automatic increases in the future. Any
requirements as to the minimum amount of an increase are set forth in the
Certificate. Any increase is subject to our underwriting rules which may
include a requirement for evidence satisfactory to us of the covered person's
insurability.
Before you change your specified face amount you should consider the following:
.. The insurance portion of your death benefit will change. This will affect
the insurance charges, cash value and 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 Certificate years, could then be
taxed on an income first basis, even if the Certificate is not a modified
endowment contract;
.. The amount of additional premiums that the tax laws permit you to pay into
the Certificate may increase or decrease. The additional amount you can pay
without causing the Certificate to be a modified endowment contract for tax
purposes may also increase or decrease (see "Tax Matters--Modified Endowment
Contracts"); and
.. The Certificate could become a modified endowment contract in certain
circumstances.
INCOME PLANS
[SIDEBAR: GENERALLY YOU CAN RECEIVE THE CERTIFICATE'S INSURANCE PROCEEDS UNDER
AN INCOME PLAN INSTEAD OF IN A LUMP SUM.]
The insurance proceeds can generally be paid under a variety of income plans.
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
.. Joint and Survivor Life Income
.. Single Life Income-Guaranteed Return
20
Before you choose an income plan you should consider:
.. The tax consequences associated with the Certificate proceeds, which can
vary considerably, depending on whether a plan is chosen. You or your
beneficiary should consult with a qualified tax advisor about tax
consequences; and
.. 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: THE CERTIFICATE IS DESIGNED TO ACCUMULATE CASH VALUE.]
The Certificate's CASH VALUE equals:
.. The Fixed Account cash value, plus
.. The Loan Account cash value, plus
.. The Separate Account cash value.
The Certificate's CASH SURRENDER VALUE equals your cash value minus:
.. Any outstanding Certificate loans (plus any accrued and unpaid loan
interest);
.. Any accrued and unpaid monthly deduction; and
.. Any surrender transaction fee.
Unless the Group Policy is still in its first year, we will, on the Investment
Start Date for the Certificate, allocate your cash value among the investment
divisions as you requested your net premiums to be allocated in your enrollment
form or a subsequent reallocation request. See "Investment Start Date"
description below in "Other Certificate Provisions--When Your Requests Become
Effective." If the Group Policy is still in its first year, we will make this
allocation 20 days after the Investment Start Date.
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
.. 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
The minimum amount you may transfer is $200 or, if less, the total amount in an
investment option. You may make transfers at any time after the Investment
Start Date. In some cases, your employer retains the right to transfer the
portion of any net premiums it pays (but not any premiums you pay). The
Certificate will set forth any such employer rights.
21
In some cases, the maximum amount that you may transfer or withdraw from the
Fixed Account in any Certificate year is the greater of
.. $200 and
.. 25% of the largest amount in the Fixed Account over the last four
Certificate years (or since the Date of Certificate if the Certificate has
been in effect for less than four years).
Any such limit does not apply to
.. a full surrender
.. any loans taken
.. any transfers under a systematic investment strategy
It is important to note that due to the restrictions on transfers from the
Fixed Account, it could take a number of years to fully transfer a current
balance in the Fixed Account to the investment divisions of the Separate
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.
The Certificate includes a description of your cash value transfer rights. We
do not charge for transfers. Currently, transfers are not taxable transactions.
RESTRICTIONS ON FREQUENT TRANSFERS. Frequent requests from Certificate 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"). Frequent transfers involving arbitrage
trading may adversely affect the long-term performance of the Portfolios, which
may in turn adversely affect Certificate Owners and other persons who may have
an interest in the Certificates (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, MSCI EAFE(R) Index Portfolio, Oppenheimer Global
Equity Portfolio, Russell 2000(R) Index Portfolio, T. Rowe Price Small Cap
Growth Portfolio, and Lord Abbett Bond Debenture Portfolio) and we monitor
transfer activity in those Portfolios (the "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
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.
22
Our policies and procedures may result in transfer restrictions being applied
to deter frequent transfers. Currently, when we detect transfer activity in the
Monitored Portfolios that exceeds our current transfer limits, we require
future transfer requests to or from a Monitored Portfolio under that
Certificate to be submitted in writing with an original signature. A first
occurrence will result in the imposition of this restriction for a six-month
period; a second occurrence will result in the permanent imposition of the
restriction. Transfers made under an automated investment strategy described in
this prospectus are not treated as transfers when we monitor the frequency of
transfers.
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 market timing 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 Certificate Owners to
avoid such detection. Our ability to restrict such transfer activity may also
be limited by provisions of the Certificates. Accordingly, there is no
assurance that we will prevent all transfer activity that may adversely affect
Certificate Owners and other persons with interests in the Certificates. We do
not accommodate frequent transfers in any Portfolios and there are no
arrangements in place to permit any Certificate Owner to engage in frequent
transfers; 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 frequent transfers 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 frequent
transfer 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
Certificate owners, and to execute instructions from the Portfolio to restrict
or prohibit further purchases or transfers by specific Certificate owners who
violate the frequent transfer policies established by the Portfolio.
In addition, Certificate Owners and other persons with interests in the
Certificates 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 frequent transfer 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 Certificate 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
23
that an omnibus order reflects one or more transfer requests from contract
owners engaged in frequent trading, the Portfolio may reject the entire omnibus
order.
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 frequent transfers (even if an entire omnibus order is rejected
due to the frequent transfers of a single Certificate Owner). You should read
the Portfolio prospectuses for more details.
RESTRICTIONS ON LARGE TRANSFERS. Large transfers may 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. We
do not monitor for large transfers to or from Portfolios except where the
manager of a particular underlying Portfolio has brought large transfer
activity to our attention for investigation on a case-by-case basis. For
example, some portfolio managers have asked us to monitor for "block transfers"
where transfer requests have been submitted on behalf of multiple owners by a
third party such as an investment adviser. When we detect such large trades, we
may impose restrictions similar to those described above where future transfer
requests from that third party must be submitted in writing with an original
signature. A first occurrence will result in the imposition of this restriction
for a six-month period; a second occurrence will result in the permanent
imposition of the restriction.
SYSTEMATIC INVESTMENT STRATEGIES. For certain groups, you can choose one of
four currently available strategies described below. Your employer can inform
you whether these investment strategies are available. You can also change or
cancel your choice at any time.
EQUITY GENERATOR /SM/. Allows you to transfer an amount equal to the interest
earned in the Fixed Account in any Certificate month equal to at least $20 to
the MetLife Stock Index investment division. The transfer will be made at the
beginning of the Certificate month following the Certificate month in which the
interest was earned.
EQUALIZER /SM/. Allows you to periodically equalize amounts in your Fixed
Account and the MetLife Stock Index 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 Certificate anniversary.
REBALANCER/SM/. 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 each quarter.
ALLOCATOR/SM/. Allows you to systematically transfer money from the Fixed
Account to any investment division(s). When you elect Allocator, you must have
enough cash value in the Fixed Account 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 Fixed Account is exhausted;
.. A specific amount for a specific number of months; or
.. Amounts in equal installments until the total amount you have requested has
been transferred.
24
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.
SURRENDER AND WITHDRAWAL PRIVILEGES
[SIDEBAR: YOU CAN SURRENDER THE CERTIFICATE FOR ITS CASH SURRENDER VALUE.]
We may ask you to return the Certificate before we honor your request to
surrender the Certificate. The proceeds will be paid in a single sum. If the
covered person dies after you surrender the Certificate but before the end of
the Certificate month in which you surrendered the Certificate, we will pay
your beneficiary an amount equal to the difference between the Certificate's
death benefit and its cash value, computed as of the surrender date.
You can make partial withdrawals if:
.. the withdrawal is at least $200; and
.. in some cases, the amount you request to withdraw from the Fixed Account is
not more than the greater of (a) $200, and (b) 25% of the largest amount in
the Fixed Account over the last four Certificate years (or since the Date of
Certificate if the Certificate has been in effect for less than four years).
The Certificate includes a description of your rights to make partial
withdrawals. 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 Certificate. We will deduct your withdrawal from the Fixed
Account and each of the investment divisions of the Separate Account in the
same proportion that the Certificate's cash value in each such option bears to
the total cash value of the Certificate in the Fixed Account and the investment
divisions.
As regards payment of amounts attributable to a check, we can wait for a
reasonable time (15 days or less) to let the check clear.
Before surrendering the Certificate or requesting a partial withdrawal you
should consider the following:
.. Transaction fees of up to $25 (but not greater than 2% of the amount
withdrawn) may apply, if the Certificate so states.
.. Amounts received may be taxable as income and, if your Certificate is a
modified endowment contract, subject to certain tax penalties. (See "Tax
Matters--Modified Endowment Contracts.")
.. If you also decrease your specified face amount at the time of the
withdrawal, the Certificate could become a modified endowment contract.
.. For partial withdrawals, your death benefit will decrease, generally by the
amount of the withdrawal.
In some cases you may be better off taking a Certificate loan, rather than a
partial withdrawal.
BENEFIT AT FINAL DATE
The Final Date is the Certificate anniversary on which the covered person
reaches age 95. Subject to certain conditions, we will allow you to extend that
date where permitted by state law. If the covered person is living on the Final
Date, we will pay the cash surrender value of the Certificate to the Certificate
25
owner (generally the employee). The Certificate owner will receive the cash
surrender value in a single sum.
PAID-UP CERTIFICATE PROVISION
Under this provision, you can choose to terminate the Certificate's usual death
benefit (and any riders in effect) and use all or part of the cash surrender
value as a single premium for a "paid-up" benefit under the Certificate.
("Paid-up" means no further premiums are required.) Thereafter, you may no
longer allocate cash value to the Separate Account or the Fixed Account. You
will receive in cash any remaining cash surrender value that is not used to
elect a paid-up benefit. The paid-up benefit must not be:
.. more than can be purchased using the Certificate's cash surrender value;
.. more than the death benefit under the Certificate at the time you choose to
use this provision; or
.. less than $10,000.
LOAN PRIVILEGES
[SIDEBAR: YOU CAN BORROW FROM US AND USE THE CERTIFICATE AS SECURITY FOR THE
LOAN.]
The amount of each loan must be:
.. At least $200; and
.. No more than 75% of the cash surrender value (unless state law requires a
different percentage to be applied, as set forth in your Certificate) when
added to all other outstanding Certificate loans.
For certain Group Policies, we may charge a transaction fee of up to $25 for
each loan if the Certificate so states.
As of your loan request's Date of Receipt, we will:
.. Remove an amount equal to the loan, and an amount equal to the present value
of the loan interest due, from your cash value in the Fixed Account and each
investment division of the Separate Account in the same proportion that the
Certificate's cash value in each such option bears to the total cash value
of the Certificate in the Fixed Account and the investment divisions. The
present value of the loan interest due is the loan interest due at the next
Certificate anniversary, discounted at an interest rate equal to the current
Loan Account crediting rate.
.. Transfer such cash value to the 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 Certificate loans, determined by us. This
percentage charge will not exceed 2%, and the minimum rate we will credit to
the Loan Account will be 3% per year (for Group Policies issued prior to
March 1, 1999, the minimum rate is 4%). At least once a year, we will
transfer any interest earned in your 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 at a rate of up to 8% per year
(which is the maximum rate we will ever charge). We will determine the
current interest rate applicable to you at the time you take a loan. Your
interest payments are generally due at the beginning of each Certificate
year. However, we reserve the right to make interest payments due in a
different manner. If you do not pay the amount within 31 days after it is
due, we will treat it as a new Certificate loan.
Repaying your loans (plus accrued interest) is done by sending in payments at
any time before the Final Date while the covered person is living. You should
26
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.
Before taking a Certificate loan you should consider the following:
.. Interest payments on loans are generally not deductible for tax purposes.
.. Under certain situations, Certificate loans could be considered taxable
distributions.
.. Amounts held in your 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 the Certificate or if we terminate the Certificate, or at
the Final Date, any outstanding loan amounts (plus accrued interest) may be
taxed as a distribution. (See "Federal Tax Matters--Loans" below.)
.. A Certificate loan increases the chances of our terminating the Certificate
due to insufficient cash surrender value. We will terminate your Certificate
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 the greater of (i) 61 days of the monthly anniversary, or (ii) 30
days after the date notice of the start of the grace period is mailed to you.
.. The Certificate's death proceeds will be reduced by any unpaid loan (plus
any accrued and unpaid loan interest).
OPTIONAL BENEFITS ADDED BY RIDER
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) as part of the monthly deduction. Each
rider contains important information, including limits and conditions that
apply to the benefits. Generally, we currently make the following benefits
available by rider:
Disability Waiver of Monthly Accidental Death or
Deduction Benefit/1,2/ Dismemberment Benefit/1/
---------------------------------------------------------------
Accelerated Benefits Option/1,3/ Dependent Life Benefits/1/
---------------------------------------------------------------
Accidental Death Benefit/1/
--------
/1/ Provided to you only if elected by your employer.
/2/ An increase in specified face amount may not be covered by this rider. If
not, the portion of the monthly deduction associated with the increase will
continue to be deducted from the cash value, which if insufficient, could
result in the Certificate's termination. For this reason, it may be
advantageous for the owner, at the time of total disability, to reduce the
specified face amount to that covered by this rider.
/3/ Payment under this rider may affect eligibility for benefits under state or
federal law.
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.
27
You should also consider:
.. That the addition of certain riders can restrict your ability to exercise
certain rights under the Certificate.
.. That the amount of benefits provided under the rider is not based on
investment performance of a separate account; but, if the Certificate
terminates because of poor investment performance or any other reason, the
rider generally will also terminate.
.. The tax consequences. You should consult with your tax advisor before
purchasing one of the riders.
CHARGES AND DEDUCTIONS
[SIDEBAR: CAREFULLY REVIEW THE "FEE TABLES" IN THIS PROSPECTUS WHICH SET FORTH
THE CHARGES THAT YOU PAY UNDER THE CERTIFICATE.]
IMPORTANT INFORMATION APPLICABLE TO ALL CERTIFICATE CHARGES AND DEDUCTIONS
The charges discussed in the paragraphs that follow are all included in the Fee
Tables on pages 5 to 10 of this Prospectus. You should refer to those Fee
Tables for information about the rates of and amounts of such charges, as well
as other information that is not covered below.
The Certificate 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 provide:
.. the death benefit, cash, and loan benefits under the Certificate
.. investment options, including premium allocations
.. administration of elective options
.. the distribution of reports to certificate owners
Costs and expenses we incur:
.. costs associated with processing and underwriting applications, and with
issuing and administering the Certificate (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 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
Certificates exceed the charges we deduct
Our revenue from any particular charge may be more or less than any costs or
expenses that charge is intended primarily to cover. We may use our revenues
from one charge to pay other costs and expenses in connection with the
Certificates including distribution expenses. We may also profit from all the
charges combined, including the cost of insurance charge and the Mortality and
Expense Risk charge and use such profits for any corporate purpose.
The following sets forth additional information about some (but not all) of the
Certificate charges.
28
CHARGES DEDUCTED FROM PREMIUMS
CHARGE FOR AVERAGE EXPECTED STATE TAXES ATTRIBUTABLE TO PREMIUMS: We make this
charge to reimburse us for the state premium taxes that we must pay on premiums
we receive. Although premium taxes vary from state to state, we will charge one
rate for each employer group. We estimate the initial charge for each employer
group based on anticipated taxes to be incurred on behalf of each group during
its first year of coverage. Thereafter, we will base this charge on anticipated
taxes taking into account actual state and local premium taxes we incur on
behalf of each employer group in the prior year and known factors affecting the
coming year's taxes. This charge may vary based on changes in the law or
changes in the residence of the Certificate owners.
We may deduct this charge, as well as the charge for expected federal taxes
attributable to premiums, either as a percent of premium or as part of the
monthly deduction. In the latter case, the amount we deduct would depend on the
amount of premiums paid by the group as a whole rather than the amount paid by
you.
Currently, we are charging covered employer groups rates up to 2.55%, which
reflect the average state premium taxes currently being charged for the group.
There is no specific maximum rate we may charge.
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 0.35% 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.
CHARGES INCLUDED IN THE MONTHLY DEDUCTION
The Certificate describes the charges that are applicable to you as part of the
monthly deduction. The monthly deduction accrues on each monthly anniversary
starting with the Date of Certificate. However, we may make the actual
deduction up to 45 days after each such monthly anniversary. We allocate the
monthly deduction among the Fixed Account and each of the investment divisions
of the Separate Account in the same proportion that the Certificate's cash
value in each such option bears to the total cash value of the Certificate in
the Fixed Account and the investment divisions.
COST OF INSURANCE: This charge varies based on many factors. Each month, we
determine the charge by multiplying your cost of insurance rate by the
insurance amount. This is the amount we are at risk if the insured dies, and
the Fee Table earlier in this Prospectus calls it our "Net Amount at Risk."
The insurance amount (or Net Amount at Risk) is the death benefit at the
beginning of the Certificate month, minus the cash value at the beginning of
the Certificate month. The insurance amount will be affected by changes in the
specified face amount of the Certificate. The insurance amount and therefore
the cost of insurance will be greater if the specified face amount is
increased. If the alternate death benefit is in effect, then the insurance
amount will increase and thus your cost of insurance will be higher.
The cost of insurance rate is based on:
.. The age and rate class of the covered person
.. Group mortality characteristics
29
.. The particular characteristics that are agreed to by your employer and us,
such as:
1. The rate class structure;
2. The degree of stability in the charges sought by your employer; and
3. Portability features.
.. The amount of any surplus or reserves to be transferred to us from any
previous insurer or from another of our policies (see "Other Certificate
Provisions--Retrospective Experience Rating and Dividends").
The actual monthly cost of insurance rates will be based on our expectations as
to future experience. The rates, however, will never exceed the guaranteed cost
of insurance rates set forth in the Certificate. These guaranteed rates may be
up to 150% of the rates that could be charged based on the 1980 Commissioners
Standard Ordinary Mortality Table, Males, age last birthday ("1980 CSO Table").
The maximum guaranteed rates may be higher than the 1980 CSO Table because we
use simplified underwriting and non-medical issue procedures whereby we may not
require the covered person to submit to a medical or paramedical examination,
and may provide coverage to groups that present substandard risk
characteristics according to our underwriting criteria. Our current rates are
lower than 100% of the 1980 CSO Table in most cases.
We review our rates periodically and may adjust them based on our expectations
of future experience. We will apply the same rates to everyone in a group who
has had their Certificate for the same amount of time and who is the same age
and rate class. We adjust the rates from time to time based on several factors,
including:
.. the number of Certificates in force for each group;
.. the number of Certificates in the group surrendered or becoming portable
during the period; and
.. the actual experience of the group.
As a general rule, the cost of insurance rate increases each year you own the
Certificate, as the covered person's age increases. Our use of simplified
underwriting and non-medical issue procedures may result in higher cost of
insurance charges for some healthy individuals.
Rate class relates to the level of mortality risk we assume with respect to a
covered person. We and your employer will agree to the number of classes and
characteristics of each class. The classes may vary by smoker and nonsmokers,
active and retired status, Owners of portable Certificates and other Owners,
and/or any other non-discriminatory classes we and your employer agree to. The
covered person's rate class will affect your cost of insurance.
ADMINISTRATION CHARGE: We make this monthly charge primarily to compensate us
for expenses we incur in the administration of the Certificates, including our
underwriting and start-up expenses. The Certificate will describe your
administration charge. The charge will never exceed $5 per Certificate. We will
determine differences in the administration charge rates applicable to
different Certificates under the Group Policies based on expected differences
in the administrative costs under the Certificates or in the amount of revenues
that we expect to derive from the charge. Such differences may result, for
example, from:
.. features that are agreed to by your employer and us;
.. the extent to which certain administrative functions are to be performed by
us or by your employer; and
.. the expected average Certificate death benefit.
30
CHARGE AGAINST THE SEPARATE ACCOUNT
We make this daily Mortality and Expense Risk charge against the assets in the
Separate Account primarily to compensate us for:
.. mortality risks that covered persons may live for a shorter period than we
expect; and
.. expense risks that our issuing and administrative expenses may be higher
than we expect.
The maximum rate we may charge is equivalent to an effective annual rate of
..90% of the Cash Value in the Separate Account.
We may determine differences in this charge for different employer groups based
on differences in the levels of mortality and expense risks. These differences
arise mainly from the fact that:
.. the factors discussed above on which the cost of insurance and
administration charges are based are more uncertain in some cases than
others; and
.. our ability to recover any unexpected costs from Certificate charges varies
from case to case depending on the maximum rates for such charges we agree
to with employers.
We reserve the right, if permitted by law, to change the structure of this
charge so that it is charged on a monthly basis as a percentage of cash value
in the Separate Account or so that it is charged as a part of the monthly
deduction. Our right to change the structure of this charge does not permit us
to increase the maximum rate that is stated in the Policy.
VARIATIONS IN CHARGES
We will determine Certificate charge rates pursuant to our established
actuarial procedures, and we will not discriminate unreasonably or unfairly
against owners of Certificates under any Group Policy.
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.
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.
TRANSACTION FEE FOR SURRENDERS OR PARTIAL WITHDRAWALS. Your Certificate may
provide that we may charge a transaction fee of up to $25 for each surrender or
partial withdrawal. In no event, however, will the charge be greater than 2% of
the amount withdrawn.
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LOAN INTEREST SPREAD: We charge interest on Certificate 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 spread is guaranteed to never exceed 2%.
CERTIFICATE TERMINATION AND REINSTATEMENT
TERMINATION: We will terminate the Certificate without any cash surrender
value if:
.. The cash surrender value on any monthly anniversary is less than the monthly
deduction; and
.. We do not receive a sufficient premium payment within the grace period to
cover the monthly deduction. We will mail you notice if any grace period
starts. The grace period is the greater of (a) 61 days measured from the
monthly anniversary and (b) 30 days after the notice is mailed.
REINSTATEMENT: The following applies unless the Group Policy has been
terminated and you would not have been permitted to retain your Certificate on
a portable or paid-up basis. Upon your request, we will reinstate the
Certificate, subject to certain terms and conditions that the Certificate
provides. We must receive your request within 3 years (or within a longer
period if required by state law) after the end of the grace period and before
the Final Date. You also must provide us with:
.. A written request for reinstatement.
.. Evidence of insurability that we find satisfactory.
.. An additional premium amount that the Certificate prescribes for this
purpose.
Your Certificate can also terminate in some cases if your employer ends its
participation in the Group Policy. This is discussed in detail under "Other
Certificate Provisions--Effect of Termination of Employer Participation in the
Group Policy" below.
FEDERAL TAX MATTERS
[SIDEBAR: YOU SHOULD CONSULT WITH YOUR OWN TAX ADVISOR TO FIND OUT HOW TAXES
CAN AFFECT YOUR BENEFITS AND RIGHTS UNDER THE CERTIFICATE.]
The following is a brief summary of some tax rules that may apply to the
Certificate. Such discussion does not purport to be complete or to cover every
situation. The summary does not address state, local or foreign tax issues
related to the Certificate. You must consult with and rely on the advice of
your own tax or ERISA counsel especially where the Certificate 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 the Certificate. Such
consultation is especially important before you make unscheduled premium
payments, change your specified face amount, change coverage provided by
riders, take a loan or withdrawal, or assign or surrender the Certificate.
Under current federal income tax law, the taxable portion of distributions from
variable life contracts is taxed at ordinary income tax rates and does not
qualify for the reduced tax rate applicable to long-term capital gains and
dividends.
IRS CIRCULAR 230 NOTICE: The tax information contained in this Prospectus is
not intended to (and cannot) be used by anyone to avoid IRS penalties. It is
intended to support the sale of the Policy. The Policyholder should seek tax
advice based on its particular circumstances from an independent tax advisor.
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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
("Code"). Insurance proceeds may be taxable in some circumstances, such as
where there is a transfer-for-value of a Certificate or where a business is
the Owner of the Certificate covering the life of the employee, if certain
notice and consent and other requirements are not satisfied.
.. The proceeds may be subject to federal estate tax: (i) if paid to the
covered person's estate or (ii) if paid to a different beneficiary if the
covered person possessed incidents of ownership at or within three years
before death.
.. If you die before the covered person, the value of the Certificate
(determined under IRS rules) is included in your estate and may be subject
to federal estate tax.
.. Whether or not any federal estate tax is due is based on a number of factors
including the estate size.
.. The insurance proceeds payable upon death of the insured will never be less
than the minimum amount required for a Certificate to be treated as life
insurance under section 7702 of the Internal Revenue Code, as in effect on
the date the Certificate was issued.
CASH VALUE (IF THE CERTIFICATE IS NOT A MODIFIED ENDOWMENT CONTRACT)
.. You are generally not taxed on your cash value until you withdraw it or
surrender the Certificate or receive a distribution such as when your
Certificate terminates or 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 Certificate years, when a distribution may be subject to tax on an
income-out-first basis if there is a gain in the Certificate (which is
generally when your cash value exceeds the cumulative premiums you paid).
There may be an indirect tax upon the income in the Certificate or the proceeds
of a Certificate under the Federal corporate alternative minimum tax, if you
are subject to that tax.
LOANS
.. Loan amounts you receive will generally not be subject to income tax, unless
your Certificate is or becomes a modified endowment contract or terminates.
.. Interest on loans is generally not deductible.
.. If the Certificate terminates (upon surrender, cancellation, lapse, or the
Final Date of replacement by your employer of your group coverage with other
group coverage) while any Certificate loan is outstanding, the amount of the
loan plus accrued interest thereon will be deemed to be a "distribution" to
you. Any such distribution will have the same tax consequences as any other
Certificate distribution. Thus, there will generally be federal income tax
payable on the amount by which withdrawals and loans exceed the premiums
paid to date. In the case of an outstanding loan at the time of an exchange,
the cancelled loan will generally be taxed to the extent of any policy gain.
Please be advised that amounts borrowed and withdrawn reduce the
Certificate's cash value and any remaining cash value of the Certificate may
be insufficient to pay the income tax on your gains.
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MODIFIED ENDOWMENT CONTRACTS
These contracts are life insurance contracts where the premiums paid during the
first 7 years after the Certificate is issued, or after a material change in
the Certificate, exceed tax law limits referred to as the "7-pay test."
Material changes in the Certificate include changes in the level of benefits
and certain other changes to the Certificate after the issue date. Reductions
in benefits during a 7-pay period also may cause the Certificate 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 Certificates as to premiums and benefits, the
individual circumstances of each Certificate will determine whether it is
classified as a MEC.
If your Certificate is considered a modified endowment contract the following
applies:
.. The death benefit will still generally be income tax free to your
beneficiary, as discussed above.
.. Amounts withdrawn or distributed before the covered person'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 the
Certificate). 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 59 1/2, except generally if you are disabled or
if the distribution is part of a series of substantially equal periodic
payments made over life expectancy.
.. If a Certificate becomes a modified endowment contract, distributions that
occur during the contract year will be taxed as distributions from a
modified endowment contract. In addition, distributions from a Certificate
within two years before it becomes a modified endowment contract will be
taxed in this manner. This means that a distribution made from a Certificate
that is not a modified endowment contract could later become taxable as a
distribution from a modified endowment contract.
DIVERSIFICATION
In order for the Certificate to qualify as life insurance, we must comply with
certain diversification standards with respect to the investments underlying
the Certificate. 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 Certificate owners of gains under their Certificates. In addition,
if the Portfolio shares are sold directly to tax-qualified retirement plans
that later lose their tax-qualified status or to non-qualified plans, there
could be adverse consequences under the diversification rules.
INVESTOR CONTROL
In some circumstances, owners of variable contracts who retain excessive
control over the investment of the separate account assets underlying their
contracts 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
34
area does not address certain aspects of the Certificates, we believe that the
owner of a Certificate should not be treated as an owner of any assets in our
Separate Account. We reserve the right to modify the Certificates to bring them
into conformity with applicable standards should such modification be necessary
to prevent owners of the Certificates from being treated as the owners of any
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, retained incidents of ownership at death, or made
a gift transfer of the Certificate within 3 years of death. 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.
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 transfer and other taxes.
In general, current rules provide for $5 million estate, gift and
generation-skipping transfer tax exemption (as indexed for inflation) and a top
tax rate of 40 percent.
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 Certificate distributions are taxable, they are generally
subject to withholding for the recipient's federal income tax liability.
Recipients can generally elect, however, not to have tax withheld from
distributions.
LIFE INSURANCE PURCHASES BY RESIDENTS OF PUERTO RICO
In Rev. Rul. 2004-75, 2004-31 I.R.B. 109, the Internal Revenue Service recently
announced that income received by residents of Puerto Rico under life insurance
contracts issued by a Puerto Rico branch of a United States life insurance
company is U.S.-source income that is generally subject to United States
Federal income tax.
35
LIFE INSURANCE PURCHASES BY NONRESIDENT ALIENS
Purchasers that are not U.S. citizens or residents will generally be subject to
U.S. federal withholding tax on taxable distributions from life insurance
Certificates at a 30% rate, unless a lower treaty rate applies. In addition,
purchasers may be subject to state and/or municipal taxes and taxes that may be
imposed by the purchaser's country of citizenship or residence. Prospective
purchasers are advised to consult with a qualified tax adviser regarding
taxation with respect to the purchase of a Certificate.
CHANGES TO TAX RULES AND INTERPRETATIONS
Changes in applicable tax rules and interpretations can adversely affect the
tax treatment of your Certificate. These changes may take effect retroactively.
We reserve the right to amend the Certificate 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 Certificate benefits and rights.
OTHER ISSUES RELATING TO GROUP VARIABLE UNIVERSAL LIFE
While "employee pay all" group variable universal life should generally be
treated as separate from any Internal Revenue Code Section 79 Group Term Life
Insurance Plan also in effect, in some circumstances group variable universal
life could be viewed as being part of such a plan, possibly giving rise to
adverse tax consequences. Finally, employer involvement and other factors
determine whether group variable universal life is subject to the Employee
Retirement Income Security Act ("ERISA").
TAX CREDITS AND DEDUCTIONS
The Company may be entitled to certain tax benefits related to the assets of
the Separate Account. These tax benefits, which may include foreign tax credits
and corporate dividend received deductions, are not passed back to the Separate
Account or to Policy owners since the Company is the owner of the assets from
which the tax benefits are derived.
THE COMPANY'S INCOME TAXES
Under current Federal income tax law we are not taxed on the Separate Account's
operations. Thus, currently we do not deduct a charge from the Separate Account
for company Federal income taxes. (We do deduct a charge for Federal taxes from
premiums.) We reserve the right to charge the Separate Account for any future
Federal income taxes we may incur. Under current laws we may incur state and
local taxes (in addition to premium taxes). These taxes are not now significant
and we are not currently charging for them. If they increase, we may deduct
charges for such taxes.
36
RIGHTS WE RESERVE
We reserve the right to make certain changes if we believe the changes are in
the best interest of our Certificate owners or would help carry out the
purposes of the Certificate. We will make these changes in the manner permitted
by applicable law and only after obtaining 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.
.. 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 Certificate's guaranteed maximum charges.
.. Making any necessary technical changes to the Certificate 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 CERTIFICATE PROVISIONS
[SIDEBAR: CAREFULLY REVIEW THE CERTIFICATE, WHICH CONTAINS A FULL DISCUSSION OF
ALL ITS PROVISIONS.]
FREE LOOK PERIOD
You can return the Certificate or terminate an increase in the specified face
amount during this period. The period ends on the later of:
.. 10 days after you receive the Certificate or, in the case of an increase,
the revised Certificate (unless state law requires a longer specified
period); and
.. 45 days after we receive the completed enrollment form or specified face
amount increase request.
If you return the Certificate, 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. If you terminate an increase in the specified face amount,
we will restore all Certificate values to what they would have been had there
been no increase. We will also refund any premiums paid so that the Certificate
will continue to qualify as life insurance under the federal income tax laws.
37
SUICIDE
Subject to applicable state law, if the covered person commits suicide within
the first two Certificate years (or another 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 covered person commits suicide within two years of such increase.
EFFECT OF TERMINATION OF EMPLOYER PARTICIPATION IN THE GROUP POLICY
Your employer can terminate its participation in the Group Policy. In addition,
we may also terminate your employer's participation in the Group Policy if
either:
1. during any twelve month period, the total specified face amount for all
Certificate Owners under the Group Policy or the number of Certificates
falls by certain amounts or below the minimum levels we establish (these
levels are set forth in the Certificate), or
2. your employer makes available to its employees another life insurance
product.
Both your employer and MetLife must provide ninety days written notice to the
other as well as to you before terminating participation in the Group Policy.
Termination means that your employer will no longer send premiums to us through
payroll deduction and that no new Certificates will be issued to employees in
your employer's group.
You will remain an Owner of your Certificate if:
.. you are an Owner of a Certificate that has become portable (as discussed
below) not later than the Certificate monthly anniversary prior to
termination of your employer's participation; or
.. you are an Owner who exercised the paid-up Certificate provision not later
than the last Certificate monthly anniversary prior to notice being sent to
you of the termination.
For all other Owners,
.. If your employer replaces your group coverage with another life insurance
product that is designed to have cash value,
.. we will terminate the Certificate and
.. we will transfer your cash surrender value to the other life insurance
product (or pay your cash surrender value to you if you are not covered by
the new product). Any outstanding loan may be taxable.
.. If the other life insurance product is not designed to have cash value,
.. we will terminate your certificate and
.. we will pay your cash surrender value to you. In such case, the Federal
income tax consequences to you would be the same as if you surrendered your
Certificate.
If your employer does not replace your group coverage with another life
insurance product, then, depending on the terms of the Certificate,
.. you may have the option of choosing to become an Owner of a portable
Certificate or a paid-up Certificate, and
.. you may have the option of purchasing insurance based on the "conversion"
rights set forth in the Certificate and of receiving the cash surrender
value of the Certificate. If you choose the conversion rights, the insurance
provided will be substantially less (and in some cases nominal) than the
insurance provided under the Certificate.
38
Instead of any of the above options, you may choose to apply the Certificate's
cash surrender value to the purchase of an annuity product from MetLife upon
termination of the Certificate.
PORTABLE CERTIFICATE: A Certificate becomes "portable" when an event specified
in the Certificate occurs. These events may include:
.. termination of the payroll deduction plan with no successor carrier
.. other termination of the covered person's employment
.. the sale by your employer of the business unit with which the covered person
is employed
If you become the Owner of a portable Certificate, the current cost of
insurance may change, but it will never be higher than the guaranteed cost of
insurance. Also, we may no longer consider you a member of your employer's
group for purposes of determining cost of insurance rates and charges.
ASSIGNMENT AND CHANGE IN OWNERSHIP
You can assign the Certificate if you notify us in writing. The assignment or
release of the assignment is effective when it is recorded at the
Administrative 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
advisor before making any change of ownership or other assignment.
REPORTS
Generally, you will promptly receive statements confirming your significant
transactions such as:
.. Change in specified face amount;
.. Transfers among investment divisions (including those through Systematic
Investment Strategies, which may be confirmed quarterly);
.. Partial withdrawals;
.. Loan amounts you request; and
.. Loan repayments and premium payments.
If your premium payments are made through a payroll deduction plan, we will not
send you any confirmation in addition to the one you receive from your bank or
employer.
We will also send you an annual statement generally within 30 days after a
Certificate year. This 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 Certificate loans;
.. Automatic loans to pay interest; and
.. Information on your modified endowment contract status (if applicable)
We will also send you a Fund's annual and semi-annual reports to shareholders.
39
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
Administrative 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.
A 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).
If your employer's participation in the Group Policy is still in its first
year, the effective time of premium allocation instructions and transfer
requests you make in the Certificate enrollment form, or within 20 days of your
Investment Start Date, is the end of the first Valuation Date after that 20 day
period. During the 20 day period, all of your cash value is automatically
allocated to our Fixed Account. Your Investment Start Date is the Date of
Receipt of your first premium payment with respect to the Certificate, or, if
later, the Date of Receipt of your enrollment form.
If your employer's participation in the Group Policy is not still in its first
year, the Investment Start Date is the effective time of the allocation
instructions you made in the Certificate enrollment form.
If your employer has determined to exchange your current insurance coverage for
a MetLife Group Policy, there may be a delay between the effective date of the
Certificate and the receipt of any cash value from the prior certificate for
the 1035 exchange. At the sole discretion of MetLife, the premium attributable
to the 1035 exchange may be credited interest from the Certificate effective
date. In no case will transfers among the investment options for the premium
attributable to the 1035 exchange be applied prior to the date of receipt.
The effective date of your Systematic Investment Strategies will be that set
forth in the strategy chosen.
PAYMENT AND DEFERMENT
We can delay transfers, withdrawals, surrender and payment of Certificate loans
from the Fixed Account for up to 6 months.
40
Generally, we will pay or transfer amounts from the Separate Account within
seven days after the Date of Receipt of all necessary documentation required
for such payment or transfer. We can defer this if:
.. The New York Stock Exchange has an unscheduled closing.
.. There is an emergency so that we could not reasonably determine the
investment experience of the Certificate.
.. The Securities and Exchange Commission determines that an emergency exists
or by order permits us to do so for the protection of Certificate owners
(provided that the delay is permitted under New York State insurance law and
regulations).
.. With respect to the insurance proceeds, if entitlement to a payment is being
questioned or is uncertain.
We currently pay interest on the amount of insurance proceeds at 3% per year
(or higher if state law requires) from the date of death until the date we pay
the benefit.
We may withhold payment of surrender, partial withdrawals or loan proceeds if
any portion of those proceeds would be derived from a Certificate Owner's check
or from a preauthorized checking arrangement 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 Certificate owner's check or preauthorized checking
arrangement 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.
Certificate owners 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.
TELEPHONE, FACSIMILE AND INTERNET REQUESTS
In addition to written requests, we may accept telephone, facsimile, and via
the Internet instructions regarding transfers, loans, partial withdrawals, and
certain Certificate changes, subject to the following conditions.
.. We will employ reasonable procedures to confirm that instructions are
genuine.
.. If we follow these procedures, we are not liable for any loss, damage, cost,
or expense from complying with instructions we reasonably believe to be
authentic. You bear the risk of any such loss.
.. These procedures may include requiring forms of personal identification
before acting upon instructions and/or providing written confirmation of
transactions to you.
.. We reserve the right to suspend telephone, facsimile and/or Internet
instructions at any time for any class of Certificates for any reason.
You should protect your personal identification number ("PIN") because
self-service options will be available to your agent of record and to anyone
who provides your PIN when using Internet systems. We are not able to verify
that the person providing your PIN and giving us instructions via the Internet
is you or is authorized to act on your behalf.
Facsimile or Internet transactions may not always be possible. Any facsimile or
computer system, whether it is ours, yours, or that of your service provider or
agent, can experience outages or slowdowns for a variety of reasons. These
outages or slowdowns may prevent or delay our processing of your request.
Although we have taken precautions to equip our systems to handle heavy use, we
cannot promise complete reliability under all circumstances. If you experience
problems, you should make the request by writing to our Administrative Office.
41
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 Certificate owners, and who
simultaneously makes the same request or series of requests on behalf of other
Certificate 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 transaction 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 Certificate months (or
within 24 Certificate 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 Certificate 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 CERTIFICATES
MetLife Investors Distribution Company ("MLIDC") is the principal underwriter
and distributor of the Group Policies and Certificates. MLIDC's principal
executive offices are located at 5 Park Plaza, Suite 1900, Irvine, CA 92614.
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.
DISTRIBUTING THE GROUP POLICIES AND CERTIFICATES
MLIDC enters into selling agreements with affiliated and unaffiliated
broker-dealers who sell the Group Policies and Certificates through their
registered representatives who are also licensed life insurance sales
representatives. Our affiliated broker-dealers are MetLife Securities, Inc.
("MSI"). 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.
We reimburse MLIDC for expenses MLIDC incurs in distributing the Group Policies
and Certificates, (e.g. commissions payable to the broker-dealers who sell the
Group Policies and Certificates, including our affiliated broker-dealers).
42
COMMISSIONS AND OTHER COMPENSATION
MetLife sales representatives are sales representatives registered through MSI.
We do not pay commissions to MetLife representatives for the sale of the Group
Policies and Certificates, although they may earn certain incentive award
credits. We may pay commissions to other registered broker-dealers (also
referred to as selling firms) who have entered into selling agreements with us.
Commissions or fees which are payable to a broker-dealer or third party
administrator, including maximum commissions, are set forth in our schedules of
group insurance commission rates. These commissions consist of:
.. Up to 15% of the cost of insurance, and may be based on the services
provided by the broker-dealer or a third party administrator, and
.. A per-Certificate payment, based on the total number of Certificates issued
under a Group Policy.
We may require all or part of the commission to be returned to us by the
broker-dealer if you do not continue the Certificate for at least two years.
COMPENSATION PAID TO SELLING FIRMS AND OTHER INTERMEDIARIES
MetLife enters into arrangements concerning the sale, servicing and/or renewal
of MetLife group insurance and certain other group-related products
("Products") with brokers, agents, consultants, third-party administrators,
general agents, associations, and other parties that may participate in the
sale, servicing and/or renewal of such Products (each an "Intermediary").
MetLife may pay your Intermediary compensation, which may include base
compensation, supplemental compensation and/or a service fee. MetLife may pay
compensation for the sale, servicing and/or renewal of Products, or remit
compensation to an Intermediary on your behalf. Your Intermediary may also be
owned by, controlled by or affiliated with another person or party, which may
also be an Intermediary and who may also perform marketing and/or
administration services in connection with your Products and be paid
compensation by MetLife.
Base compensation, which may vary from case to case and may change if you renew
your Products with MetLife, may be payable to your Intermediary as a percentage
of premium or a fixed dollar amount. In addition, supplemental compensation may
be payable to your Intermediary. Under MetLife's current supplemental
compensation plan, the amount payable as supplemental compensation may range
from 0% to 7% of premium. The supplemental compensation percentage may be based
on: (1) the number of Products sold through your Intermediary during a prior
one-year period; (2) the amount of premium or fees with respect to Products
sold through your Intermediary during a prior one-year period; (3) the
persistency percentage of Products inforce through your Intermediary during a
prior one-year period; and/or (4) a fixed percentage of the premium for
Products as set by MetLife. The supplemental compensation percentage will be
set by MetLife prior to the beginning of each calendar year and it may not be
changed until the following calendar year. As such, the supplemental
compensation percentage may vary from year to year, but will not exceed 7%
under the current supplemental compensation plan.
The cost of supplemental compensation is not directly charged to the price of
our Products except as an allocation of overhead expense, which is applied to
all eligible group insurance products, whether or not supplemental
43
compensation is paid in relation to a particular sale or renewal. As a result,
your rates will not differ by whether or not your Intermediary receives
supplemental compensation. If your Intermediary collects the premium from you
in relation to your Products, your Intermediary may earn a return on such
amounts. Additionally, MetLife may have a variety of other relationships with
your Intermediary or its affiliates that involve the payment of compensation
and benefits that may or may not be related to your relationship with MetLife
(e.g., consulting or reinsurance arrangements).
More information about the eligibility criteria, limitations, payment
calculations and other terms and conditions under MetLife's base compensation
and supplemental compensation plans can be found on MetLife's Web site at
www.metlife.com/brokercompensation. Questions regarding Intermediary
compensation can be directed to ask4met@metlifeservice.com, or if you would
like to speak to someone about Intermediary compensation, please call (800) ASK
4MET.
If you would like further information, ask your Intermediary or a MetLife
representative for specific details concerning your Intermediary's compensation
arrangement with MetLife.
The commissions do not result in a charge against the Group Policies or
Certificates in addition to the charges already described elsewhere in this
Prospectus.
The Statement of Additional Information contains additional information about
the compensation paid for the sale of the Group Policies and Certificates.
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 Group Policies or the Certificates.
RESTRICTIONS ON FINANCIAL TRANSACTIONS
Federal laws designed to counter terrorism and prevent money laundering by
criminals might, in certain circumstances, require us to reject a premium
payment and/or block or "freeze" your account. If these laws apply in a
particular situation, we would not be allowed to process any request for
withdrawals, surrenders, loans or death benefits, make transfers, or continue
44
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 Certificate to government regulators.
FINANCIAL STATEMENTS
The financial statements of the Company and the financial statements comprising
each of the Investment Divisions of the Separate Account are contained in the
Statement of Additional Information referred to on the back cover of this
Prospectus. The financial statements of the Company should be considered only
as bearing upon our ability to meet our obligations under the Certificate.
Additional information about the Group Policy, the Certificate and the Separate
Account can be found in the Statement of Additional Information. You may obtain
a copy of the Statement of Additional Information, without charge, by calling
1-800-664-4885, by e-mailing us at our website, or by logging on to our website
at www.metlifegvul.com. You may also obtain, without charge, a personalized
illustration of death benefits, cash surrender values and cash values by
calling 1-800-664-4885.
In order to help you understand how the Certificate's values would vary over
time under different sets of assumptions, we will provide you with certain
illustrations upon request. These will be based on the age and insurance risk
characteristics of the person insured under the Certificate 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. We
have filed an example of such an illustration as an exhibit to the registration
statement referred to below.
This Prospectus incorporates by reference all of the information contained in
the Statement of Additional Information, which is legally part of this
Prospectus.
Information about the Group Policy, Certificates 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
45
GROUP VARIABLE UNIVERSAL LIFE POLICIES
METROPOLITAN LIFE SEPARATE ACCOUNT UL
ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY
STATEMENT OF ADDITIONAL INFORMATION
APRIL 29, 2013
This Statement of Additional Information is not a prospectus. This Statement of
Additional Information relates to the prospectus dated April 29, 2013 for Group
Variable Universal Life and should be read in conjunction therewith. A copy of
that prospectus may be obtained by writing to MetLife GVUL, Mail Code A2-10,
13045, Tesson Ferry Road, St. Louis, MO. 63128. YOU CAN OBTAIN PROSPECTUSES FOR
THE PORTFOLIOS BY CALLING US AT (800) 685-0124.
B-1
TABLE OF CONTENTS
The Company and the Separate Account............................. B-3
Additional Information about the Operations of the Certificates.. B-3
Limits to MetLife's Right to Challenge the Certificate......... B-3
Misstatement of Age............................................ B-3
Additional Information About Voting.............................. B-3
Additional Information About Commissions......................... B-3
Independent Registered Public Accounting Firm.................... B-4
Financial Statements............................................. B-4
B-2
THE COMPANY AND THE SEPARATE ACCOUNT
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 was formed under the laws of New
York State in 1868.
We established the Separate Account under New York law on December 13, 1988.
The Separate Account receives premium payments from the Policies described in
the Prospectus and other variable life insurance policies that we issue. We
have registered the Separate Account as a unit investment trust under the
Investment Company Act of 1940 (the "1940 Act").
For more information about MetLife, please visit our website at www.metlife.com
ADDITIONAL INFORMATION ABOUT THE OPERATIONS OF THE CERTIFICATES
LIMITS TO METLIFE'S RIGHT TO CHALLENGE THE CERTIFICATE
We will not contest:
.. The Certificate after two Certificate years from issue or reinstatement
(excluding riders added later).
.. An increase in a death benefit after it has been in effect for two years.
MISSTATEMENT OF AGE
We will adjust benefits to reflect the correct age of the covered person, if
this information is not correct in the Certificate enrollment form.
ADDITIONAL INFORMATION ON VOTING
If you are eligible to give us voting instructions, we will send you
informational material and a form to send back to us. We are entitled to
disregard voting instructions in certain limited circumstances prescribed by
the SEC. If we do so, we will give you our reasons in the next semi-annual
report to Certificate owners.
The number of shares for which you can give us voting instructions is
determined as of the record date for the Fund shareholder meeting by dividing:
.. The Certificate's cash value in the corresponding investment division; by
.. The net asset value of one share of that Portfolio.
We will count fractional votes. If we do not receive timely voting instructions
from Certificate owners and other insurance and annuity owners that are
entitled to give us voting instructions, we will vote those shares in the same
proportion as the shares held in the same separate account for which we did
receive voting instructions. The effect of this proportional voting is that a
small number of Certificate owners may control the outcome of the vote. Also,
we will vote Fund shares that are not attributable to insurance or annuity
owners (including shares that we hold in our general account) or that are held
in separate accounts that are not registered under the 1940 Act in the same
proportion as the aggregate of the shares for which we received voting
instructions from all insurance and annuity owners.
ADDITIONAL INFORMATION ABOUT COMMISSIONS
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").
B-3
The Group Policies and Certificates 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 Group Policies and Certificates may also be sold through licensed life
insurance sales representatives associated with unaffiliated broker-dealers
with which MLIDC enters into a selling agreement.
While the Group Policy is no longer sold, Certificates are sold to new
participants under existing Group Policies.
MLIDC received sales compensation with respect to the Group Policies and
Certificates in the following amounts.
AGGREGATE AMOUNT
OF COMMISSIONS
RETAINED BY
AGGREGATE AMOUNT DISTRIBUTOR AFTER
OF COMMISSIONS PAYMENTS TO
FISCAL YEAR PAID TO DISTRIBUTOR* SELLING FIRMS
----------- -------------------- -----------------
2012..... $282,371 $0
2011..... $281,435 $0
2010..... $363,089 $0
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
Statement of Additional Information, have been audited by Deloitte & Touche
LLP, an independent registered public accounting firm, as stated in their
report appearing herein (which report expresses an unqualified opinion on the
financial statements and financial highlights and includes an explanatory
paragraph referring to changes in the Separate Account's method of accounting
for certain mortality and expense risk charges assessed through a redemption of
units). Such financial statements and financial highlights are included in
reliance upon the report of such firm given upon their authority as experts in
accounting and auditing.
The consolidated financial statements of Metropolitan Life Insurance Company
and subsidiaries (the "Company"), included in this Statement of Additional
Information, have been audited by Deloitte & Touche LLP, independent auditors,
as stated in their report appearing herein (which report expresses an
unmodified opinion and includes an emphasis-of-matter paragraph referring to
changes in the Company's method of accounting for deferred policy acquisition
costs as required by accounting guidance adopted on January 1, 2012 and the
Company's reorganization of its segments in 2012). Such financial statements
are included in reliance upon the report of such firm given upon their
authority as experts in accounting and auditing.
The principal business address of Deloitte & Touche LLP is Two World Financial
Center, New York, New York 10281-1414.
FINANCIAL STATEMENTS
The financial statements comprising each of the Investment Divisions of
Metropolitan Life Separate Account UL and MetLife are attached to this
Statement of Additional Information. Our financial statements should be
considered only as bearing upon our ability to meet our obligations under the
Certificate.
B-4
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, 2012, 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 9
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,
2012, 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, 2012, 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.
As discussed in Note 5 to the financial statements, the Investment Divisions
constituting the Separate Account of the Company elected to change their
accounting method for certain mortality and expense risk charges which are
assessed through the redemption of units, and have applied this change
retrospectively to all periods presented.
/s/ DELOITTE & TOUCHE LLP
Certified Public Accountants
Tampa, Florida
March 28, 2013
This page is intentionally left blank.
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2012
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............ $ 61,855 $ 103,300 $ 156 $ 4,105
Due from Metropolitan Life
Insurance Company.................. 1 -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets..................... 61,856 103,300 156 4,105
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities................ -- -- -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 61,856 $ 103,300 $ 156 $ 4,105
=================== =================== =================== ===================
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, 2012
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............. $ 5,420,310 $ 59,237,807 $ 130,921,222 $ 79,614,718
Due from Metropolitan Life
Insurance Company................... -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets...................... 5,420,310 59,237,807 130,921,222 79,614,718
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... -- 1 -- 1
------------------- ------------------- ------------------- -------------------
Total Liabilities................. -- 1 -- 1
------------------- ------------------- ------------------- -------------------
NET ASSETS............................... $ 5,420,310 $ 59,237,806 $ 130,921,222 $ 79,614,717
=================== =================== =================== ===================
AMERICAN FUNDS U.S.
AMERICAN FUNDS AMERICAN FUNDS GOVERNMENT/AAA- DREYFUS VIF
HIGH-INCOME BOND INTERNATIONAL RATED SECURITIES INTERNATIONAL VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............. $ 57,231 $ 552,054 $ 45,192 $ 205,134
Due from Metropolitan Life
Insurance Company................... -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets...................... 57,231 552,054 45,192 205,134
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... -- 1 -- 1
------------------- ------------------- ------------------- -------------------
Total Liabilities................. -- 1 -- 1
------------------- ------------------- ------------------- -------------------
NET ASSETS............................... $ 57,231 $ 552,053 $ 45,192 $ 205,133
=================== =================== =================== ===================
FIDELITY VIP ASSET FIDELITY VIP
MANAGER: GROWTH CONTRAFUND
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------
ASSETS:
Investments at fair value............. $ 1,966,232 $ 2,343,024
Due from Metropolitan Life
Insurance Company................... -- --
-------------------- -------------------
Total Assets...................... 1,966,232 2,343,024
-------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... -- 2
-------------------- -------------------
Total Liabilities................. -- 2
-------------------- -------------------
NET ASSETS............................... $ 1,966,232 $ 2,343,022
==================== ===================
The accompanying notes are an integral part of these financial statements.
2
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, 2012
FIDELITY VIP FIDELITY VIP FIDELITY VIP FIDELITY VIP
EQUITY-INCOME FREEDOM 2010 FREEDOM 2020 FREEDOM 2030
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 62,291 $ 39,638 $ 764,725 $ 42,834
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
-------------------- ------------------- ------------------- -------------------
Total Assets..................... 62,291 39,638 764,725 42,834
-------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- -- 1 --
-------------------- ------------------- ------------------- -------------------
Total Liabilities................ -- -- 1 --
-------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 62,291 $ 39,638 $ 764,724 $ 42,834
==================== =================== =================== ===================
FIDELITY VIP
FIDELITY VIP FIDELITY VIP INVESTMENT
FREEDOM 2050 HIGH INCOME GRADE BOND FIDELITY VIP MID CAP
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- ---------------------
ASSETS:
Investments at fair value............ $ 17,855 $ 165,146 $ 2,285,792 $ 748,919
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- ---------------------
Total Assets..................... 17,855 165,146 2,285,792 748,919
------------------- ------------------- ------------------- ---------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 56 -- -- --
------------------- ------------------- ------------------- ---------------------
Total Liabilities................ 56 -- -- --
------------------- ------------------- ------------------- ---------------------
NET ASSETS.............................. $ 17,799 $ 165,146 $ 2,285,792 $ 748,919
=================== =================== =================== =====================
FTVIPT
MUTUAL GLOBAL FTVIPT TEMPLETON
DISCOVERY SECURITIES FOREIGN SECURITIES
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------
ASSETS:
Investments at fair value............ $ 803,177 $ 3,962,470
Due from Metropolitan Life
Insurance Company.................. -- --
-------------------- -------------------
Total Assets..................... 803,177 3,962,470
-------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 1 --
-------------------- -------------------
Total Liabilities................ 1 --
-------------------- -------------------
NET ASSETS.............................. $ 803,176 $ 3,962,470
==================== ===================
The accompanying notes are an integral part of these financial statements.
4
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, 2012
FTVIPT GOLDMAN SACHS
TEMPLETON GLOBAL GOLDMAN SACHS STRUCTURED INVESCO V.I.
BOND SECURITIES MID-CAP VALUE SMALL CAP EQUITY GLOBAL REAL ESTATE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 442,101 $ 258,154 $ 26,317 $ 2,614,724
Due from Metropolitan Life
Insurance Company.................. -- -- -- 12
------------------- ------------------- ------------------- -------------------
Total Assets..................... 442,101 258,154 26,317 2,614,736
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities................ -- -- -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 442,101 $ 258,154 $ 26,317 $ 2,614,736
=================== =================== =================== ===================
INVESCO V.I. INVESCO V.I.
GOVERNMENT INVESCO V.I. VAN KAMPEN JANUS ASPEN
SECURITIES INTERNATIONAL GROWTH COMSTOCK BALANCED
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 311 $ 6,506,156 $ 237,306 $ 1,100,550
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- -------------------- ------------------- -------------------
Total Assets..................... 311 6,506,156 237,306 1,100,550
------------------- -------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- 4 -- 1
------------------- -------------------- ------------------- -------------------
Total Liabilities................ -- 4 -- 1
------------------- -------------------- ------------------- -------------------
NET ASSETS.............................. $ 311 $ 6,506,152 $ 237,306 $ 1,100,549
=================== ==================== =================== ===================
JANUS ASPEN FORTY JANUS ASPEN JANUS
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value............ $ 887,851 $ 971,678
Due from Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Assets..................... 887,851 971,678
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 4 1
------------------- -------------------
Total Liabilities................ 4 1
------------------- -------------------
NET ASSETS.............................. $ 887,847 $ 971,677
=================== ===================
The accompanying notes are an integral part of these financial statements.
6
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, 2012
MFS VIT MFS VIT MFS VIT
JANUS ASPEN OVERSEAS GLOBAL EQUITY HIGH INCOME NEW DISCOVERY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 441,943 $ 135,428 $ 161,268 $ 171,983
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
-------------------- ------------------- ------------------- -------------------
Total Assets..................... 441,943 135,428 161,268 171,983
-------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 1 -- 1 --
-------------------- ------------------- ------------------- -------------------
Total Liabilities................ 1 -- 1 --
-------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 441,942 $ 135,428 $ 161,267 $ 171,983
==================== =================== =================== ===================
MIST
ALLIANCEBERNSTEIN MIST MIST
MFS VIT GLOBAL DYNAMIC AMERICAN FUNDS AMERICAN FUNDS
VALUE ALLOCATION BALANCED ALLOCATION GROWTH ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 17,162 $ 7,098 $ 631,423 $ 926,978
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets..................... 17,162 7,098 631,423 926,978
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities................ -- -- -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 17,162 $ 7,098 $ 631,423 $ 926,978
=================== =================== =================== ===================
MIST MIST
AMERICAN FUNDS AQR GLOBAL
MODERATE ALLOCATION RISK BALANCED
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value............ $ 587,686 $ 24,784
Due from Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Assets..................... 587,686 24,784
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Liabilities................ -- --
------------------- -------------------
NET ASSETS.............................. $ 587,686 $ 24,784
=================== ===================
The accompanying notes are an integral part of these financial statements.
8
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, 2012
MIST BLACKROCK
GLOBAL TACTICAL MIST BLACKROCK MIST CLARION MIST DREMAN
STRATEGIES LARGE CAP CORE GLOBAL REAL ESTATE SMALL CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value............ $ 39,078 $ 307,558,831 $ 26,083,320 $ 38,553
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets..................... 39,078 307,558,831 26,083,320 38,553
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- 6 2 --
-------------------- -------------------- -------------------- --------------------
Total Liabilities................ -- 6 2 --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.............................. $ 39,078 $ 307,558,825 $ 26,083,318 $ 38,553
==================== ==================== ==================== ====================
MIST MIST INVESCO
HARRIS OAKMARK BALANCED-RISK MIST INVESCO
INTERNATIONAL ALLOCATION SMALL CAP GROWTH MIST JANUS FORTY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 33,602,696 $ 7,513 $ 4,616,669 $ 15,566,776
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets..................... 33,602,696 7,513 4,616,669 15,566,776
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 1 -- 1 --
------------------- ------------------- ------------------- -------------------
Total Liabilities................ 1 -- 1 --
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 33,602,695 $ 7,513 $ 4,616,668 $ 15,566,776
=================== =================== =================== ===================
MIST JPMORGAN MIST LEGG
GLOBAL ACTIVE MASON CLEARBRIDGE
ALLOCATION AGGRESSIVE GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value............ $ 18,883 $ 14,226,385
Due from Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Assets..................... 18,883 14,226,385
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Liabilities................ -- --
------------------- -------------------
NET ASSETS.............................. $ 18,883 $ 14,226,385
=================== ===================
The accompanying notes are an integral part of these financial statements.
10
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, 2012
MIST LORD ABBETT MIST LORD ABBETT MIST MET/FRANKLIN MIST MET/FRANKLIN
BOND DEBENTURE MID CAP VALUE INCOME MUTUAL SHARES
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 28,515,095 $ 74,894,972 $ 340,094 $ 118,548
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets..................... 28,515,095 74,894,972 340,094 118,548
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- 2,052 -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities................ -- 2,052 -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 28,515,095 $ 74,892,920 $ 340,094 $ 118,548
=================== =================== =================== ===================
MIST MET/FRANKLIN
TEMPLETON FOUNDING MIST MET/TEMPLETON MIST MET/TEMPLETON MIST METLIFE
STRATEGY GROWTH INTERNATIONAL BOND AGGRESSIVE STRATEGY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 320,390 $ 67,807 $ 2,605 $ 15,142,597
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets..................... 320,390 67,807 2,605 15,142,597
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- -- -- 1
------------------- ------------------- ------------------- -------------------
Total Liabilities................ -- -- -- 1
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 320,390 $ 67,807 $ 2,605 $ 15,142,596
=================== =================== =================== ===================
MIST METLIFE MIST MFS EMERGING
BALANCED PLUS MARKETS EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value............ $ 45,933 $ 88,957
Due from Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Assets..................... 45,933 88,957
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Liabilities................ -- --
------------------- -------------------
NET ASSETS.............................. $ 45,933 $ 88,957
=================== ===================
The accompanying notes are an integral part of these financial statements.
12
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, 2012
MIST MIST
MIST MFS RESEARCH MORGAN STANLEY PIMCO INFLATION
INTERNATIONAL MIST MLA MID CAP MID CAP GROWTH PROTECTED BOND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- -------------------- -------------------
ASSETS:
Investments at fair value............. $ 15,720,816 $ 5,197,740 $ 186,491,113 $ 13,671,560
Due from Metropolitan Life
Insurance Company................... -- -- -- --
------------------- ------------------- -------------------- -------------------
Total Assets...................... 15,720,816 5,197,740 186,491,113 13,671,560
------------------- ------------------- -------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... 3 1 2 --
------------------- ------------------- -------------------- -------------------
Total Liabilities................. 3 1 2 --
------------------- ------------------- -------------------- -------------------
NET ASSETS............................... $ 15,720,813 $ 5,197,739 $ 186,491,111 $ 13,671,560
=================== =================== ==================== ===================
MIST PIMCO MIST RCM MIST SCHRODERS
TOTAL RETURN MIST PIONEER FUND TECHNOLOGY GLOBAL MULTI-ASSET
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............. $ 50,485,894 $ 194,666 $ 13,932,280 $ 5,752
Due from Metropolitan Life
Insurance Company................... -- -- -- --
-------------------- ------------------- ------------------- -------------------
Total Assets...................... 50,485,894 194,666 13,932,280 5,752
-------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... 1 2 -- --
-------------------- ------------------- ------------------- -------------------
Total Liabilities................. 1 2 -- --
-------------------- ------------------- ------------------- -------------------
NET ASSETS............................... $ 50,485,893 $ 194,664 $ 13,932,280 $ 5,752
==================== =================== =================== ===================
MIST SSGA GROWTH MIST SSGA
AND INCOME ETF GROWTH ETF
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------
ASSETS:
Investments at fair value............. $ 6,167,640 $ 4,244,488
Due from Metropolitan Life
Insurance Company................... -- --
-------------------- -------------------
Total Assets...................... 6,167,640 4,244,488
-------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... -- --
-------------------- -------------------
Total Liabilities................. -- --
-------------------- -------------------
NET ASSETS............................... $ 6,167,640 $ 4,244,488
==================== ===================
The accompanying notes are an integral part of these financial statements.
14
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, 2012
MIST T. ROWE PRICE MIST T. ROWE PRICE MIST THIRD AVENUE MSF BAILLIE GIFFORD
LARGE CAP VALUE MID CAP GROWTH SMALL CAP VALUE INTERNATIONAL STOCK
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 1,320,516 $ 21,145,655 $ 881,725 $ 40,399,667
Due from Metropolitan Life
Insurance Company.................. -- -- 12 --
------------------- ------------------- ------------------- -------------------
Total Assets..................... 1,320,516 21,145,655 881,737 40,399,667
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 1 -- -- 2
------------------- ------------------- ------------------- -------------------
Total Liabilities................ 1 -- -- 2
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 1,320,515 $ 21,145,655 $ 881,737 $ 40,399,665
=================== =================== =================== ===================
MSF BARCLAYS CAPITAL MSF BLACKROCK MSF BLACKROCK MSF BLACKROCK
AGGREGATE BOND INDEX AGGRESSIVE GROWTH BOND INCOME DIVERSIFIED
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ------------------- -------------------- -------------------
ASSETS:
Investments at fair value............ $ 116,415,572 $ 190,699,487 $ 85,513,328 $ 266,981,790
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
-------------------- ------------------- -------------------- -------------------
Total Assets..................... 116,415,572 190,699,487 85,513,328 266,981,790
-------------------- ------------------- -------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 15 11 3 7
-------------------- ------------------- -------------------- -------------------
Total Liabilities................ 15 11 3 7
-------------------- ------------------- -------------------- -------------------
NET ASSETS.............................. $ 116,415,557 $ 190,699,476 $ 85,513,325 $ 266,981,783
==================== =================== ==================== ===================
MSF BLACKROCK
MSF BLACKROCK LEGACY LARGE CAP
LARGE CAP VALUE GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value............ $ 14,290,950 $ 14,012,103
Due from Metropolitan Life
Insurance Company.................. -- --
------------------- -------------------
Total Assets..................... 14,290,950 14,012,103
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- 4
------------------- -------------------
Total Liabilities................ -- 4
------------------- -------------------
NET ASSETS.............................. $ 14,290,950 $ 14,012,099
=================== ===================
The accompanying notes are an integral part of these financial statements.
16
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, 2012
MSF BLACKROCK MSF DAVIS MSF FI MSF JENNISON
MONEY MARKET VENTURE VALUE VALUE LEADERS GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............. $ 23,274,455 $ 58,219,353 $ 6,748,157 $ 17,774,610
Due from Metropolitan Life
Insurance Company................... -- -- -- 1
------------------- ------------------- ------------------- -------------------
Total Assets...................... 23,274,455 58,219,353 6,748,157 17,774,611
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... 1 1 -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities................. 1 1 -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS............................... $ 23,274,454 $ 58,219,352 $ 6,748,157 $ 17,774,611
=================== =================== =================== ===================
MSF METLIFE
MSF LOOMIS SAYLES MSF LOOMIS SAYLES MSF MET/ARTISAN CONSERVATIVE
SMALL CAP CORE SMALL CAP GROWTH MID CAP VALUE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............. $ 18,836,597 $ 8,095,037 $ 50,145,783 $ 5,385,935
Due from Metropolitan Life
Insurance Company................... -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets...................... 18,836,597 8,095,037 50,145,783 5,385,935
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Liabilities................. -- -- -- --
------------------- ------------------- ------------------- -------------------
NET ASSETS............................... $ 18,836,597 $ 8,095,037 $ 50,145,783 $ 5,385,935
=================== =================== =================== ===================
MSF METLIFE
CONSERVATIVE TO MSF METLIFE
MODERATE ALLOCATION MID CAP STOCK INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value............. $ 8,676,631 $ 69,807,817
Due from Metropolitan Life
Insurance Company................... -- --
------------------- -------------------
Total Assets...................... 8,676,631 69,807,817
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... 1 --
------------------- -------------------
Total Liabilities................. 1 --
------------------- -------------------
NET ASSETS............................... $ 8,676,630 $ 69,807,817
=================== ===================
The accompanying notes are an integral part of these financial statements.
18
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, 2012
MSF METLIFE
MSF METLIFE MODERATE TO MSF METLIFE MSF MFS
MODERATE ALLOCATION AGGRESSIVE ALLOCATION STOCK INDEX TOTAL RETURN
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- --------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 45,401,739 $ 77,039,719 $ 739,806,268 $ 8,143,438
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- --------------------- ------------------- -------------------
Total Assets..................... 45,401,739 77,039,719 739,806,268 8,143,438
------------------- --------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 1 -- 37 2
------------------- --------------------- ------------------- -------------------
Total Liabilities................ 1 -- 37 2
------------------- --------------------- ------------------- -------------------
NET ASSETS.............................. $ 45,401,738 $ 77,039,719 $ 739,806,231 $ 8,143,436
=================== ===================== =================== ===================
MSF MSCI MSF NEUBERGER MSF OPPENHEIMER
MSF MFS VALUE EAFE INDEX BERMAN GENESIS GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 57,891,428 $ 68,221,823 $ 82,409,607 $ 41,848,254
Due from Metropolitan Life
Insurance Company.................. -- 62 -- 85
------------------- ------------------- ------------------- -------------------
Total Assets..................... 57,891,428 68,221,885 82,409,607 41,848,339
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 3 -- 1 --
------------------- ------------------- ------------------- -------------------
Total Liabilities................ 3 -- 1 --
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 57,891,425 $ 68,221,885 $ 82,409,606 $ 41,848,339
=================== =================== =================== ===================
MSF RUSSELL 2000 MSF T. ROWE PRICE
INDEX LARGE CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value............ $ 55,930,593 $ 49,402,477
Due from Metropolitan Life
Insurance Company.................. 7 --
------------------- -------------------
Total Assets..................... 55,930,600 49,402,477
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- 12
------------------- -------------------
Total Liabilities................ -- 12
------------------- -------------------
NET ASSETS.............................. $ 55,930,600 $ 49,402,465
=================== ===================
The accompanying notes are an integral part of these financial statements.
20
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 -- (CONTINUED)
DECEMBER 31, 2012
MSF WESTERN
MSF VAN ECK ASSET MANAGEMENT MSF WESTERN
MSF T. ROWE PRICE GLOBAL NATURAL STRATEGIC BOND ASSET MANAGEMENT
SMALL CAP GROWTH RESOURCES OPPORTUNITIES U.S. GOVERNMENT
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value........... $ 93,411,022 $ 53,423 $ 25,456,036 $ 16,622,548
Due from Metropolitan Life
Insurance Company................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets.................... 93,411,022 53,423 25,456,036 16,622,548
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................. 14 -- 1 --
------------------- ------------------- ------------------- -------------------
Total Liabilities............... 14 -- 1 --
------------------- ------------------- ------------------- -------------------
NET ASSETS............................. $ 93,411,008 $ 53,423 $ 25,456,035 $ 16,622,548
=================== =================== =================== ===================
PIMCO VIT
PIMCO VIT LONG-TERM U.S. PIMCO VIT PIONEER VCT
ALL ASSET GOVERNMENT LOW DURATION EMERGING MARKETS
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value........... $ 131,919 $ 30,103 $ 986,718 $ 673,074
Due from Metropolitan Life
Insurance Company................. -- 5 -- 5
------------------- ------------------- ------------------- -------------------
Total Assets.................... 131,919 30,108 986,718 673,079
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................. -- -- 1,204 --
------------------- ------------------- ------------------- -------------------
Total Liabilities............... -- -- 1,204 --
------------------- ------------------- ------------------- -------------------
NET ASSETS............................. $ 131,919 $ 30,108 $ 985,514 $ 673,079
=================== =================== =================== ===================
PIONEER VCT
MID CAP VALUE ROYCE MICRO-CAP
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
ASSETS:
Investments at fair value........... $ 153,545 $ 372,006
Due from Metropolitan Life
Insurance Company................. -- --
------------------- -------------------
Total Assets.................... 153,545 372,006
------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................. -- --
------------------- -------------------
Total Liabilities............... -- --
------------------- -------------------
NET ASSETS............................. $ 153,545 $ 372,006
=================== ===================
The accompanying notes are an integral part of these financial statements.
22
The accompanying notes are an integral part of these financial statements.
23
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES -- (CONCLUDED)
DECEMBER 31, 2012
UIF EMERGING UIF EMERGING WELLS FARGO VT
ROYCE SMALL-CAP MARKETS DEBT MARKETS EQUITY TOTAL RETURN BOND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- ------------------- -------------------
ASSETS:
Investments at fair value............ $ 541,873 $ 1,182,599 $ 1,033,944 $ 489,407
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
------------------- ------------------- ------------------- -------------------
Total Assets..................... 541,873 1,182,599 1,033,944 489,407
------------------- ------------------- ------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. 1 1 -- 347
------------------- ------------------- ------------------- -------------------
Total Liabilities................ 1 1 -- 347
------------------- ------------------- ------------------- -------------------
NET ASSETS.............................. $ 541,872 $ 1,182,598 $ 1,033,944 $ 489,060
=================== =================== =================== ===================
The accompanying notes are an integral part of these financial statements.
24
This page is intentionally left blank.
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ -- $ 18,192 $ 1,486
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... -- -- --
------------------ ------------------- ------------------
Net investment income (loss)........................ -- 18,192 1,486
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (1,307,724) (40,514) 8,379
------------------ ------------------- ------------------
Net realized gains (losses)......................... (1,307,724) (40,514) 8,379
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 1,419,031 (1,444,286) 1,480
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 111,307 (1,484,800) 9,859
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 111,307 $ (1,466,608) $ 11,345
================== =================== ==================
ALLIANCEBERNSTEIN INTERMEDIATE BOND
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 2,404 $ 2,097 $ 2,177
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... -- -- --
------------------ ------------------- ------------------
Net investment income (loss)........................ 2,404 2,097 2,177
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. 1,744 170 --
Realized gains (losses) on sale of investments.......... 43 14 2,172
------------------ ------------------- ------------------
Net realized gains (losses)......................... 1,787 184 2,172
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... (188) 563 (1,393)
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 1,599 747 779
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 4,003 $ 2,844 $ 2,956
================== =================== ==================
ALLIANCEBERNSTEIN INTERNATIONAL VALUE
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010 (a)
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 2 $ 7 $ 31
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... -- 167 --
------------------- ------------------ -------------------
Net investment income (loss)........................ 2 (160) 31
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (1) 175 1
------------------- ------------------ -------------------
Net realized gains (losses)......................... (1) 175 1
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... 17 (129) 88
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 16 46 89
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 18 $ (114) $ 120
=================== ================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
26
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, 2012, 2011 AND 2010
AMERICAN CENTURY VP VISTA
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ -- $ -- $ --
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------- ------------------ ------------------
Net investment income (loss)....................... -- -- --
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... 328 5,995 12,351
------------------- ------------------ ------------------
Net realized gains (losses)........................ 328 5,995 12,351
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 873 (8,184) (1,947)
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 1,201 (2,189) 10,404
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 1,201 $ (2,189) $ 10,404
=================== ================== ==================
AMERICAN FUNDS BOND
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends.............................................. $ 133,110 $ 140,691 $ 126,810
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges..................... 9,169 8,171 7,622
------------------ ------------------ -------------------
Net investment income (loss)....................... 123,941 132,520 119,188
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... 27,506 10,695 (8,911)
------------------ ------------------ -------------------
Net realized gains (losses)........................ 27,506 10,695 (8,911)
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments..... 108,693 121,054 122,161
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 136,199 131,749 113,250
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 260,140 $ 264,269 $ 232,438
================== ================== ===================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 761,809 $ 817,781 $ 1,031,490
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 80,276 90,481 91,513
------------------ ------------------ ------------------
Net investment income (loss)....................... 681,533 727,300 939,977
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... (342,892) (68,423) (386,466)
------------------ ------------------ ------------------
Net realized gains (losses)........................ (342,892) (68,423) (386,466)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 9,028,936 (13,188,181) 11,810,164
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 8,686,044 (13,256,604) 11,423,698
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 9,367,577 $ (12,529,304) $ 12,363,675
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
28
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, 2012, 2011 AND 2010
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
-----------------------------------------------------
2012 2011 2010
---------------- --------------- ---------------
INVESTMENT INCOME:
Dividends....................................................... $ 1,013,020 $ 771,098 $ 832,401
---------------- --------------- ---------------
EXPENSES:
Mortality and expense risk charges.............................. 133,202 141,089 132,325
---------------- --------------- ---------------
Net investment income (loss)................................ 879,818 630,009 700,076
---------------- --------------- ---------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... -- -- --
Realized gains (losses) on sale of investments.................. 1,170,827 658,869 (328,082)
---------------- --------------- ---------------
Net realized gains (losses)................................. 1,170,827 658,869 (328,082)
---------------- --------------- ---------------
Change in unrealized gains (losses) on investments.............. 18,556,699 (6,628,058) 19,817,938
---------------- --------------- ---------------
Net realized and changes in unrealized gains (losses)
on investments................................................ 19,727,526 (5,969,189) 19,489,856
---------------- --------------- ---------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 20,607,344 $ (5,339,180) $ 20,189,932
================ =============== ===============
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
---------------- --------------- ---------------
INVESTMENT INCOME:
Dividends....................................................... $ 1,253,842 $ 1,148,376 $ 1,018,183
---------------- --------------- ---------------
EXPENSES:
Mortality and expense risk charges.............................. 78,704 77,416 75,054
---------------- --------------- ---------------
Net investment income (loss)................................ 1,175,138 1,070,960 943,129
---------------- --------------- ---------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... -- -- --
Realized gains (losses) on sale of investments.................. 300,932 (58,726) (336,443)
---------------- --------------- ---------------
Net realized gains (losses)................................. 300,932 (58,726) (336,443)
---------------- --------------- ---------------
Change in unrealized gains (losses) on investments.............. 10,629,027 (2,428,568) 6,948,053
---------------- --------------- ---------------
Net realized and changes in unrealized gains (losses)
on investments................................................ 10,929,959 (2,487,294) 6,611,610
---------------- --------------- ---------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 12,105,097 $ (1,416,334) $ 7,554,739
================ =============== ===============
AMERICAN FUNDS
HIGH-INCOME BOND
INVESTMENT DIVISION
-------------------
2012 (b)
-------------------
INVESTMENT INCOME:
Dividends....................................................... $ 3,203
-------------------
EXPENSES:
Mortality and expense risk charges.............................. --
-------------------
Net investment income (loss)................................ 3,203
-------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... --
Realized gains (losses) on sale of investments.................. 6
-------------------
Net realized gains (losses)................................. 6
-------------------
Change in unrealized gains (losses) on investments.............. (677)
-------------------
Net realized and changes in unrealized gains (losses)
on investments................................................ (671)
-------------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 2,532
===================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends....................................................... $ 7,535 $ 10,736 $ 13,328
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges.............................. -- -- --
---------------- ---------------- ----------------
Net investment income (loss)................................ 7,535 10,736 13,328
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... -- -- --
Realized gains (losses) on sale of investments.................. (1,402) (605) (608)
---------------- ---------------- ----------------
Net realized gains (losses)................................. (1,402) (605) (608)
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments.............. 82,398 (108,507) 46,566
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments................................................ 80,996 (109,112) 45,958
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 88,531 $ (98,376) $ 59,286
================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
30
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, 2012, 2011 AND 2010
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 440 $ 773 $ 683
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 440 773 683
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 1,252 1,111 193
Realized gains (losses) on sale of investments........ 258 509 450
------------------ ------------------ ------------------
Net realized gains (losses)....................... 1,510 1,620 643
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... (1,126) 885 1,804
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 384 2,505 2,447
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 824 $ 3,278 $ 3,130
================== ================== ==================
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 4,882 $ 4,085 $ 3,367
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 4,882 4,085 3,367
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ (1,011) (960) (14,086)
------------------ ------------------ ------------------
Net realized gains (losses)....................... (1,011) (960) (14,086)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 18,857 (45,726) 19,382
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 17,846 (46,686) 5,296
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 22,728 $ (42,601) $ 8,663
================== ================== ==================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 24,972 $ 23,605 $ 19,264
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 24,972 23,605 19,264
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 7,043 3,056 5,857
Realized gains (losses) on sale of investments........ 28,654 71,204 31,417
------------------ ------------------ ------------------
Net realized gains (losses)....................... 35,697 74,260 37,274
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 172,026 (205,700) 201,872
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 207,723 (131,440) 239,146
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 232,695 $ (107,835) $ 258,410
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
32
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, 2012, 2011 AND 2010
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 28,837 $ 20,916 $ 27,427
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------- ------------------ ------------------
Net investment income (loss)....................... 28,837 20,916 27,427
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- 1,114
Realized gains (losses) on sale of investments......... 38,806 12,745 (218,742)
------------------- ------------------ ------------------
Net realized gains (losses)........................ 38,806 12,745 (217,628)
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 288,092 (98,141) 648,547
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 326,898 (85,396) 430,919
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 355,735 $ (64,480) $ 458,346
=================== ================== ==================
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 1,836 $ 637 $ 3,327
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------- ------------------
Net investment income (loss)....................... 1,836 637 3,327
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 2,863 -- --
Realized gains (losses) on sale of investments......... 376 2,625 (5,418)
------------------ ------------------- ------------------
Net realized gains (losses)........................ 3,239 2,625 (5,418)
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments..... (1,146) (8,921) 31,745
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 2,093 (6,296) 26,327
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 3,929 $ (5,659) $ 29,654
================== =================== ==================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends.............................................. $ 733 $ 726 $ 654
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges..................... 169 150 109
------------------ ------------------ -------------------
Net investment income (loss)....................... 564 576 545
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 535 176 470
Realized gains (losses) on sale of investments......... 98 1,305 67
------------------ ------------------ -------------------
Net realized gains (losses)........................ 633 1,481 537
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments..... 2,707 (2,344) 2,036
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 3,340 (863) 2,573
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 3,904 $ (287) $ 3,118
================== ================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
34
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, 2012, 2011 AND 2010
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------- ------------------
INVESTMENT INCOME:
Dividends................................................ $ 15,185 $ 15,422 $ 15,231
------------------- ------------------- ------------------
EXPENSES:
Mortality and expense risk charges....................... 280 374 350
------------------- ------------------- ------------------
Net investment income (loss)......................... 14,905 15,048 14,881
------------------- ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.............................. 8,838 2,671 5,440
Realized gains (losses) on sale of investments........... 5,799 10,134 2,838
------------------- ------------------- ------------------
Net realized gains (losses).......................... 14,637 12,805 8,278
------------------- ------------------- ------------------
Change in unrealized gains (losses) on investments....... 62,352 (33,543) 70,032
------------------- ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments......................................... 76,989 (20,738) 78,310
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations........................................ $ 91,894 $ (5,690) $ 93,191
=================== =================== ==================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
-----------------------------------------------------------------
2012 2011 2010
------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends................................................ $ 881 $ 1,232 $ 2,018
------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges....................... 216 214 133
------------------- ------------------- -------------------
Net investment income (loss)......................... 665 1,018 1,885
------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.............................. 425 172 680
Realized gains (losses) on sale of investments........... 2,855 11,751 710
------------------- ------------------- -------------------
Net realized gains (losses).......................... 3,280 11,923 1,390
------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments....... 3,591 (12,843) 11,839
------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments......................................... 6,871 (920) 13,229
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations........................................ $ 7,536 $ 98 $ 15,114
=================== =================== ===================
FIDELITY VIP FREEDOM 2050
INVESTMENT DIVISION
-----------------------------------------
2012 2011 (c)
------------------ -------------------
INVESTMENT INCOME:
Dividends................................................ $ 360 $ 288
------------------ -------------------
EXPENSES:
Mortality and expense risk charges....................... 77 60
------------------ -------------------
Net investment income (loss)......................... 283 (60)
------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.............................. 2,132 1,383
Realized gains (losses) on sale of investments........... 28 (5,037)
------------------ -------------------
Net realized gains (losses).......................... 2,160 (3,654)
------------------ -------------------
Change in unrealized gains (losses) on investments....... 199 1,450
------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments......................................... 2,359 (2,204)
------------------ -------------------
Net increase (decrease) in net assets resulting
from operations........................................ $ 2,642 $ (1,976)
================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
36
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, 2012, 2011 AND 2010
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 9,229 $ 2,953 $ 340
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 9,229 2,953 340
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... 67 13 (227)
------------------ ------------------ ------------------
Net realized gains (losses)........................ 67 13 (227)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... (1,277) (1,768) 801
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... (1,210) (1,755) 574
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 8,019 $ 1,198 $ 914
================== ================== ==================
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 37,562 $ 54,637 $ 18,206
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 37,562 54,637 18,206
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 48,616 24,253 5,814
Realized gains (losses) on sale of investments......... 33,058 (3,064) 17,651
------------------ ------------------ ------------------
Net realized gains (losses)........................ 81,674 21,189 23,465
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... (8,975) 1,742 (13,312)
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 72,699 22,931 10,153
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 110,261 $ 77,568 $ 28,359
================== ================== ==================
FIDELITY VIP MID CAP
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 2,865 $ 150 $ 502
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 2,865 150 502
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 59,448 1,181 1,027
Realized gains (losses) on sale of investments......... 8,193 10,846 2,077
------------------ ------------------ ------------------
Net realized gains (losses)........................ 67,641 12,027 3,104
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 20,392 (60,535) 83,723
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 88,033 (48,508) 86,827
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 90,898 $ (48,358) $ 87,329
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
38
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, 2012, 2011 AND 2010
FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 21,682 $ 22,691 $ 10,103
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------- ------------------ ------------------
Net investment income (loss)....................... 21,682 22,691 10,103
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 43,771 22,139 --
Realized gains (losses) on sale of investments......... 5,837 (20,210) (4,189)
------------------- ------------------ ------------------
Net realized gains (losses)........................ 49,608 1,929 (4,189)
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 33,439 (59,670) 81,592
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 83,047 (57,741) 77,403
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 104,729 $ (35,050) $ 87,506
=================== ================== ==================
FTVIPT TEMPLETON FOREIGN SECURITIES
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends.............................................. $ 115,174 $ 89,150 $ 164,170
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ -------------------
Net investment income (loss)....................... 115,174 89,150 164,170
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... (16,852) 253,750 (50,450)
------------------ ------------------ -------------------
Net realized gains (losses)........................ (16,852) 253,750 (50,450)
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments..... 501,451 (552,735) 614,425
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 484,599 (298,985) 563,975
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 599,773 $ (209,835) $ 728,145
================== ================== ===================
FTVIPT TEMPLETON GLOBAL BOND SECURITIES
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 24,244 $ 10,824 $ 60
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 24,244 10,824 60
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 590 1,216 10
Realized gains (losses) on sale of investments......... (238) (12,515) 4,591
------------------ ------------------ ------------------
Net realized gains (losses)........................ 352 (11,299) 4,601
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 26,566 (11,949) (171)
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 26,918 (23,248) 4,430
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 51,162 $ (12,424) $ 4,490
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
40
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, 2012, 2011 AND 2010
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 2,932 $ 2,221 $ 2,264
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 2,932 2,221 2,264
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ (683) (27,627) (13,608)
------------------ ------------------ ------------------
Net realized gains (losses)....................... (683) (27,627) (13,608)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 45,178 1,030 84,633
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 44,495 (26,597) 71,025
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 47,427 $ (24,376) $ 73,289
================== ================== ==================
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 308 $ 424 $ 254
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 308 424 254
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 5,427 175 (7,335)
------------------ ------------------ ------------------
Net realized gains (losses)....................... 5,427 175 (7,335)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... (629) (255) 18,632
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 4,798 (80) 11,297
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 5,106 $ 344 $ 11,551
================== ================== ==================
INVESCO V.I. GLOBAL REAL ESTATE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 10,832 $ 72,431 $ 71,976
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 10,832 72,431 71,976
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ (24,321) (158,339) (130,047)
------------------ ------------------ ------------------
Net realized gains (losses)....................... (24,321) (158,339) (130,047)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 481,388 (44,519) 289,353
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 457,067 (202,858) 159,306
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 467,899 $ (130,427) $ 231,282
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
42
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, 2012, 2011 AND 2010
INVESCO V.I. GOVERNMENT SECURITIES
INVESTMENT DIVISION
-----------------------------------------
2012 2011 (d)
------------------ -------------------
INVESTMENT INCOME:
Dividends.................................................. $ -- $ --
------------------ -------------------
EXPENSES:
Mortality and expense risk charges......................... -- --
------------------ -------------------
Net investment income (loss)........................... -- --
------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions................................ -- --
Realized gains (losses) on sale of investments............. 1,308 1,389
------------------ -------------------
Net realized gains (losses)............................ 1,308 1,389
------------------ -------------------
Change in unrealized gains (losses) on investments......... (1,335) 1,336
------------------ -------------------
Net realized and changes in unrealized gains (losses) on
investments............................................... (27) 2,725
------------------ -------------------
Net increase (decrease) in net assets resulting from
operations................................................ $ (27) $ 2,725
================== ===================
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends.................................................. $ 90,329 $ 3,660 $ 4,364
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges......................... -- -- --
------------------- ------------------ -------------------
Net investment income (loss)........................... 90,329 3,660 4,364
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions................................ -- -- --
Realized gains (losses) on sale of investments............. 18,589 3,888 1,465
------------------- ------------------ -------------------
Net realized gains (losses)............................ 18,589 3,888 1,465
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments......... 685,032 (28,330) 26,537
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses) on
investments............................................... 703,621 (24,442) 28,002
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting from
operations................................................ $ 793,950 $ (20,782) $ 32,366
=================== ================== ===================
INVESCO V.I. VAN KAMPEN COMSTOCK
INVESTMENT DIVISION
-----------------------------------------------------------------
2012 2011 2010 (e)
------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends.................................................. $ 3,483 $ 489
------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges......................... -- -- --
------------------- ------------------- -------------------
Net investment income (loss)........................... 3,483 489 --
------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Realized gain distributions................................ -- -- --
Realized gains (losses) on sale of investments............. 1,338 (127) 53
------------------- ------------------- -------------------
Net realized gains (losses)............................ 1,338 (127) 53
------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments......... 32,459 (6,181) 45
------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses) on
investments............................................... 33,797 (6,308) 98
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting from
operations................................................ $ 37,280 $ (5,819) $ 98
=================== =================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
44
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, 2012, 2011 AND 2010
JANUS ASPEN BALANCED
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INVESTMENT INCOME:
Dividends............................................. $ 27,163 $ 44,376 $ 54,166
------------------ ----------------- ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ----------------- ------------------
Net investment income (loss)..................... 27,163 44,376 54,166
------------------ ----------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 74,896 108,835 --
Realized gains (losses) on sale of investments........ 40,351 29,077 26,581
------------------ ----------------- ------------------
Net realized gains (losses)...................... 115,247 137,912 26,581
------------------ ----------------- ------------------
Change in unrealized gains (losses) on investments.... 25,664 (161,867) 90,252
------------------ ----------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 140,911 (23,955) 116,833
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 168,074 $ 20,421 $ 170,999
================== ================= ==================
JANUS ASPEN FORTY
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -----------------
INVESTMENT INCOME:
Dividends............................................. $ 5,152 $ 2,325 $ 2,433
------------------ ------------------ -----------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ -----------------
Net investment income (loss)..................... 5,152 2,325 2,433
------------------ ------------------ -----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 38,660 43,353 14,051
------------------ ------------------ -----------------
Net realized gains (losses)...................... 38,660 43,353 14,051
------------------ ------------------ -----------------
Change in unrealized gains (losses) on investments.... 126,343 (117,114) 47,707
------------------ ------------------ -----------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 165,003 (73,761) 61,758
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 170,155 $ (71,436) $ 64,191
================== ================== =================
JANUS ASPEN JANUS
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INVESTMENT INCOME:
Dividends............................................. $ 5,213 $ 5,397 $ 73,809
------------------ ----------------- ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ----------------- ------------------
Net investment income (loss)..................... 5,213 5,397 73,809
------------------ ----------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 15,799 -- --
Realized gains (losses) on sale of investments........ 13,270 1,561,413 52,158
------------------ ----------------- ------------------
Net realized gains (losses)...................... 29,069 1,561,413 52,158
------------------ ----------------- ------------------
Change in unrealized gains (losses) on investments.... 122,884 (1,416,036) 848,330
------------------ ----------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 151,953 145,377 900,488
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 157,166 $ 150,774 $ 974,297
================== ================= ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
46
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, 2012, 2011 AND 2010
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 2,519 $ 1,291 $ 1,609
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 2,519 1,291 1,609
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 43,521 3,396 --
Realized gains (losses) on sale of investments........ (7,156) (93,767) 4,218
------------------ ------------------ ------------------
Net realized gains (losses)....................... 36,365 (90,371) 4,218
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 8,927 (214,175) 62,994
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 45,292 (304,546) 67,212
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 47,811 $ (303,255) $ 68,821
================== ================== ==================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 61 $ 575 $ 1,232
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 61 575 1,232
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 154 -- --
Realized gains (losses) on sale of investments........ 274 12,787 183
------------------ ------------------ ------------------
Net realized gains (losses)....................... 428 12,787 183
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 6,795 (16,173) 19,523
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 7,223 (3,386) 19,706
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 7,284 $ (2,811) $ 20,938
================== ================== ==================
MFS VIT HIGH INCOME
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 10,779 $ 12,069 $ 8,657
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 10,779 12,069 8,657
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 2,215 361 680
------------------ ------------------ ------------------
Net realized gains (losses)....................... 2,215 361 680
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 6,400 (7,343) 7,331
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 8,615 (6,982) 8,011
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 19,394 $ 5,087 $ 16,668
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
48
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, 2012, 2011 AND 2010
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends....................................................... $ -- $ -- $ --
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges.............................. -- -- --
---------------- ---------------- ----------------
Net investment income (loss)................................ -- -- --
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... 15,912 17,326 --
Realized gains (losses) on sale of investments.................. 264 772 544
---------------- ---------------- ----------------
Net realized gains (losses)................................. 16,176 18,098 544
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments.............. 11,186 (32,906) 28,843
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments................................................ 27,362 (14,808) 29,387
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 27,362 $ (14,808) $ 29,387
================ ================ ================
MFS VIT VALUE
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends....................................................... $ 668 $ 999 $ 969
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges.............................. -- -- --
---------------- ---------------- ----------------
Net investment income (loss)................................ 668 999 969
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... 355 318 --
Realized gains (losses) on sale of investments.................. 3,188 (10,004) (552)
---------------- ---------------- ----------------
Net realized gains (losses)................................. 3,543 (9,686) (552)
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments.............. 2,241 6,173 7,585
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments................................................ 5,784 (3,513) 7,033
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 6,452 $ (2,514) $ 8,002
================ ================ ================
MIST
ALLIANCEBERNSTEIN
GLOBAL DYNAMIC
ALLOCATION
INVESTMENT DIVISION
-------------------
2012 (f)
-------------------
INVESTMENT INCOME:
Dividends....................................................... $ --
-------------------
EXPENSES:
Mortality and expense risk charges.............................. --
-------------------
Net investment income (loss)................................ --
-------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... --
Realized gains (losses) on sale of investments.................. --
-------------------
Net realized gains (losses)................................. --
-------------------
Change in unrealized gains (losses) on investments.............. 163
-------------------
Net realized and changes in unrealized gains (losses)
on investments................................................ 163
-------------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 163
===================
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends....................................................... $ 10,680 $ 6,635 $ 3,146
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges.............................. -- -- --
---------------- ---------------- ----------------
Net investment income (loss)................................ 10,680 6,635 3,146
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions..................................... 5,437 248 117
Realized gains (losses) on sale of investments.................. 3,875 6,046 1,705
---------------- ---------------- ----------------
Net realized gains (losses)................................. 9,312 6,294 1,822
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments.............. 50,640 (23,258) 26,193
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments................................................ 59,952 (16,964) 28,015
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations............................................... $ 70,632 $ (10,329) $ 31,161
================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
50
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, 2012, 2011 AND 2010
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 13,384 $ 10,815 $ 2,434
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 13,384 10,815 2,434
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 16,384 9,254 5,990
------------------ ------------------ ------------------
Net realized gains (losses)....................... 16,384 9,254 5,990
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 96,877 (58,738) 79,550
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 113,261 (49,484) 85,540
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 126,645 $ (38,669) $ 87,974
================== ================== ==================
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 10,434 $ 5,453 $ 2,501
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 10,434 5,453 2,501
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 5,798 1,467 --
Realized gains (losses) on sale of investments........ 5,301 1,917 646
------------------ ------------------ ------------------
Net realized gains (losses)....................... 11,099 3,384 646
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 29,635 (7,233) 16,902
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 40,734 (3,849) 17,548
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 51,168 $ 1,604 $ 20,049
================== ================== ==================
MIST MIST BLACKROCK
AQR GLOBAL GLOBAL TACTICAL
RISK BALANCED STRATEGIES
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
2012 (f) 2012 (f)
------------------- -------------------
INVESTMENT INCOME:
Dividends............................................. $ -- $ --
------------------- -------------------
EXPENSES:
Mortality and expense risk charges.................... -- --
------------------- -------------------
Net investment income (loss)...................... -- --
------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- --
Realized gains (losses) on sale of investments........ (28) 51
------------------- -------------------
Net realized gains (losses)....................... (28) 51
------------------- -------------------
Change in unrealized gains (losses) on investments.... 375 878
------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 347 929
------------------- -------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 347 $ 929
=================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
52
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, 2012, 2011 AND 2010
MIST BLACKROCK LARGE CAP CORE
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 3,715,688 $ 3,462,386 $ 3,848,840
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 1,609,817 1,619,434 1,530,546
------------------- ------------------ -------------------
Net investment income (loss)........................ 2,105,871 1,842,952 2,318,294
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (3,353,915) (4,542,808) (7,248,214)
------------------- ------------------ -------------------
Net realized gains (losses)......................... (3,353,915) (4,542,808) (7,248,214)
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... 38,395,441 3,050,880 38,497,976
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 35,041,526 (1,491,928) 31,249,762
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 37,147,397 $ 351,024 $ 33,568,056
=================== ================== ===================
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 496,469 $ 847,944 $ 1,558,222
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 26,819 25,697 24,584
------------------- ------------------ -------------------
Net investment income (loss)........................ 469,650 822,247 1,533,638
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (282,095) (421,589) (571,095)
------------------- ------------------ -------------------
Net realized gains (losses)......................... (282,095) (421,589) (571,095)
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... 4,988,577 (1,500,208) 1,969,823
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 4,706,482 (1,921,797) 1,398,728
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 5,176,132 $ (1,099,550) $ 2,932,366
=================== ================== ===================
MIST DREMAN SMALL CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 358 $ 472 $ 172
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... -- -- --
------------------ ------------------- ------------------
Net investment income (loss)........................ 358 472 172
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 3,130 1,124 403
------------------ ------------------- ------------------
Net realized gains (losses)......................... 3,130 1,124 403
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 1,696 (4,058) 3,392
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 4,826 (2,934) 3,795
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 5,184 $ (2,462) $ 3,967
================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
54
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, 2012, 2011 AND 2010
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends........................................................ $ 542,318 $ 8,423 $ 576,287
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges............................... 44,596 46,783 44,461
---------------- ---------------- ----------------
Net investment income (loss)................................. 497,722 (38,360) 531,826
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions...................................... -- -- --
Realized gains (losses) on sale of investments................... (140,345) (114,036) (312,283)
---------------- ---------------- ----------------
Net realized gains (losses).................................. (140,345) (114,036) (312,283)
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments............... 7,474,599 (4,256,535) 4,235,035
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments................................................. 7,334,254 (4,370,571) 3,922,752
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations................................................ $ 7,831,976 $ (4,408,931) $ 4,454,578
================ ================ ================
MIST INVESCO
BALANCED-RISK
ALLOCATION
INVESTMENT DIVISION
-------------------
2012 (f)
-------------------
INVESTMENT INCOME:
Dividends........................................................ $ 23
-------------------
EXPENSES:
Mortality and expense risk charges............................... --
-------------------
Net investment income (loss)................................. 23
-------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions...................................... 83
Realized gains (losses) on sale of investments................... --
-------------------
Net realized gains (losses).................................. 83
-------------------
Change in unrealized gains (losses) on investments............... (2)
-------------------
Net realized and changes in unrealized gains (losses)
on investments................................................. 81
-------------------
Net increase (decrease) in net assets resulting
from operations................................................ $ 104
===================
MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends........................................................ $ -- $ --
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges............................... 5,823 5,378 4,411
---------------- ---------------- ----------------
Net investment income (loss)................................. (5,823) (5,378) (4,411)
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions...................................... 273,441 -- --
Realized gains (losses) on sale of investments................... 154,730 169,309 (15,371)
---------------- ---------------- ----------------
Net realized gains (losses).................................. 428,171 169,309 (15,371)
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments............... 331,488 (192,641) 887,599
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments................................................. 759,659 (23,332) 872,228
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations................................................ $ 753,836 $ (28,710) $ 867,817
================ ================ ================
MIST JANUS FORTY
INVESTMENT DIVISION
-------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends........................................................ $ 62,437 $ 249,768 $ 219,796
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges............................... 18,962 18,401 17,488
---------------- ---------------- ----------------
Net investment income (loss)................................. 43,475 231,367 202,308
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions...................................... -- -- --
Realized gains (losses) on sale of investments................... 176,627 2,199 (41,591)
---------------- ---------------- ----------------
Net realized gains (losses).................................. 176,627 2,199 (41,591)
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments............... 2,618,525 (1,278,619) 1,120,682
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments................................................. 2,795,152 (1,276,420) 1,079,091
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations................................................ $ 2,838,627 $ (1,045,053) $ 1,281,399
================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
56
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, 2012, 2011 AND 2010
MIST JPMORGAN
GLOBAL ACTIVE
ALLOCATION MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ---------------------------------------------------------------
2012 (f) 2012 2011 2010
------------------- ------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends.......................... $ 68 $ 28,628 $ 8,681 $ 4,315
------------------- ------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges. -- 8,213 6,297 3,923
------------------- ------------------ ------------------ -------------------
Net investment income (loss)... 68 20,415 2,384 392
------------------- ------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN
UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Realized gain distributions........ 117 -- -- --
Realized gains (losses) on sale of
investments...................... (10) 171,678 93,448 (57,251)
------------------- ------------------ ------------------ -------------------
Net realized gains (losses).... 107 171,678 93,448 (57,251)
------------------- ------------------ ------------------ -------------------
Change in unrealized gains (losses)
on investments................... 152 2,107,124 (217,464) 1,583,027
------------------- ------------------ ------------------ -------------------
Net realized and changes in
unrealized gains (losses) on
investments...................... 259 2,278,802 (124,016) 1,525,776
------------------- ------------------ ------------------ -------------------
Net increase (decrease) in net
assets resulting from operations. $ 327 $ 2,299,217 $ (121,632) $ 1,526,168
=================== ================== ================== ===================
MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.......................... $ 1,984,542 $ 1,568,618 $ 1,718,530
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges. 61,482 59,503 58,096
------------------- ------------------ ------------------
Net investment income (loss)... 1,923,060 1,509,115 1,660,434
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN
UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Realized gain distributions........ -- -- --
Realized gains (losses) on sale of
investments...................... 218,347 583,376 240,525
------------------- ------------------ ------------------
Net realized gains (losses).... 218,347 583,376 240,525
------------------- ------------------ ------------------
Change in unrealized gains (losses)
on investments................... 1,167,280 (863,576) 1,315,427
------------------- ------------------ ------------------
Net realized and changes in
unrealized gains (losses) on
investments...................... 1,385,627 (280,200) 1,555,952
------------------- ------------------ ------------------
Net increase (decrease) in net
assets resulting from operations. $ 3,308,687 $ 1,228,915 $ 3,216,386
=================== ================== ==================
MIST LORD ABBETT MID CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.......................... $ 457 $ 603 $ 568
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges. 49,296 -- --
------------------- ------------------ ------------------
Net investment income (loss)... (48,839) 603 568
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN
UNREALIZED GAINS (LOSSES) ON
INVESTMENTS:
Realized gain distributions........ -- -- --
Realized gains (losses) on sale of
investments...................... (82,924) 818 3,236
------------------- ------------------ ------------------
Net realized gains (losses).... (82,924) 818 3,236
------------------- ------------------ ------------------
Change in unrealized gains (losses)
on investments................... 2,481,449 (5,510) 19,769
------------------- ------------------ ------------------
Net realized and changes in
unrealized gains (losses) on
investments...................... 2,398,525 (4,692) 23,005
------------------- ------------------ ------------------
Net increase (decrease) in net
assets resulting from operations. $ 2,349,686 $ (4,089) $ 23,573
=================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
58
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, 2012, 2011 AND 2010
MIST MET/FRANKLIN INCOME
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 13,809 $ 8,323 $ 3,216
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------- ------------------ ------------------
Net investment income (loss)....................... 13,809 8,323 3,216
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 5,724 5,005 433
Realized gains (losses) on sale of investments......... 414 700 390
------------------- ------------------ ------------------
Net realized gains (losses)........................ 6,138 5,705 823
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 16,385 (8,507) 10,272
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 22,523 (2,802) 11,095
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 36,332 $ 5,521 $ 14,311
=================== ================== ==================
MIST MET/FRANKLIN MUTUAL SHARES
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends.............................................. $ 766 $ 1,982 $ --
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ -------------------
Net investment income (loss)....................... 766 1,982 --
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 16,722 3,716 577
Realized gains (losses) on sale of investments......... (414) 386 106
------------------ ------------------ -------------------
Net realized gains (losses)........................ 16,308 4,102 683
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments..... (3,910) (6,478) 4,077
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 12,398 (2,376) 4,760
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 13,164 $ (394) $ 4,760
================== ================== ===================
MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 12,419 $ 5,031 $ --
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 12,419 5,031 --
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 4,799 255 1
Realized gains (losses) on sale of investments......... 3,522 2,035 1,545
------------------ ------------------ ------------------
Net realized gains (losses)........................ 8,321 2,290 1,546
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 24,847 (10,599) 23,230
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 33,168 (8,309) 24,776
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 45,587 $ (3,278) $ 24,776
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
60
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, 2012, 2011 AND 2010
MIST MET/TEMPLETON GROWTH
INVESTMENT DIVISION
-----------------------------------------------------------------
2012 2011 2010
------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends................................................ $ 964 $ 792 $ 305
------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges....................... -- -- --
------------------- ------------------- -------------------
Net investment income (loss)......................... 964 792 305
------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.............................. 1,985 -- --
Realized gains (losses) on sale of investments........... 1,619 371 125
------------------- ------------------- -------------------
Net realized gains (losses).......................... 3,604 371 125
------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments....... 8,197 (5,463) 3,904
------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments......................................... 11,801 (5,092) 4,029
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations........................................ $ 12,765 $ (4,300) $ 4,334
=================== =================== ===================
MIST MET/TEMPLETON
INTERNATIONAL BOND MIST METLIFE AGGRESSIVE STRATEGY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------------------------------
2012 (f) 2012 2011 (d)
------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends................................................ $ -- $ 118,210 $ --
------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges....................... -- 12,011 8,047
------------------- ------------------- -------------------
Net investment income (loss)......................... -- 106,199 (8,047)
------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.............................. -- -- --
Realized gains (losses) on sale of investments........... 21 (55,023) (117,896)
------------------- ------------------- -------------------
Net realized gains (losses).......................... 21 (55,023) (117,896)
------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments....... 47 2,084,613 (1,834,063)
------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments......................................... 68 2,029,590 (1,951,959)
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations........................................ $ 68 $ 2,135,789 $ (1,960,006)
=================== =================== ===================
MIST METLIFE
BALANCED PLUS MIST MFS EMERGING MARKETS EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------------------------------
2012 (f) 2012 2011 (d)
------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends................................................ $ -- $ 1,167 $ --
------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges....................... -- -- --
------------------- ------------------- -------------------
Net investment income (loss)......................... -- 1,167 --
------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.............................. -- -- --
Realized gains (losses) on sale of investments........... 119 (1,470) (70)
------------------- ------------------- -------------------
Net realized gains (losses).......................... 119 (1,470) (70)
------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments....... 1,691 9,361 (3,209)
------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments......................................... 1,810 7,891 (3,279)
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations........................................ $ 1,810 $ 9,058 $ (3,279)
=================== =================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
62
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, 2012, 2011 AND 2010
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 282,245 $ 285,362 $ 240,942
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 16,065 17,373 18,326
------------------- ------------------ -------------------
Net investment income (loss)........................ 266,180 267,989 222,616
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (345,224) (233,782) (545,005)
------------------- ------------------ -------------------
Net realized gains (losses)......................... (345,224) (233,782) (545,005)
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... 2,185,121 (1,480,693) 1,743,808
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 1,839,897 (1,714,475) 1,198,803
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 2,106,077 $ (1,446,486) $ 1,421,419
=================== ================== ===================
MIST MLA MID CAP
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 33,412 $ 51,406 $ 51,856
------------------- ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 7,238 7,973 7,607
------------------- ------------------- ------------------
Net investment income (loss)........................ 26,174 43,433 44,249
------------------- ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (28,631) (15,584) (93,933)
------------------- ------------------- ------------------
Net realized gains (losses)......................... (28,631) (15,584) (93,933)
------------------- ------------------- ------------------
Change in unrealized gains (losses) on investments...... 296,637 (320,660) 1,108,654
------------------- ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 268,006 (336,244) 1,014,721
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 294,180 $ (292,811) $ 1,058,970
=================== =================== ==================
MIST MORGAN STANLEY MID CAP GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ -- $ 1,490,199 $ 28
------------------- ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 579,825 623,473 375,105
------------------- ------------------- ------------------
Net investment income (loss)........................ (579,825) 866,726 (375,077)
------------------- ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- 5,251,936 --
Realized gains (losses) on sale of investments.......... 1,677,793 2,604,216 336,382
------------------- ------------------- ------------------
Net realized gains (losses)......................... 1,677,793 7,856,152 336,382
------------------- ------------------- ------------------
Change in unrealized gains (losses) on investments...... 15,368,250 (21,552,444) 31,775,159
------------------- ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 17,046,043 (13,696,292) 32,111,541
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 16,466,218 $ (12,829,566) $ 31,736,464
=================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
64
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, 2012, 2011 AND 2010
MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 395,503 $ 165,169 $ 210,729
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 26,003 18,173 15,399
------------------- ------------------ ------------------
Net investment income (loss)....................... 369,500 146,996 195,330
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 725,803 424,271 220,376
Realized gains (losses) on sale of investments......... 75,075 100,776 60,903
------------------- ------------------ ------------------
Net realized gains (losses)........................ 800,878 525,047 281,279
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... (101,684) 331,187 130,473
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 699,194 856,234 411,752
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 1,068,694 $ 1,003,230 $ 607,082
=================== ================== ==================
MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends.............................................. $ 1,636,863 $ 1,344,247 $ 1,634,551
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges..................... 66,690 62,517 59,740
------------------ ------------------ -------------------
Net investment income (loss)....................... 1,570,173 1,281,730 1,574,811
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- 1,446,133 236,060
Realized gains (losses) on sale of investments......... 347,234 187,988 238,435
------------------ ------------------ -------------------
Net realized gains (losses)........................ 347,234 1,634,121 474,495
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments..... 2,519,869 (1,410,547) 1,426,113
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 2,867,103 223,574 1,900,608
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 4,437,276 $ 1,505,304 $ 3,475,419
================== ================== ===================
MIST PIONEER FUND
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 2,902 $ 2,289 $ 1,987
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 2,902 2,289 1,987
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... 1,266 21,102 6,067
------------------ ------------------ ------------------
Net realized gains (losses)........................ 1,266 21,102 6,067
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 14,560 (30,602) 25,716
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 15,826 (9,500) 31,783
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 18,728 $ (7,211) $ 33,770
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
66
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, 2012, 2011 AND 2010
MIST RCM TECHNOLOGY
INVESTMENT DIVISION
-----------------------------------------------------
2012 2011 2010
---------------- --------------- ----------------
INVESTMENT INCOME:
Dividends...................................................... $ -- $ --
---------------- --------------- ----------------
EXPENSES:
Mortality and expense risk charges............................. 19,709 21,877 19,473
---------------- --------------- ----------------
Net investment income (loss)............................... (19,709) (21,877) (19,473)
---------------- --------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.................................... 1,637,998 -- --
Realized gains (losses) on sale of investments................. 179,920 512,571 (54,192)
---------------- --------------- ----------------
Net realized gains (losses)................................ 1,817,918 512,571 (54,192)
---------------- --------------- ----------------
Change in unrealized gains (losses) on investments............. (166,446) (1,944,446) 3,551,862
---------------- --------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments............................................... 1,651,472 (1,431,875) 3,497,670
---------------- --------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. $ 1,631,763 $ (1,453,752) $ 3,478,197
================ =============== ================
MIST SCHRODERS
GLOBAL MULTI-ASSET
INVESTMENT DIVISION
-------------------
2012 (f)
-------------------
INVESTMENT INCOME:
Dividends...................................................... $ 42
-------------------
EXPENSES:
Mortality and expense risk charges............................. --
-------------------
Net investment income (loss)............................... 42
-------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.................................... 94
Realized gains (losses) on sale of investments................. 9
-------------------
Net realized gains (losses)................................ 103
-------------------
Change in unrealized gains (losses) on investments............. (23)
-------------------
Net realized and changes in unrealized gains (losses)
on investments............................................... 80
-------------------
Net increase (decrease) in net assets resulting
from operations.............................................. $ 122
===================
MIST SSGA GROWTH AND INCOME ETF
INVESTMENT DIVISION
-----------------------------------------------------
2012 2011 2010
---------------- --------------- ---------------
INVESTMENT INCOME:
Dividends...................................................... $ 133,958 $ 74,234 $ 35,130
---------------- --------------- ---------------
EXPENSES:
Mortality and expense risk charges............................. 7,748 6,908 4,952
---------------- --------------- ---------------
Net investment income (loss)............................... 126,210 67,326 30,178
---------------- --------------- ---------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.................................... 114,627 74,142 115
Realized gains (losses) on sale of investments................. 53,987 49,491 16,043
---------------- --------------- ---------------
Net realized gains (losses)................................ 168,614 123,633 16,158
---------------- --------------- ---------------
Change in unrealized gains (losses) on investments............. 365,606 (151,325) 322,318
---------------- --------------- ---------------
Net realized and changes in unrealized gains (losses)
on investments............................................... 534,220 (27,692) 338,476
---------------- --------------- ---------------
Net increase (decrease) in net assets resulting
from operations.............................................. $ 660,430 $ 39,634 $ 368,654
================ =============== ===============
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends...................................................... $ 80,502 $ 57,479 $ 34,185
---------------- ---------------- ----------------
EXPENSES:
Mortality and expense risk charges............................. 5,984 5,126 4,127
---------------- ---------------- ----------------
Net investment income (loss)............................... 74,518 52,353 30,058
---------------- ---------------- ----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.................................... 134,987 -- --
Realized gains (losses) on sale of investments................. 42,712 63,035 12,378
---------------- ---------------- ----------------
Net realized gains (losses)................................ 177,699 63,035 12,378
---------------- ---------------- ----------------
Change in unrealized gains (losses) on investments............. 279,360 (183,850) 271,601
---------------- ---------------- ----------------
Net realized and changes in unrealized gains (losses)
on investments............................................... 457,059 (120,815) 283,979
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. $ 531,577 $ (68,462) $ 314,037
================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
68
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, 2012, 2011 AND 2010
MIST T. ROWE PRICE LARGE CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 19,582 $ 9,481 $ 65,246
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 19,582 9,481 65,246
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ (1,403) (435,260) (79,021)
------------------ ------------------ ------------------
Net realized gains (losses)....................... (1,403) (435,260) (79,021)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 181,043 577,510 921,874
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 179,640 142,250 842,853
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 199,222 $ 151,731 $ 908,099
================== ================== ==================
MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................. $ -- $ --
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges.................... 29,751 30,563 25,378
------------------ ------------------- ------------------
Net investment income (loss)...................... (29,751) (30,563) (25,378)
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 2,679,802 560,152 --
Realized gains (losses) on sale of investments........ (50,793) 312,619 131,367
------------------ ------------------- ------------------
Net realized gains (losses)....................... 2,629,009 872,771 131,367
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments.... 206,878 (1,837,318) 4,580,355
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 2,835,887 (964,547) 4,711,722
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 2,806,136 $ (995,110) $ 4,686,344
================== =================== ==================
MIST THIRD AVENUE SMALL CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ -- $ 9,414 $ 12,822
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... -- 9,414 12,822
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 12,071 86,881 42,370
------------------ ------------------ ------------------
Net realized gains (losses)....................... 12,071 86,881 42,370
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 129,525 (240,493) 198,929
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 141,596 (153,612) 241,299
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 141,596 $ (144,198) $ 254,121
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
70
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, 2012, 2011 AND 2010
MSF BAILLIE GIFFORD INTERNATIONAL STOCK
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 525,164 $ 753,948 $ 672,423
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 183,754 207,499 217,625
------------------ ------------------- ------------------
Net investment income (loss)........................ 341,410 546,449 454,798
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (1,190,404) (808,593) (1,030,425)
------------------ ------------------- ------------------
Net realized gains (losses)......................... (1,190,404) (808,593) (1,030,425)
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 7,502,480 (8,900,342) 3,370,719
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 6,312,076 (9,708,935) 2,340,294
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 6,653,486 $ (9,162,486) $ 2,795,092
================== =================== ==================
MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 4,275,027 $ 3,919,750 $ 4,039,520
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 43,939 43,935 44,066
------------------ ------------------ -------------------
Net investment income (loss)........................ 4,231,088 3,875,815 3,995,454
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 604,720 843,640 613,564
------------------ ------------------ -------------------
Net realized gains (losses)......................... 604,720 843,640 613,564
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments...... (447,969) 3,276,276 1,607,603
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 156,751 4,119,916 2,221,167
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 4,387,839 $ 7,995,731 $ 6,216,621
================== ================== ===================
MSF BLACKROCK AGGRESSIVE GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ -- $ 597,164 $ 125,813
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 1,258,555 1,298,633 1,237,626
------------------ ------------------- ------------------
Net investment income (loss)........................ (1,258,555) (701,469) (1,111,813)
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 2,892,428 2,544,325 451,106
------------------ ------------------- ------------------
Net realized gains (losses)......................... 2,892,428 2,544,325 451,106
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 17,096,166 (8,863,059) 26,312,677
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 19,988,594 (6,318,734) 26,763,783
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 18,730,039 $ (7,020,203) $ 25,651,970
================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
72
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, 2012, 2011 AND 2010
MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 2,288,505 $ 3,304,583 $ 3,345,493
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 317,038 318,184 328,215
------------------ ------------------ ------------------
Net investment income (loss)....................... 1,971,467 2,986,399 3,017,278
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 551,492 -- --
Realized gains (losses) on sale of investments......... 354,078 132,024 24,746
------------------ ------------------ ------------------
Net realized gains (losses)........................ 905,570 132,024 24,746
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 2,995,775 1,930,533 3,372,816
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 3,901,345 2,062,557 3,397,562
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 5,872,812 $ 5,048,956 $ 6,414,840
================== ================== ==================
MSF BLACKROCK DIVERSIFIED
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 6,071,412 $ 6,407,012 $ 4,856,230
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 1,471,028 1,472,691 1,451,372
------------------ ------------------ ------------------
Net investment income (loss)....................... 4,600,384 4,934,321 3,404,858
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... 1,094,116 (191,522) (1,951,136)
------------------ ------------------ ------------------
Net realized gains (losses)........................ 1,094,116 (191,522) (1,951,136)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 23,691,349 3,658,514 20,635,275
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 24,785,465 3,466,992 18,684,139
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 29,385,849 $ 8,401,313 $ 22,088,997
================== ================== ==================
MSF BLACKROCK LARGE CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 229,106 $ 149,056 $ 122,314
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 19,727 19,323 18,112
------------------ ------------------ ------------------
Net investment income (loss)....................... 209,379 129,733 104,202
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 2,231,565 -- --
Realized gains (losses) on sale of investments......... (224,253) (80,782) (263,466)
------------------ ------------------ ------------------
Net realized gains (losses)........................ 2,007,312 (80,782) (263,466)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... (358,711) 254,349 1,265,453
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 1,648,601 173,567 1,001,987
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 1,857,980 $ 303,300 $ 1,106,189
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
74
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, 2012, 2011 AND 2010
MSF BLACKROCK LEGACY LARGE CAP GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 41,947 $ 14,560 $ 14,175
------------------- ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 8,390 7,908 7,064
------------------- ------------------- ------------------
Net investment income (loss)........................ 33,557 6,652 7,111
------------------- ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 261,278 137,813 75,641
------------------- ------------------- ------------------
Net realized gains (losses)......................... 261,278 137,813 75,641
------------------- ------------------- ------------------
Change in unrealized gains (losses) on investments...... 1,344,869 (879,158) 1,107,022
------------------- ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 1,606,147 (741,345) 1,182,663
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 1,639,704 $ (734,693) $ 1,189,774
=================== =================== ==================
MSF BLACKROCK MONEY MARKET
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ -- $ -- $ 3,600
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 48,731 47,046 54,598
------------------- ------------------ -------------------
Net investment income (loss)........................ (48,731) (47,046) (50,998)
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... -- -- --
------------------- ------------------ -------------------
Net realized gains (losses)......................... -- -- --
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... -- -- --
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ -- -- --
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ (48,731) $ (47,046) $ (50,998)
=================== ================== ===================
MSF DAVIS VENTURE VALUE
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 475,355 $ 648,127 $ 534,093
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 49,148 53,389 55,117
------------------- ------------------ -------------------
Net investment income (loss)........................ 426,207 594,738 478,976
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 549,533 492,146 191,969
------------------- ------------------ -------------------
Net realized gains (losses)......................... 549,533 492,146 191,969
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... 5,763,493 (3,392,027) 5,562,556
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 6,313,026 (2,899,881) 5,754,525
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 6,739,233 $ (2,305,143) $ 6,233,501
=================== ================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
76
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, 2012, 2011 AND 2010
MSF FI VALUE LEADERS
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 78,407 $ 70,725 $ 90,469
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 7,422 7,565 7,339
------------------ ------------------ ------------------
Net investment income (loss)....................... 70,985 63,160 83,130
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... (88,358) (99,840) (145,291)
------------------ ------------------ ------------------
Net realized gains (losses)........................ (88,358) (99,840) (145,291)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 950,530 (347,209) 885,079
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 862,172 (447,049) 739,788
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 933,157 $ (383,889) $ 822,918
================== ================== ==================
MSF JENNISON GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends.............................................. $ 37,925 $ 42,021 $ 82,750
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges..................... 9,820 6,458 5,787
------------------ ------------------ -------------------
Net investment income (loss)....................... 28,105 35,563 76,963
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 2,671,966 -- --
Realized gains (losses) on sale of investments......... 139,207 251,119 17,747
------------------ ------------------ -------------------
Net realized gains (losses)........................ 2,811,173 251,119 17,747
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments..... (683,735) (215,551) 1,535,759
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 2,127,438 35,568 1,553,506
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 2,155,543 $ 71,131 $ 1,630,469
================== ================== ===================
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ -- $ 20,207 $ 14,765
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 18,930 18,819 16,451
------------------- ------------------ ------------------
Net investment income (loss)....................... (18,930) 1,388 (1,686)
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 452,678 -- --
Realized gains (losses) on sale of investments......... 282,308 258,722 (55,224)
------------------- ------------------ ------------------
Net realized gains (losses)........................ 734,986 258,722 (55,224)
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 1,736,369 (166,265) 4,065,140
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 2,471,355 92,457 4,009,916
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 2,452,425 $ 93,845 $ 4,008,230
=================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
78
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, 2012, 2011 AND 2010
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ -- $ -- $ --
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... 7,211 7,268 5,276
------------------ ------------------ ------------------
Net investment income (loss)..................... (7,211) (7,268) (5,276)
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 192,524 104,198 (47,680)
------------------ ------------------ ------------------
Net realized gains (losses)...................... 192,524 104,198 (47,680)
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 678,535 121,090 1,843,398
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 871,059 225,288 1,795,718
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 863,848 $ 218,020 $ 1,790,442
================== ================== ==================
MSF MET/ARTISAN MID CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
----------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 483,287 $ 455,060 $ 314,548
----------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... 46,626 47,224 44,707
----------------- ------------------ ------------------
Net investment income (loss)..................... 436,661 407,836 269,841
----------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ (286,700) (412,007) (887,093)
----------------- ------------------ ------------------
Net realized gains (losses)...................... (286,700) (412,007) (887,093)
----------------- ------------------ ------------------
Change in unrealized gains (losses) on investments.... 5,263,295 3,096,938 6,661,231
----------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 4,976,595 2,684,931 5,774,138
----------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 5,413,256 $ 3,092,767 $ 6,043,979
================= ================== ==================
MSF METLIFE CONSERVATIVE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -----------------
INVESTMENT INCOME:
Dividends............................................. $ 148,047 $ 98,787 $ 102,209
------------------ ------------------ -----------------
EXPENSES:
Mortality and expense risk charges.................... 9,352 8,004 5,151
------------------ ------------------ -----------------
Net investment income (loss)..................... 138,695 90,783 97,058
------------------ ------------------ -----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 114,982 -- --
Realized gains (losses) on sale of investments........ 59,284 77,218 46,459
------------------ ------------------ -----------------
Net realized gains (losses)...................... 174,266 77,218 46,459
------------------ ------------------ -----------------
Change in unrealized gains (losses) on investments.... 123,869 (37,275) 119,161
------------------ ------------------ -----------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 298,135 39,943 165,620
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 436,830 $ 130,726 $ 262,678
================== ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
80
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, 2012, 2011 AND 2010
MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 219,743 $ 156,398 $ 193,442
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 14,684 13,340 11,465
------------------ ------------------- ------------------
Net investment income (loss)........................ 205,059 143,058 181,977
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. 21,976 -- --
Realized gains (losses) on sale of investments.......... 59,559 135,436 32,319
------------------ ------------------- ------------------
Net realized gains (losses)......................... 81,535 135,436 32,319
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 541,162 (210,123) 421,073
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 622,697 (74,687) 453,392
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 827,756 $ 68,371 $ 635,369
================== =================== ==================
MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 662,912 $ 593,088 $ 562,548
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 51,493 51,561 46,237
------------------ ------------------- ------------------
Net investment income (loss)........................ 611,419 541,527 516,311
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. 2,787,031 2,722,599 70,909
Realized gains (losses) on sale of investments.......... 830,830 678,616 177,461
------------------ ------------------- ------------------
Net realized gains (losses)......................... 3,617,861 3,401,215 248,370
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 6,545,785 (4,954,472) 12,893,844
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 10,163,646 (1,553,257) 13,142,214
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 10,775,065 $ (1,011,730) $ 13,658,525
================== =================== ==================
MSF METLIFE MODERATE ALLOCATION
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 1,056,014 $ 669,982 $ 877,469
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 72,676 67,625 55,021
------------------ ------------------- ------------------
Net investment income (loss)........................ 983,338 602,357 822,448
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 307,411 234,474 17,779
------------------ ------------------- ------------------
Net realized gains (losses)......................... 307,411 234,474 17,779
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 3,912,908 (1,362,402) 3,378,733
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 4,220,319 (1,127,928) 3,396,512
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 5,203,657 $ (525,571) $ 4,218,960
================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
82
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, 2012, 2011 AND 2010
MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INVESTMENT INCOME:
Dividends............................................. $ 1,528,175 $ 1,073,341 $ 1,283,219
------------------ ----------------- ------------------
EXPENSES:
Mortality and expense risk charges.................... 75,645 72,954 65,961
------------------ ----------------- ------------------
Net investment income (loss)..................... 1,452,530 1,000,387 1,217,258
------------------ ----------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 342,924 112,005 (102,509)
------------------ ----------------- ------------------
Net realized gains (losses)...................... 342,924 112,005 (102,509)
------------------ ----------------- ------------------
Change in unrealized gains (losses) on investments.... 8,619,633 (3,772,324) 7,116,457
------------------ ----------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 8,962,557 (3,660,319) 7,013,948
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 10,415,087 $ (2,659,932) $ 8,231,206
================== ================= ==================
MSF METLIFE STOCK INDEX
INVESTMENT DIVISION
------------------------------------------------------------
2012 2011 2010
----------------- ------------------ -----------------
INVESTMENT INCOME:
Dividends............................................. $ 12,674,264 $ 11,182,368 $ 10,671,016
----------------- ------------------ -----------------
EXPENSES:
Mortality and expense risk charges.................... 1,725,734 1,662,241 2,062,810
----------------- ------------------ -----------------
Net investment income (loss)..................... 10,948,530 9,520,127 8,608,206
----------------- ------------------ -----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 5,087,401 4,115,111 --
Realized gains (losses) on sale of investments........ 3,743,076 (324,668) (5,405,568)
----------------- ------------------ -----------------
Net realized gains (losses)...................... 8,830,477 3,790,443 (5,405,568)
----------------- ------------------ -----------------
Change in unrealized gains (losses) on investments.... 82,239,455 (2,093,968) 82,259,608
----------------- ------------------ -----------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 91,069,932 1,696,475 76,854,040
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 102,018,462 $ 11,216,602 $ 85,462,246
================= ================== =================
MSF MFS TOTAL RETURN
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INVESTMENT INCOME:
Dividends............................................. $ 220,676 $ 208,852 $ 217,114
------------------ ----------------- ------------------
EXPENSES:
Mortality and expense risk charges.................... 6,627 6,289 6,194
------------------ ----------------- ------------------
Net investment income (loss)..................... 214,049 202,563 210,920
------------------ ----------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- --
Realized gains (losses) on sale of investments........ 32,260 (29,847) (99,947)
------------------ ----------------- ------------------
Net realized gains (losses)...................... 32,260 (29,847) (99,947)
------------------ ----------------- ------------------
Change in unrealized gains (losses) on investments.... 595,278 (11,189) 568,242
------------------ ----------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 627,538 (41,036) 468,295
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 841,587 $ 161,527 $ 679,215
================== ================= ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
84
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, 2012, 2011 AND 2010
MSF MFS VALUE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 1,079,462 $ 836,589 $ 713,180
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges..................... 47,838 46,802 46,357
------------------ ------------------- ------------------
Net investment income (loss)....................... 1,031,624 789,787 666,823
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 768,644 -- --
Realized gains (losses) on sale of investments......... 200,451 (44,982) (425,864)
------------------ ------------------- ------------------
Net realized gains (losses)........................ 969,095 (44,982) (425,864)
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments..... 6,505,435 (346,891) 5,358,513
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 7,474,530 (391,873) 4,932,649
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 8,506,154 $ 397,914 $ 5,599,472
================== =================== ==================
MSF MSCI EAFE INDEX
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 1,993,048 $ 1,549,893 $ 1,568,147
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... 34,978 37,419 36,554
------------------- ------------------ ------------------
Net investment income (loss)....................... 1,958,070 1,512,474 1,531,593
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... (63,228) 137,025 (236,046)
------------------- ------------------ ------------------
Net realized gains (losses)........................ (63,228) 137,025 (236,046)
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 9,143,347 (9,604,700) 3,674,685
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 9,080,119 (9,467,675) 3,438,639
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 11,038,189 $ (7,955,201) $ 4,970,232
=================== ================== ==================
MSF NEUBERGER BERMAN GENESIS
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 297,555 $ 596,562 $ 353,007
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges..................... 75,540 76,321 68,779
------------------ ------------------- ------------------
Net investment income (loss)....................... 222,015 520,241 284,228
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... (730,868) (976,828) (2,085,738)
------------------ ------------------- ------------------
Net realized gains (losses)........................ (730,868) (976,828) (2,085,738)
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments..... 8,168,095 4,961,322 15,927,942
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 7,437,227 3,984,494 13,842,204
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 7,659,242 $ 4,504,735 $ 14,126,432
================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
86
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, 2012, 2011 AND 2010
MSF OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 648,196 $ 845,569 $ 612,821
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 117,470 126,057 123,628
------------------ ------------------- ------------------
Net investment income (loss)........................ 530,726 719,512 489,193
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 700,180 892,248 362,727
------------------ ------------------- ------------------
Net realized gains (losses)......................... 700,180 892,248 362,727
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 6,406,670 (5,213,727) 5,192,068
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 7,106,850 (4,321,479) 5,554,795
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 7,637,576 $ (3,601,967) $ 6,043,988
================== =================== ==================
MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ 623,816 $ 561,526 $ 547,888
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 39,701 40,338 37,116
------------------ ------------------- ------------------
Net investment income (loss)........................ 584,115 521,188 510,772
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 721,576 734,988 (66,857)
------------------ ------------------- ------------------
Net realized gains (losses)......................... 721,576 734,988 (66,857)
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 6,793,518 (3,300,203) 11,828,973
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 7,515,094 (2,565,215) 11,762,116
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 8,099,209 $ (2,044,027) $ 12,272,888
================== =================== ==================
MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 58,548 $ 38,643 $ 113,187
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 23,330 20,886 18,842
------------------- ------------------ -------------------
Net investment income (loss)........................ 35,218 17,757 94,345
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 996,117 908,859 253,453
------------------- ------------------ -------------------
Net realized gains (losses)......................... 996,117 908,859 253,453
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... 6,924,755 (1,383,140) 6,370,252
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 7,920,872 (474,281) 6,623,705
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 7,956,090 $ (456,524) $ 6,718,050
=================== ================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
88
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, 2012, 2011 AND 2010
MSF T. ROWE PRICE SMALL CAP GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INVESTMENT INCOME:
Dividends............................................... $ -- $ -- $ --
------------------ ------------------- ------------------
EXPENSES:
Mortality and expense risk charges...................... 304,065 301,663 258,469
------------------ ------------------- ------------------
Net investment income (loss)........................ (304,065) (301,663) (258,469)
------------------ ------------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. 9,066,425 -- --
Realized gains (losses) on sale of investments.......... 2,397,895 2,332,511 562,971
------------------ ------------------- ------------------
Net realized gains (losses)......................... 11,464,320 2,332,511 562,971
------------------ ------------------- ------------------
Change in unrealized gains (losses) on investments...... 2,263,900 (846,789) 22,601,563
------------------ ------------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 13,728,220 1,485,722 23,164,534
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 13,424,155 $ 1,184,059 $ 22,906,065
================== =================== ==================
MSF VAN ECK GLOBAL NATURAL RESOURCES
INVESTMENT DIVISION
----------------------------------------
2012 2011 (d)
------------------ ------------------
INVESTMENT INCOME:
Dividends............................................... $ -- $ --
------------------ ------------------
EXPENSES:
Mortality and expense risk charges...................... -- --
------------------ ------------------
Net investment income (loss)........................ -- --
------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. 2,613 --
Realized gains (losses) on sale of investments.......... (729) (45)
------------------ ------------------
Net realized gains (losses)......................... 1,884 (45)
------------------ ------------------
Change in unrealized gains (losses) on investments...... (2,269) (2,198)
------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ (385) (2,243)
------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ (385) $ (2,243)
================== ==================
MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION
----------------------------------------------------------------
2012 2011 2010
------------------- ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................... $ 891,838 $ 1,209,466 $ 1,333,421
------------------- ------------------ -------------------
EXPENSES:
Mortality and expense risk charges...................... 32,820 31,783 27,993
------------------- ------------------ -------------------
Net investment income (loss)........................ 859,018 1,177,683 1,305,428
------------------- ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... 204,230 144,847 71,403
------------------- ------------------ -------------------
Net realized gains (losses)......................... 204,230 144,847 71,403
------------------- ------------------ -------------------
Change in unrealized gains (losses) on investments...... 1,584,984 64,600 1,196,007
------------------- ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments........................................ 1,789,214 209,447 1,267,410
------------------- ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... $ 2,648,232 $ 1,387,130 $ 2,572,838
=================== ================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
90
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, 2012, 2011 AND 2010
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 348,936 $ 248,608 $ 448,826
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... 18,045 18,708 18,946
------------------ ------------------ ------------------
Net investment income (loss)...................... 330,891 229,900 429,880
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- 570,575 47,316
Realized gains (losses) on sale of investments........ 19,763 (5,603) 1,727
------------------ ------------------ ------------------
Net realized gains (losses)....................... 19,763 564,972 49,043
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 185,906 82,587 435,726
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 205,669 647,559 484,769
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 536,560 $ 877,459 $ 914,649
================== ================== ==================
PIMCO VIT
LONG-TERM U.S.
PIMCO VIT ALL ASSET GOVERNMENT
INVESTMENT DIVISION INVESTMENT DIVISION
---------------------------------------- -------------------
2012 2011 (d) 2012 (g)
------------------ ------------------ -------------------
INVESTMENT INCOME:
Dividends............................................. $ 6,301 $ 2,796 $ 232
------------------ ------------------ -------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ -------------------
Net investment income (loss)...................... 6,301 2,796 232
------------------ ------------------ -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- 2,934
Realized gains (losses) on sale of investments........ 190 -- (2)
------------------ ------------------ -------------------
Net realized gains (losses)....................... 190 -- 2,932
------------------ ------------------ -------------------
Change in unrealized gains (losses) on investments.... 8,832 (1,176) (2,899)
------------------ ------------------ -------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 9,022 (1,176) 33
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 15,323 $ 1,620 $ 265
================== ================== ===================
PIMCO VIT LOW DURATION
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 18,366 $ 13,732 $ 12,187
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 18,366 13,732 12,187
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- 2,469
Realized gains (losses) on sale of investments........ 1,749 618 260
------------------ ------------------ ------------------
Net realized gains (losses)....................... 1,749 618 2,729
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 34,493 (6,243) 23,685
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 36,242 (5,625) 26,414
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 54,608 $ 8,107 $ 38,601
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
92
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 -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
PIONEER VCT EMERGING MARKETS
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 1,600 $ -- $ 3,039
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 1,600 -- 3,039
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 23,672 -- --
Realized gains (losses) on sale of investments......... (1,297) 121,447 75,682
------------------ ------------------ ------------------
Net realized gains (losses)........................ 22,375 121,447 75,682
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 20,209 (327,299) 68,690
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 42,584 (205,852) 144,372
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 44,184 $ (205,852) $ 147,411
================== ================== ==================
PIONEER VCT MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 1,561 $ 1,190 $ 801
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 1,561 1,190 801
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... 595 580 313
------------------ ------------------ ------------------
Net realized gains (losses)........................ 595 580 313
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 12,468 (11,556) 14,039
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 13,063 (10,976) 14,352
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 14,624 $ (9,786) $ 15,153
================== ================== ==================
ROYCE MICRO-CAP
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010 (a)
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ -- $ 8,331 $ 5,659
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------- ------------------ ------------------
Net investment income (loss)....................... -- 8,331 5,659
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 8,060 -- --
Realized gains (losses) on sale of investments......... 1,017 1,545 197
------------------- ------------------ ------------------
Net realized gains (losses)........................ 9,077 1,545 197
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 15,667 (52,132) 61,964
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 24,744 (50,587) 62,161
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 24,744 $ (42,256) $ 67,820
=================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
94
The accompanying notes are an integral part of these financial statements.
95
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
ROYCE SMALL-CAP
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 586 $ 3,804 $ 425
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... 586 3,804 425
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ 13,477 -- --
Realized gains (losses) on sale of investments......... 22,187 18,080 2,111
------------------ ------------------ ------------------
Net realized gains (losses)........................ 35,664 18,080 2,111
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 34,489 (64,398) 63,066
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 70,153 (46,318) 65,177
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 70,739 $ (42,514) $ 65,602
================== ================== ==================
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ 16,821 $ 7,775 $ 318
------------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------- ------------------ ------------------
Net investment income (loss)....................... 16,821 7,775 318
------------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- 2,422 --
Realized gains (losses) on sale of investments......... 2,466 392 87
------------------- ------------------ ------------------
Net realized gains (losses)........................ 2,466 2,814 87
------------------- ------------------ ------------------
Change in unrealized gains (losses) on investments..... 89,788 79 318
------------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 92,254 2,893 405
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 109,075 $ 10,668 $ 723
=================== ================== ==================
UIF EMERGING MARKETS EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends.............................................. $ -- $ 1,515 $ 758
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges..................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)....................... -- 1,515 758
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................ -- -- --
Realized gains (losses) on sale of investments......... (26) 4,478 899
------------------ ------------------ ------------------
Net realized gains (losses)........................ (26) 4,478 899
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments..... 139,206 (99,779) 38,992
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 139,180 (95,301) 39,891
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 139,180 $ (93,786) $ 40,649
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
96
The accompanying notes are an integral part of these financial statements.
97
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
WELLS FARGO VT TOTAL RETURN BOND
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................. $ 4,369 $ 18,903 $ 29,774
------------------ ------------------ ------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
------------------ ------------------ ------------------
Net investment income (loss)...................... 4,369 18,903 29,774
------------------ ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... 6,160 30,313 23,602
Realized gains (losses) on sale of investments........ 1,595 15,483 10,857
------------------ ------------------ ------------------
Net realized gains (losses)....................... 7,755 45,796 34,459
------------------ ------------------ ------------------
Change in unrealized gains (losses) on investments.... 5,968 (7,169) (12,496)
------------------ ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments...................................... 13,723 38,627 21,963
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... $ 18,092 $ 57,530 $ 51,737
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
98
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, 2012, 2011 AND 2010
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ -- $ 18,192 $ 1,486
Net realized gains (losses).............................. (1,307,724) (40,514) 8,379
Change in unrealized gains (losses) on investments....... 1,419,031 (1,444,286) 1,480
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 111,307 (1,466,608) 11,345
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 4,561 6,425 1,269
Net transfers (including fixed account).................. (4,345,166) 5,890,970 (20,468)
Policy charges........................................... (2,096) (229,188) (2,162)
Transfers for policy benefits and terminations........... (445) (27,392) --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (4,343,146) 5,640,815 (21,361)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. (4,231,839) 4,174,207 (10,016)
NET ASSETS:
Beginning of year........................................ 4,293,695 119,488 129,504
------------------ ------------------ ------------------
End of year.............................................. $ 61,856 $ 4,293,695 $ 119,488
================== ================== ==================
ALLIANCEBERNSTEIN INTERMEDIATE BOND
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 2,404 $ 2,097 $ 2,177
Net realized gains (losses).............................. 1,787 184 2,172
Change in unrealized gains (losses) on investments....... (188) 563 (1,393)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 4,003 2,844 2,956
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 8,926 2,678 3,570
Net transfers (including fixed account).................. 44,909 -- 9,880
Policy charges........................................... (1,818) (1,493) (1,194)
Transfers for policy benefits and terminations........... (6) (8) (255)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 52,011 1,177 12,001
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 56,014 4,021 14,957
NET ASSETS:
Beginning of year........................................ 47,286 43,265 28,308
------------------ ------------------ ------------------
End of year.............................................. $ 103,300 $ 47,286 $ 43,265
================== ================== ==================
ALLIANCEBERNSTEIN INTERNATIONAL VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010 (a)
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 2 $ (160) $ 31
Net realized gains (losses).............................. (1) 175 1
Change in unrealized gains (losses) on investments....... 17 (129) 88
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 18 (114) 120
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. -- 268 --
Net transfers (including fixed account).................. 2 (1,225) 1,252
Policy charges........................................... (5) (24) (15)
Transfers for policy benefits and terminations........... -- (121) --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (3) (1,102) 1,237
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 15 (1,216) 1,357
NET ASSETS:
Beginning of year........................................ 141 1,357 --
------------------ ------------------ ------------------
End of year.............................................. $ 156 $ 141 $ 1,357
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
100
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, 2012, 2011 AND 2010
AMERICAN CENTURY VP VISTA
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ -- $ -- $ --
Net realized gains (losses)............................... 328 5,995 12,351
Change in unrealized gains (losses) on investments........ 873 (8,184) (1,947)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 1,201 (2,189) 10,404
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. -- 11,044 13,202
Net transfers (including fixed account)................... 870 (72,025) (83,499)
Policy charges............................................ (954) (2,331) (3,069)
Transfers for policy benefits and terminations............ (5,666) -- (9,338)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (5,750) (63,312) (82,704)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... (4,549) (65,501) (72,300)
NET ASSETS:
Beginning of year......................................... 8,654 74,155 146,455
------------------ ------------------ ------------------
End of year............................................... $ 4,105 $ 8,654 $ 74,155
================== ================== ==================
AMERICAN FUNDS BOND
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 123,941 $ 132,520 $ 119,188
Net realized gains (losses)............................... 27,506 10,695 (8,911)
Change in unrealized gains (losses) on investments........ 108,693 121,054 122,161
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 260,140 264,269 232,438
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 681,465 678,665 724,857
Net transfers (including fixed account)................... 491,460 53,187 320,665
Policy charges............................................ (388,415) (360,088) (355,054)
Transfers for policy benefits and terminations............ (359,799) (265,605) (318,517)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 424,711 106,159 371,951
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 684,851 370,428 604,389
NET ASSETS:
Beginning of year......................................... 4,735,459 4,365,031 3,760,642
------------------ ------------------ ------------------
End of year............................................... $ 5,420,310 $ 4,735,459 $ 4,365,031
================== ================== ==================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 681,533 $ 727,300 $ 939,977
Net realized gains (losses)............................... (342,892) (68,423) (386,466)
Change in unrealized gains (losses) on investments........ 9,028,936 (13,188,181) 11,810,164
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 9,367,577 (12,529,304) 12,363,675
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 6,754,997 7,605,640 8,529,505
Net transfers (including fixed account)................... (1,743,129) (1,805,503) (976,366)
Policy charges............................................ (3,801,507) (4,142,061) (4,451,588)
Transfers for policy benefits and terminations............ (3,815,121) (4,059,136) (4,114,157)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (2,604,760) (2,401,060) (1,012,606)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 6,762,817 (14,930,364) 11,351,069
NET ASSETS:
Beginning of year......................................... 52,474,989 67,405,353 56,054,284
------------------ ------------------ ------------------
End of year............................................... $ 59,237,806 $ 52,474,989 $ 67,405,353
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
102
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, 2012, 2011 AND 2010
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
----------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ 879,818 $ 630,009 $ 700,076
Net realized gains (losses)...................................... 1,170,827 658,869 (328,082)
Change in unrealized gains (losses) on investments............... 18,556,699 (6,628,058) 19,817,938
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. 20,607,344 (5,339,180) 20,189,932
---------------- ---------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... 13,860,300 15,130,932 16,677,167
Net transfers (including fixed account).......................... (3,812,042) (1,178,160) (1,005,842)
Policy charges................................................... (8,845,036) (9,007,053) (9,003,630)
Transfers for policy benefits and terminations................... (9,088,854) (8,844,884) (8,617,264)
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... (7,885,632) (3,899,165) (1,949,569)
---------------- ---------------- ----------------
Net increase (decrease) in net assets.......................... 12,721,712 (9,238,345) 18,240,363
NET ASSETS:
Beginning of year................................................ 118,199,510 127,437,855 109,197,492
---------------- ---------------- ----------------
End of year...................................................... $ 130,921,222 $ 118,199,510 $ 127,437,855
================ ================ ================
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
----------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ 1,175,138 $ 1,070,960 $ 943,129
Net realized gains (losses)...................................... 300,932 (58,726) (336,443)
Change in unrealized gains (losses) on investments............... 10,629,027 (2,428,568) 6,948,053
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. 12,105,097 (1,416,334) 7,554,739
---------------- ---------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... 8,728,377 9,556,841 10,334,758
Net transfers (including fixed account).......................... (1,135,580) (457,407) (240,405)
Policy charges................................................... (5,615,768) (5,547,870) (5,606,668)
Transfers for policy benefits and terminations................... (5,724,226) (4,739,607) (4,718,644)
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... (3,747,197) (1,188,043) (230,959)
---------------- ---------------- ----------------
Net increase (decrease) in net assets.......................... 8,357,900 (2,604,377) 7,323,780
NET ASSETS:
Beginning of year................................................ 71,256,817 73,861,194 66,537,414
---------------- ---------------- ----------------
End of year...................................................... $ 79,614,717 $ 71,256,817 $ 73,861,194
================ ================ ================
AMERICAN FUNDS
HIGH-INCOME BOND
INVESTMENT DIVISION
-------------------
2012 (b)
-------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ 3,203
Net realized gains (losses)...................................... 6
Change in unrealized gains (losses) on investments............... (677)
-------------------
Net increase (decrease) in net assets resulting
from operations.............................................. 2,532
-------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... --
Net transfers (including fixed account).......................... 54,888
Policy charges................................................... (181)
Transfers for policy benefits and terminations................... (8)
-------------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... 54,699
-------------------
Net increase (decrease) in net assets.......................... 57,231
NET ASSETS:
Beginning of year................................................ --
-------------------
End of year...................................................... $ 57,231
===================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
----------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ 7,535 $ 10,736 $ 13,328
Net realized gains (losses)...................................... (1,402) (605) (608)
Change in unrealized gains (losses) on investments............... 82,398 (108,507) 46,566
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. 88,531 (98,376) 59,286
---------------- ---------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... 46,649 4,120 196,875
Net transfers (including fixed account).......................... (25,495) (89,752) 113,293
Policy charges................................................... (12,774) (18,135) (17,235)
Transfers for policy benefits and terminations................... (69,569) (82,771) (7,938)
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... (61,189) (186,538) 284,995
---------------- ---------------- ----------------
Net increase (decrease) in net assets.......................... 27,342 (284,914) 344,281
NET ASSETS:
Beginning of year................................................ 524,711 809,625 465,344
---------------- ---------------- ----------------
End of year...................................................... $ 552,053 $ 524,711 $ 809,625
================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
104
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, 2012, 2011 AND 2010
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 440 $ 773 $ 683
Net realized gains (losses)............................... 1,510 1,620 643
Change in unrealized gains (losses) on investments........ (1,126) 885 1,804
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 824 3,278 3,130
------------------ ------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 6,275 18,071 7,825
Net transfers (including fixed account)................... -- (2,592) (50,106)
Policy charges............................................ (1,867) (9,064) (10,685)
Transfers for policy benefits and terminations............ (5,579) (1,984) (2,565)
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (1,171) 4,431 (55,531)
------------------ ------------------- ------------------
Net increase (decrease) in net assets................... (347) 7,709 (52,401)
NET ASSETS:
Beginning of year......................................... 45,539 37,830 90,231
------------------ ------------------- ------------------
End of year............................................... $ 45,192 $ 45,539 $ 37,830
================== =================== ==================
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 4,882 $ 4,085 $ 3,367
Net realized gains (losses)............................... (1,011) (960) (14,086)
Change in unrealized gains (losses) on investments........ 18,857 (45,726) 19,382
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 22,728 (42,601) 8,663
------------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 895 1,458 955
Net transfers (including fixed account)................... 6 (1,532) (65,938)
Policy charges............................................ (2,557) (3,962) (3,958)
Transfers for policy benefits and terminations............ -- (766) --
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (1,656) (4,802) (68,941)
------------------- ------------------ ------------------
Net increase (decrease) in net assets................... 21,072 (47,403) (60,278)
NET ASSETS:
Beginning of year......................................... 184,061 231,464 291,742
------------------- ------------------ ------------------
End of year............................................... $ 205,133 $ 184,061 $ 231,464
=================== ================== ==================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 24,972 $ 23,605 $ 19,264
Net realized gains (losses)............................... 35,697 74,260 37,274
Change in unrealized gains (losses) on investments........ 172,026 (205,700) 201,872
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 232,695 (107,835) 258,410
------------------ ------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 122,067 182,388 168,558
Net transfers (including fixed account)................... 249,730 (79,369) (53,668)
Policy charges............................................ (68,776) (78,031) (69,353)
Transfers for policy benefits and terminations............ -- (392,245) (120,774)
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 303,021 (367,257) (75,237)
------------------ ------------------- ------------------
Net increase (decrease) in net assets................... 535,716 (475,092) 183,173
NET ASSETS:
Beginning of year......................................... 1,430,516 1,905,608 1,722,435
------------------ ------------------- ------------------
End of year............................................... $ 1,966,232 $ 1,430,516 $ 1,905,608
================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
106
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, 2012, 2011 AND 2010
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 28,837 $ 20,916 $ 27,427
Net realized gains (losses).............................. 38,806 12,745 (217,628)
Change in unrealized gains (losses) on investments....... 288,092 (98,141) 648,547
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 355,735 (64,480) 458,346
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 127,751 206,289 166,923
Net transfers (including fixed account).................. (78,043) (243,464) (1,821,221)
Policy charges........................................... (99,800) (104,834) (104,054)
Transfers for policy benefits and terminations........... (114,270) (319,235) (10,806)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (164,362) (461,244) (1,769,158)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 191,373 (525,724) (1,310,812)
NET ASSETS:
Beginning of year........................................ 2,151,649 2,677,373 3,988,185
------------------ ------------------ ------------------
End of year.............................................. $ 2,343,022 $ 2,151,649 $ 2,677,373
================== ================== ==================
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 1,836 $ 637 $ 3,327
Net realized gains (losses).............................. 3,239 2,625 (5,418)
Change in unrealized gains (losses) on investments....... (1,146) (8,921) 31,745
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 3,929 (5,659) 29,654
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 1,366 26,285 37,251
Net transfers (including fixed account).................. 39,024 (55,376) (103,500)
Policy charges........................................... (617) (4,868) (6,481)
Transfers for policy benefits and terminations........... -- (144,483) --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 39,773 (178,442) (72,730)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 43,702 (184,101) (43,076)
NET ASSETS:
Beginning of year........................................ 18,589 202,690 245,766
------------------ ------------------ ------------------
End of year.............................................. $ 62,291 $ 18,589 $ 202,690
================== ================== ==================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
----------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 564 $ 576 $ 545
Net realized gains (losses).............................. 633 1,481 537
Change in unrealized gains (losses) on investments....... 2,707 (2,344) 2,036
----------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 3,904 (287) 3,118
----------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 2,629 2,823 2,793
Net transfers (including fixed account).................. 210 884 12,520
Policy charges........................................... -- -- --
Transfers for policy benefits and terminations........... (1,249) (1,136) (1,119)
----------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 1,590 2,571 14,194
----------------- ------------------ ------------------
Net increase (decrease) in net assets.................. 5,494 2,284 17,312
NET ASSETS:
Beginning of year........................................ 34,144 31,860 14,548
----------------- ------------------ ------------------
End of year.............................................. $ 39,638 $ 34,144 $ 31,860
================= ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
108
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, 2012, 2011 AND 2010
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
----------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 14,905 $ 15,048 $ 14,881
Net realized gains (losses).............................. 14,637 12,805 8,278
Change in unrealized gains (losses) on investments....... 62,352 (33,543) 70,032
----------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 91,894 (5,690) 93,191
----------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 13,429 12,681 10,953
Net transfers (including fixed account).................. (20,603) 33,211 1,108
Policy charges........................................... (10,886) (10,197) (9,499)
Transfers for policy benefits and terminations........... (8,824) (68,993) (5,562)
----------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (26,884) (33,298) (3,000)
----------------- ------------------ ------------------
Net increase (decrease) in net assets.................. 65,010 (38,988) 90,191
NET ASSETS:
Beginning of year........................................ 699,714 738,702 648,511
----------------- ------------------ ------------------
End of year.............................................. $ 764,724 $ 699,714 $ 738,702
================= ================== ==================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 665 $ 1,018 $ 1,885
Net realized gains (losses).............................. 3,280 11,923 1,390
Change in unrealized gains (losses) on investments....... 3,591 (12,843) 11,839
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations...................................... 7,536 98 15,114
------------------ ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 1,320 2,634 3,169
Net transfers (including fixed account).................. (21,760) (51,129) 62,506
Policy charges........................................... -- (455) (1,273)
Transfers for policy benefits and terminations........... (1,232) (2,369) (3,063)
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (21,672) (51,319) 61,339
------------------ ------------------ -----------------
Net increase (decrease) in net assets.................. (14,136) (51,221) 76,453
NET ASSETS:
Beginning of year........................................ 56,970 108,191 31,738
------------------ ------------------ -----------------
End of year.............................................. $ 42,834 $ 56,970 $ 108,191
================== ================== =================
FIDELITY VIP FREEDOM 2050
INVESTMENT DIVISION
----------------------------------------
2012 2011 (c)
------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 283 $ 228
Net realized gains (losses).............................. 2,160 (3,654)
Change in unrealized gains (losses) on investments....... 199 1,450
------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 2,642 (1,976)
------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. -- --
Net transfers (including fixed account).................. -- 17,414
Policy charges........................................... -- --
Transfers for policy benefits and terminations........... (281) --
------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (281) 17,414
------------------ ------------------
Net increase (decrease) in net assets.................. 2,361 15,438
NET ASSETS:
Beginning of year........................................ 15,438 --
------------------ ------------------
End of year.............................................. $ 17,799 $ 15,438
================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
110
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, 2012, 2011 AND 2010
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 9,229 $ 2,953 $ 340
Net realized gains (losses)............................. 67 13 (227)
Change in unrealized gains (losses) on investments...... (1,277) (1,768) 801
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 8,019 1,198 914
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 1,301 3,335 --
Net transfers (including fixed account)................. 115,054 34,562 (36,834)
Policy charges.......................................... (2,451) (357) (282)
Transfers for policy benefits and terminations.......... -- (80) (148)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 113,904 37,460 (37,264)
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 121,923 38,658 (36,350)
NET ASSETS:
Beginning of year....................................... 43,223 4,565 40,915
------------------ ----------------- ------------------
End of year............................................. $ 165,146 $ 43,223 $ 4,565
================== ================= ==================
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 37,562 $ 54,637 $ 18,206
Net realized gains (losses)............................. 81,674 21,189 23,465
Change in unrealized gains (losses) on investments...... (8,975) 1,742 (13,312)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 110,261 77,568 28,359
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 829 1,122 829
Net transfers (including fixed account)................. 464,291 1,150,764 281,430
Policy charges.......................................... (27,932) (16,946) (9,224)
Transfers for policy benefits and terminations.......... (9,509) -- --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 427,679 1,134,940 273,035
------------------ ------------------ ------------------
Net increase (decrease) in net assets................. 537,940 1,212,508 301,394
NET ASSETS:
Beginning of year....................................... 1,747,852 535,344 233,950
------------------ ------------------ ------------------
End of year............................................. $ 2,285,792 $ 1,747,852 $ 535,344
================== ================== ==================
FIDELITY VIP MID CAP
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 2,865 $ 150 $ 502
Net realized gains (losses)............................. 67,641 12,027 3,104
Change in unrealized gains (losses) on investments...... 20,392 (60,535) 83,723
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 90,898 (48,358) 87,329
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 78,618 5,952 95,232
Net transfers (including fixed account)................. 25,075 253,173 77,140
Policy charges.......................................... (15,222) (11,223) (9,033)
Transfers for policy benefits and terminations.......... (44,408) (47,617) (4,506)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 44,063 200,285 158,833
------------------ ------------------ ------------------
Net increase (decrease) in net assets................. 134,961 151,927 246,162
NET ASSETS:
Beginning of year....................................... 613,958 462,031 215,869
------------------ ------------------ ------------------
End of year............................................. $ 748,919 $ 613,958 $ 462,031
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
112
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, 2012, 2011 AND 2010
FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 21,682 $ 22,691 $ 10,103
Net realized gains (losses).............................. 49,608 1,929 (4,189)
Change in unrealized gains (losses) on investments....... 33,439 (59,670) 81,592
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 104,729 (35,050) 87,506
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 83,607 53,641 97,464
Net transfers (including fixed account).................. (97,388) 113,146 (79,267)
Policy charges........................................... (22,528) (24,225) (20,745)
Transfers for policy benefits and terminations........... (49,079) (291,009) (141)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (85,388) (148,447) (2,689)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 19,341 (183,497) 84,817
NET ASSETS:
Beginning of year........................................ 783,835 967,332 882,515
------------------ ------------------ ------------------
End of year.............................................. $ 803,176 $ 783,835 $ 967,332
================== ================== ==================
FTVIPT TEMPLETON FOREIGN SECURITIES
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 115,174 $ 89,150 $ 164,170
Net realized gains (losses).............................. (16,852) 253,750 (50,450)
Change in unrealized gains (losses) on investments....... 501,451 (552,735) 614,425
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 599,773 (209,835) 728,145
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 303,212 379,032 834,212
Net transfers (including fixed account).................. 178,098 (5,636,582) 220,184
Policy charges........................................... (140,398) (243,478) (404,941)
Transfers for policy benefits and terminations........... -- (512,046) (68,047)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 340,912 (6,013,074) 581,408
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 940,685 (6,222,909) 1,309,553
NET ASSETS:
Beginning of year........................................ 3,021,785 9,244,694 7,935,141
------------------ ------------------ ------------------
End of year.............................................. $ 3,962,470 $ 3,021,785 $ 9,244,694
================== ================== ==================
FTVIPT TEMPLETON GLOBAL BOND SECURITIES
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 24,244 $ 10,824 $ 60
Net realized gains (losses).............................. 352 (11,299) 4,601
Change in unrealized gains (losses) on investments....... 26,566 (11,949) (171)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 51,162 (12,424) 4,490
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 41,308 38,191 9,303
Net transfers (including fixed account).................. 73,730 482,861 (9,428)
Policy charges........................................... (10,633) (7,628) (825)
Transfers for policy benefits and terminations........... (2,811) (215,383) (3,516)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 101,594 298,041 (4,466)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 152,756 285,617 24
NET ASSETS:
Beginning of year........................................ 289,345 3,728 3,704
------------------ ------------------ ------------------
End of year.............................................. $ 442,101 $ 289,345 $ 3,728
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
114
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, 2012, 2011 AND 2010
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 2,932 $ 2,221 $ 2,264
Net realized gains (losses)............................... (683) (27,627) (13,608)
Change in unrealized gains (losses) on investments........ 45,178 1,030 84,633
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 47,427 (24,376) 73,289
------------------- ------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. -- -- --
Net transfers (including fixed account)................... -- -- (23,223)
Policy charges............................................ (8,787) (9,130) (9,204)
Transfers for policy benefits and terminations............ (48,734) (65,335) (2,114)
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (57,521) (74,465) (34,541)
------------------- ------------------- ------------------
Net increase (decrease) in net assets................... (10,094) (98,841) 38,748
NET ASSETS:
Beginning of year......................................... 268,248 367,089 328,341
------------------- ------------------- ------------------
End of year............................................... $ 258,154 $ 268,248 $ 367,089
=================== =================== ==================
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 308 $ 424 $ 254
Net realized gains (losses)............................... 5,427 175 (7,335)
Change in unrealized gains (losses) on investments........ (629) (255) 18,632
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 5,106 344 11,551
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 4,965 468 4,077
Net transfers (including fixed account)................... (32,037) -- (33,283)
Policy charges............................................ (1,976) (1,804) (1,601)
Transfers for policy benefits and terminations............ -- (1) --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (29,048) (1,337) (30,807)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... (23,942) (993) (19,256)
NET ASSETS:
Beginning of year......................................... 50,259 51,252 70,508
------------------ ------------------ ------------------
End of year............................................... $ 26,317 $ 50,259 $ 51,252
================== ================== ==================
INVESCO V.I. GLOBAL REAL ESTATE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 10,832 $ 72,431 $ 71,976
Net realized gains (losses)............................... (24,321) (158,339) (130,047)
Change in unrealized gains (losses) on investments........ 481,388 (44,519) 289,353
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 467,899 (130,427) 231,282
------------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 92,394 18,821 3,708
Net transfers (including fixed account)................... 676,565 131,727 (63,773)
Policy charges............................................ (68,963) (66,134) (53,968)
Transfers for policy benefits and terminations............ (43,803) (60,454) (26,660)
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 656,193 23,960 (140,693)
------------------- ------------------ ------------------
Net increase (decrease) in net assets................... 1,124,092 (106,467) 90,589
NET ASSETS:
Beginning of year......................................... 1,490,644 1,597,111 1,506,522
------------------- ------------------ ------------------
End of year............................................... $ 2,614,736 $ 1,490,644 $ 1,597,111
=================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
116
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, 2012, 2011 AND 2010
INVESCO V.I. GOVERNMENT SECURITIES
INVESTMENT DIVISION
---------------------------------------
2012 2011 (d)
------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ -- $ --
Net realized gains (losses)....................................... 1,308 1,389
Change in unrealized gains (losses) on investments................ (1,335) 1,336
------------------ -----------------
Net increase (decrease) in net assets resulting
from operations............................................... (27) 2,725
------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners...................... -- --
Net transfers (including fixed account)........................... (21,034) 19,885
Policy charges.................................................... (119) (1,119)
Transfers for policy benefits and terminations.................... -- --
------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions...................................... (21,153) 18,766
------------------ -----------------
Net increase (decrease) in net assets........................... (21,180) 21,491
NET ASSETS:
Beginning of year................................................. 21,491 --
------------------ -----------------
End of year....................................................... $ 311 $ 21,491
================== =================
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ 90,329 $ 3,660 $ 4,364
Net realized gains (losses)....................................... 18,589 3,888 1,465
Change in unrealized gains (losses) on investments................ 685,032 (28,330) 26,537
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations............................................... 793,950 (20,782) 32,366
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners...................... 1,064,864 3,175 43,890
Net transfers (including fixed account)........................... 4,933,992 (26,489) 184,805
Policy charges.................................................... (310,061) (6,987) (5,205)
Transfers for policy benefits and terminations.................... -- (197,921) (1,805)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions...................................... 5,688,795 (228,222) 221,685
------------------ ----------------- ------------------
Net increase (decrease) in net assets........................... 6,482,745 (249,004) 254,051
NET ASSETS:
Beginning of year................................................. 23,407 272,411 18,360
------------------ ----------------- ------------------
End of year....................................................... $ 6,506,152 $ 23,407 $ 272,411
================== ================= ==================
INVESCO V.I. VAN KAMPEN COMSTOCK
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010 (e)
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)...................................... $ 3,483 $ 489 $ --
Net realized gains (losses)....................................... 1,338 (127) 53
Change in unrealized gains (losses) on investments................ 32,459 (6,181) 45
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations............................................... 37,280 (5,819) 98
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners...................... 26,415 18,211 --
Net transfers (including fixed account)........................... (11,358) 148,276 31,986
Policy charges.................................................... (5,093) (2,690) --
Transfers for policy benefits and terminations.................... -- -- --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions...................................... 9,964 163,797 31,986
------------------ ------------------ ------------------
Net increase (decrease) in net assets........................... 47,244 157,978 32,084
NET ASSETS:
Beginning of year................................................. 190,062 32,084 --
------------------ ------------------ ------------------
End of year....................................................... $ 237,306 $ 190,062 $ 32,084
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
118
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, 2012, 2011 AND 2010
JANUS ASPEN BALANCED
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 27,163 $ 44,376 $ 54,166
Net realized gains (losses).............................. 115,247 137,912 26,581
Change in unrealized gains (losses) on investments....... 25,664 (161,867) 90,252
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 168,074 20,421 170,999
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 153,325 105,004 500,783
Net transfers (including fixed account).................. (463,753) (679,101) 426,734
Policy charges........................................... (37,906) (57,528) (54,051)
Transfers for policy benefits and terminations........... (58,979) (575,867) (8,070)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (407,313) (1,207,492) 865,396
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. (239,239) (1,187,071) 1,036,395
NET ASSETS:
Beginning of year........................................ 1,339,788 2,526,859 1,490,464
------------------ ------------------ ------------------
End of year.............................................. $ 1,100,549 $ 1,339,788 $ 2,526,859
================== ================== ==================
JANUS ASPEN FORTY
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 5,152 $ 2,325 $ 2,433
Net realized gains (losses).............................. 38,660 43,353 14,051
Change in unrealized gains (losses) on investments....... 126,343 (117,114) 47,707
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 170,155 (71,436) 64,191
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 86,108 58,591 190,160
Net transfers (including fixed account).................. (41,907) (237,596) 46,953
Policy charges........................................... (29,645) (30,157) (32,843)
Transfers for policy benefits and terminations........... -- (229,034) (6,634)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 14,556 (438,196) 197,636
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 184,711 (509,632) 261,827
NET ASSETS:
Beginning of year........................................ 703,136 1,212,768 950,941
------------------ ------------------ ------------------
End of year.............................................. $ 887,847 $ 703,136 $ 1,212,768
================== ================== ==================
JANUS ASPEN JANUS
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 5,213 $ 5,397 $ 73,809
Net realized gains (losses).............................. 29,069 1,561,413 52,158
Change in unrealized gains (losses) on investments....... 122,884 (1,416,036) 848,330
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 157,166 150,774 974,297
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 19,037 6,403 635,005
Net transfers (including fixed account).................. (14,200) (6,850,158) (58,773)
Policy charges........................................... (41,868) (89,176) (348,978)
Transfers for policy benefits and terminations........... (6,552) (191,751) --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (43,583) (7,124,682) 227,254
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 113,583 (6,973,908) 1,201,551
NET ASSETS:
Beginning of year........................................ 858,094 7,832,002 6,630,451
------------------ ------------------ ------------------
End of year.............................................. $ 971,677 $ 858,094 $ 7,832,002
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
120
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, 2012, 2011 AND 2010
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 2,519 $ 1,291 $ 1,609
Net realized gains (losses)............................. 36,365 (90,371) 4,218
Change in unrealized gains (losses) on investments...... 8,927 (214,175) 62,994
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 47,811 (303,255) 68,821
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 72,495 17,337 61,601
Net transfers (including fixed account)................. (60) 362,799 175,192
Policy charges.......................................... (20,490) (57,215) (7,851)
Transfers for policy benefits and terminations.......... (1,949) (51,382) (4,005)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 49,996 271,539 224,937
------------------ ------------------ ------------------
Net increase (decrease) in net assets................. 97,807 (31,716) 293,758
NET ASSETS:
Beginning of year....................................... 344,135 375,851 82,093
------------------ ------------------ ------------------
End of year............................................. $ 441,942 $ 344,135 $ 375,851
================== ================== ==================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 61 $ 575 $ 1,232
Net realized gains (losses)............................. 428 12,787 183
Change in unrealized gains (losses) on investments...... 6,795 (16,173) 19,523
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 7,284 (2,811) 20,938
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 2,223 10,718 28,453
Net transfers (including fixed account)................. 121,236 (180,476) 103,015
Policy charges.......................................... (579) (1,554) (2,958)
Transfers for policy benefits and terminations.......... (150) (47,257) (1,538)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 122,730 (218,569) 126,972
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 130,014 (221,380) 147,910
NET ASSETS:
Beginning of year....................................... 5,414 226,794 78,884
------------------ ----------------- ------------------
End of year............................................. $ 135,428 $ 5,414 $ 226,794
================== ================= ==================
MFS VIT HIGH INCOME
INVESTMENT DIVISION
------------------------------------------------------------
2012 2011 2010
----------------- ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 10,779 $ 12,069 $ 8,657
Net realized gains (losses)............................. 2,215 361 680
Change in unrealized gains (losses) on investments...... 6,400 (7,343) 7,331
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations..................................... 19,394 5,087 16,668
----------------- ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ -- -- --
Net transfers (including fixed account)................. 9,417 -- (706)
Policy charges.......................................... (2,141) (1,863) (1,750)
Transfers for policy benefits and terminations.......... (714) (22) --
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 6,562 (1,885) (2,456)
----------------- ------------------ -----------------
Net increase (decrease) in net assets................. 25,956 3,202 14,212
NET ASSETS:
Beginning of year....................................... 135,311 132,109 117,897
----------------- ------------------ -----------------
End of year............................................. $ 161,267 $ 135,311 $ 132,109
================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
122
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, 2012, 2011 AND 2010
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
----------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ -- $ -- $ --
Net realized gains (losses)...................................... 16,176 18,098 544
Change in unrealized gains (losses) on investments............... 11,186 (32,906) 28,843
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. 27,362 (14,808) 29,387
---------------- ---------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... 25,604 6,694 8,926
Net transfers (including fixed account).......................... 1,556 5 94,362
Policy charges................................................... (4,934) (4,419) (2,781)
Transfers for policy benefits and terminations................... -- -- --
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... 22,226 2,280 100,507
---------------- ---------------- ----------------
Net increase (decrease) in net assets.......................... 49,588 (12,528) 129,894
NET ASSETS:
Beginning of year................................................ 122,395 134,923 5,029
---------------- ---------------- ----------------
End of year...................................................... $ 171,983 $ 122,395 $ 134,923
================ ================ ================
MFS VIT VALUE
INVESTMENT DIVISION
----------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ 668 $ 999 $ 969
Net realized gains (losses)...................................... 3,543 (9,686) (552)
Change in unrealized gains (losses) on investments............... 2,241 6,173 7,585
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. 6,452 (2,514) 8,002
---------------- ---------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... -- -- --
Net transfers (including fixed account).......................... -- -- --
Policy charges................................................... (2,417) (2,722) (2,906)
Transfers for policy benefits and terminations................... (31,172) (29,560) (2)
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... (33,589) (32,282) (2,908)
---------------- ---------------- ----------------
Net increase (decrease) in net assets.......................... (27,137) (34,796) 5,094
NET ASSETS:
Beginning of year................................................ 44,299 79,095 74,001
---------------- ---------------- ----------------
End of year...................................................... $ 17,162 $ 44,299 $ 79,095
================ ================ ================
MIST
ALLIANCEBERNSTEIN
GLOBAL DYNAMIC
ALLOCATION
INVESTMENT DIVISION
-------------------
2012 (f)
-------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ --
Net realized gains (losses)...................................... --
Change in unrealized gains (losses) on investments............... 163
-------------------
Net increase (decrease) in net assets resulting
from operations.............................................. 163
-------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... 1,541
Net transfers (including fixed account).......................... 5,907
Policy charges................................................... (513)
Transfers for policy benefits and terminations................... --
-------------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... 6,935
-------------------
Net increase (decrease) in net assets.......................... 7,098
NET ASSETS:
Beginning of year................................................ --
-------------------
End of year...................................................... $ 7,098
===================
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
----------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)..................................... $ 10,680 $ 6,635 $ 3,146
Net realized gains (losses)...................................... 9,312 6,294 1,822
Change in unrealized gains (losses) on investments............... 50,640 (23,258) 26,193
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations.............................................. 70,632 (10,329) 31,161
---------------- ---------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners..................... 95,603 100,111 105,391
Net transfers (including fixed account).......................... 9,483 36,239 89,836
Policy charges................................................... (41,140) (32,003) (11,710)
Transfers for policy benefits and terminations................... (19,150) (5,429) --
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions..................................... 44,796 98,918 183,517
---------------- ---------------- ----------------
Net increase (decrease) in net assets.......................... 115,428 88,589 214,678
NET ASSETS:
Beginning of year................................................ 515,995 427,406 212,728
---------------- ---------------- ----------------
End of year...................................................... $ 631,423 $ 515,995 $ 427,406
================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
124
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, 2012, 2011 AND 2010
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 13,384 $ 10,815 $ 2,434
Net realized gains (losses).............................. 16,384 9,254 5,990
Change in unrealized gains (losses) on investments....... 96,877 (58,738) 79,550
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 126,645 (38,669) 87,974
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 256,426 267,061 355,048
Net transfers (including fixed account).................. 39,236 31,086 223,657
Policy charges........................................... (109,463) (124,905) (93,195)
Transfers for policy benefits and terminations........... (167,111) (59,628) (2,170)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 19,088 113,614 483,340
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 145,733 74,945 571,314
NET ASSETS:
Beginning of year........................................ 781,245 706,300 134,986
------------------ ------------------ ------------------
End of year.............................................. $ 926,978 $ 781,245 $ 706,300
================== ================== ==================
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 10,434 $ 5,453 $ 2,501
Net realized gains (losses).............................. 11,099 3,384 646
Change in unrealized gains (losses) on investments....... 29,635 (7,233) 16,902
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 51,168 1,604 20,049
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 224,194 153,402 103,657
Net transfers (including fixed account).................. 22,347 57,534 70,020
Policy charges........................................... (81,784) (55,936) (37,265)
Transfers for policy benefits and terminations........... (29,845) (5,092) (2,260)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 134,912 149,908 134,152
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 186,080 151,512 154,201
NET ASSETS:
Beginning of year........................................ 401,606 250,094 95,893
------------------ ------------------ ------------------
End of year.............................................. $ 587,686 $ 401,606 $ 250,094
================== ================== ==================
MIST AQR MIST BLACKROCK
GLOBAL RISK GLOBAL TACTICAL
BALANCED STRATEGIES
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------
2012 (f) 2012 (f)
------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ -- $ --
Net realized gains (losses).............................. (28) 51
Change in unrealized gains (losses) on investments....... 375 878
------------------- -------------------
Net increase (decrease) in net assets resulting
from operations...................................... 347 929
------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 2,706 5,304
Net transfers (including fixed account).................. 22,769 34,552
Policy charges........................................... (1,026) (1,705)
Transfers for policy benefits and terminations........... (12) (2)
------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 24,437 38,149
------------------- -------------------
Net increase (decrease) in net assets.................. 24,784 39,078
NET ASSETS:
Beginning of year........................................ -- --
------------------- -------------------
End of year.............................................. $ 24,784 $ 39,078
=================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
126
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, 2012, 2011 AND 2010
MIST BLACKROCK LARGE CAP CORE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 2,105,871 $ 1,842,952 $ 2,318,294
Net realized gains (losses).............................. (3,353,915) (4,542,808) (7,248,214)
Change in unrealized gains (losses) on investments....... 38,395,441 3,050,880 38,497,976
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 37,147,397 351,024 33,568,056
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 30,263,186 32,085,988 34,809,861
Net transfers (including fixed account).................. (3,536,610) (2,768,320) (2,767,361)
Policy charges........................................... (25,681,797) (26,055,182) (26,462,547)
Transfers for policy benefits and terminations........... (22,249,090) (21,487,307) (21,236,249)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (21,204,311) (18,224,821) (15,656,296)
------------------ ----------------- ------------------
Net increase (decrease) in net assets.................. 15,943,086 (17,873,797) 17,911,760
NET ASSETS:
Beginning of year........................................ 291,615,739 309,489,536 291,577,776
------------------ ----------------- ------------------
End of year.............................................. $ 307,558,825 $ 291,615,739 $ 309,489,536
================== ================= ==================
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 469,650 $ 822,247 $ 1,533,638
Net realized gains (losses).............................. (282,095) (421,589) (571,095)
Change in unrealized gains (losses) on investments....... 4,988,577 (1,500,208) 1,969,823
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 5,176,132 (1,099,550) 2,932,366
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 2,592,509 2,829,699 3,115,895
Net transfers (including fixed account).................. 1,803,836 (266,335) (6,843)
Policy charges........................................... (1,523,067) (1,472,266) (1,472,706)
Transfers for policy benefits and terminations........... (1,526,479) (1,591,725) (1,474,613)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 1,346,799 (500,627) 161,733
------------------ ----------------- ------------------
Net increase (decrease) in net assets.................. 6,522,931 (1,600,177) 3,094,099
NET ASSETS:
Beginning of year........................................ 19,560,387 21,160,564 18,066,465
------------------ ----------------- ------------------
End of year.............................................. $ 26,083,318 $ 19,560,387 $ 21,160,564
================== ================= ==================
MIST DREMAN SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 358 $ 472 $ 172
Net realized gains (losses).............................. 3,130 1,124 403
Change in unrealized gains (losses) on investments....... 1,696 (4,058) 3,392
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations...................................... 5,184 (2,462) 3,967
------------------ ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 11,572 8,977 2,082
Net transfers (including fixed account).................. (1,795) 6,064 6,849
Policy charges........................................... (6,279) (4,130) (2,545)
Transfers for policy benefits and terminations........... (6,067) -- --
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (2,569) 10,911 6,386
------------------ ------------------ -----------------
Net increase (decrease) in net assets.................. 2,615 8,449 10,353
NET ASSETS:
Beginning of year........................................ 35,938 27,489 17,136
------------------ ------------------ -----------------
End of year.............................................. $ 38,553 $ 35,938 $ 27,489
================== ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
128
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, 2012, 2011 AND 2010
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
-----------------------------------------------------
2012 2011 2010
---------------- ----------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)....................................... $ 497,722 $ (38,360) $ 531,826
Net realized gains (losses)........................................ (140,345) (114,036) (312,283)
Change in unrealized gains (losses) on investments................. 7,474,599 (4,256,535) 4,235,035
---------------- ----------------- ----------------
Net increase (decrease) in net assets resulting
from operations................................................ 7,831,976 (4,408,931) 4,454,578
---------------- ----------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners....................... 3,418,984 3,837,373 4,074,673
Net transfers (including fixed account)............................ (782,470) 133,438 669,473
Policy charges..................................................... (1,876,193) (1,940,266) (1,984,772)
Transfers for policy benefits and terminations..................... (2,206,344) (1,949,570) (2,128,605)
---------------- ----------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions....................................... (1,446,023) 80,975 630,769
---------------- ----------------- ----------------
Net increase (decrease) in net assets............................ 6,385,953 (4,327,956) 5,085,347
NET ASSETS:
Beginning of year.................................................. 27,216,742 31,544,698 26,459,351
---------------- ----------------- ----------------
End of year........................................................ $ 33,602,695 $ 27,216,742 $ 31,544,698
================ ================= ================
MIST INVESCO
BALANCED-RISK
ALLOCATION
INVESTMENT DIVISION
-------------------
2012 (f)
-------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)....................................... $ 23
Net realized gains (losses)........................................ 83
Change in unrealized gains (losses) on investments................. (2)
-------------------
Net increase (decrease) in net assets resulting
from operations................................................ 104
-------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners....................... 1,603
Net transfers (including fixed account)............................ 6,312
Policy charges..................................................... (506)
Transfers for policy benefits and terminations..................... --
-------------------
Net increase (decrease) in net assets resulting
from policy transactions....................................... 7,409
-------------------
Net increase (decrease) in net assets............................ 7,513
NET ASSETS:
Beginning of year.................................................. --
-------------------
End of year........................................................ $ 7,513
===================
MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
----------------- ---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)....................................... $ (5,823) $ (5,378) $ (4,411)
Net realized gains (losses)........................................ 428,171 169,309 (15,371)
Change in unrealized gains (losses) on investments................. 331,488 (192,641) 887,599
----------------- ---------------- -----------------
Net increase (decrease) in net assets resulting
from operations................................................ 753,836 (28,710) 867,817
----------------- ---------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners....................... 443,063 453,004 471,774
Net transfers (including fixed account)............................ (437,534) 42,346 164,724
Policy charges..................................................... (265,168) (262,281) (242,532)
Transfers for policy benefits and terminations..................... (290,496) (261,290) (184,521)
----------------- ---------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions....................................... (550,135) (28,221) 209,445
----------------- ---------------- -----------------
Net increase (decrease) in net assets............................ 203,701 (56,931) 1,077,262
NET ASSETS:
Beginning of year.................................................. 4,412,967 4,469,898 3,392,636
----------------- ---------------- -----------------
End of year........................................................ $ 4,616,668 $ 4,412,967 $ 4,469,898
================= ================ =================
MIST JANUS FORTY
INVESTMENT DIVISION
-----------------------------------------------------
2012 2011 2010
---------------- ---------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)....................................... $ 43,475 $ 231,367 $ 202,308
Net realized gains (losses)........................................ 176,627 2,199 (41,591)
Change in unrealized gains (losses) on investments................. 2,618,525 (1,278,619) 1,120,682
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from operations................................................ 2,838,627 (1,045,053) 1,281,399
---------------- ---------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners....................... 1,848,830 2,050,382 2,241,409
Net transfers (including fixed account)............................ 554,060 (1,014,538) 410,883
Policy charges..................................................... (1,037,840) (966,083) (991,073)
Transfers for policy benefits and terminations..................... (1,121,178) (795,086) (788,374)
---------------- ---------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions....................................... 243,872 (725,325) 872,845
---------------- ---------------- ----------------
Net increase (decrease) in net assets............................ 3,082,499 (1,770,378) 2,154,244
NET ASSETS:
Beginning of year.................................................. 12,484,277 14,254,655 12,100,411
---------------- ---------------- ----------------
End of year........................................................ $ 15,566,776 $ 12,484,277 $ 14,254,655
================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
130
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, 2012, 2011 AND 2010
MIST JPMORGAN
GLOBAL ACTIVE
ALLOCATION MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------------------------------------------------
2012 (f) 2012 2011 2010
------------------- ------------------ ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).......... $ 68 $ 20,415 $ 2,384 $ 392
Net realized gains (losses)........... 107 171,678 93,448 (57,251)
Change in unrealized gains (losses)
on investments...................... 152 2,107,124 (217,464) 1,583,027
------------------- ------------------ ------------------ -----------------
Net increase (decrease) in net assets
resulting from operations......... 327 2,299,217 (121,632) 1,526,168
------------------- ------------------ ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from
policy owners....................... 1,977 1,437,587 1,318,130 897,883
Net transfers (including fixed account) 17,364 70,510 5,034,717 (116,646)
Policy charges........................ (785) (965,403) (807,741) (544,125)
Transfers for policy benefits and
terminations........................ -- (981,320) (890,256) (464,163)
------------------- ------------------ ------------------ -----------------
Net increase (decrease) in net assets
resulting from policy transactions 18,556 (438,626) 4,654,850 (227,051)
------------------- ------------------ ------------------ -----------------
Net increase (decrease) in net assets 18,883 1,860,591 4,533,218 1,299,117
NET ASSETS:
Beginning of year..................... -- 12,365,794 7,832,576 6,533,459
------------------- ------------------ ------------------ -----------------
End of year........................... $ 18,883 $ 14,226,385 $ 12,365,794 $ 7,832,576
=================== ================== ================== =================
MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).......... $ 1,923,060 $ 1,509,115 $ 1,660,434
Net realized gains (losses)........... 218,347 583,376 240,525
Change in unrealized gains (losses)
on investments...................... 1,167,280 (863,576) 1,315,427
------------------ ------------------ ------------------
Net increase (decrease) in net assets
resulting from operations......... 3,308,687 1,228,915 3,216,386
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from
policy owners....................... 2,367,942 2,158,065 2,523,009
Net transfers (including fixed account) 308,984 (2,168,860) (548,415)
Policy charges........................ (1,678,880) (1,640,766) (1,768,086)
Transfers for policy benefits and
terminations........................ (1,522,631) (1,520,091) (1,782,906)
------------------ ------------------ ------------------
Net increase (decrease) in net assets
resulting from policy transactions (524,585) (3,171,652) (1,576,398)
------------------ ------------------ ------------------
Net increase (decrease) in net assets 2,784,102 (1,942,737) 1,639,988
NET ASSETS:
Beginning of year..................... 25,730,993 27,673,730 26,033,742
------------------ ------------------ ------------------
End of year........................... $ 28,515,095 $ 25,730,993 $ 27,673,730
================== ================== ==================
MIST LORD ABBETT MID CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
----------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).......... $ (48,839) $ 603 $ 568
Net realized gains (losses)........... (82,924) 818 3,236
Change in unrealized gains (losses)
on investments...................... 2,481,449 (5,510) 19,769
----------------- ------------------ ------------------
Net increase (decrease) in net assets
resulting from operations......... 2,349,686 (4,089) 23,573
----------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from
policy owners....................... 4,895,051 5,506 6,334
Net transfers (including fixed account) 74,538,068 11,792 (18,047)
Policy charges........................ (3,428,791) (3,541) (4,191)
Transfers for policy benefits and
terminations........................ (3,581,952) -- --
----------------- ------------------ ------------------
Net increase (decrease) in net assets
resulting from policy transactions 72,422,376 13,757 (15,904)
----------------- ------------------ ------------------
Net increase (decrease) in net assets 74,772,062 9,668 7,669
NET ASSETS:
Beginning of year..................... 120,858 111,190 103,521
----------------- ------------------ ------------------
End of year........................... $ 74,892,920 $ 120,858 $ 111,190
================= ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
132
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, 2012, 2011 AND 2010
MIST MET/FRANKLIN INCOME
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 13,809 $ 8,323 $ 3,216
Net realized gains (losses)............................. 6,138 5,705 823
Change in unrealized gains (losses) on investments...... 16,385 (8,507) 10,272
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 36,332 5,521 14,311
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 63,058 44,198 28,894
Net transfers (including fixed account)................. 32,509 67,493 66,675
Policy charges.......................................... (28,891) (23,591) (12,613)
Transfers for policy benefits and terminations.......... (397) (7,430) (1,480)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 66,279 80,670 81,476
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 102,611 86,191 95,787
NET ASSETS:
Beginning of year....................................... 237,483 151,292 55,505
------------------ ----------------- ------------------
End of year............................................. $ 340,094 $ 237,483 $ 151,292
================== ================= ==================
MIST MET/FRANKLIN MUTUAL SHARES
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 766 $ 1,982 $ --
Net realized gains (losses)............................. 16,308 4,102 683
Change in unrealized gains (losses) on investments...... (3,910) (6,478) 4,077
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 13,164 (394) 4,760
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 25,120 18,290 13,024
Net transfers (including fixed account)................. 13,414 18,465 22,360
Policy charges.......................................... (12,687) (9,290) (6,571)
Transfers for policy benefits and terminations.......... (376) (4,200) (811)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 25,471 23,265 28,002
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 38,635 22,871 32,762
NET ASSETS:
Beginning of year....................................... 79,913 57,042 24,280
------------------ ----------------- ------------------
End of year............................................. $ 118,548 $ 79,913 $ 57,042
================== ================= ==================
MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY
INVESTMENT DIVISION
------------------------------------------------------------
2012 2011 2010
----------------- ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 12,419 $ 5,031 $ --
Net realized gains (losses)............................. 8,321 2,290 1,546
Change in unrealized gains (losses) on investments...... 24,847 (10,599) 23,230
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations..................................... 45,587 (3,278) 24,776
----------------- ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 27,214 25,042 25,504
Net transfers (including fixed account)................. (17,678) 2,199 21,917
Policy charges.......................................... (10,138) (8,412) (6,972)
Transfers for policy benefits and terminations.......... (407) (19) --
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................ (1,009) 18,810 40,449
----------------- ------------------ -----------------
Net increase (decrease) in net assets................. 44,578 15,532 65,225
NET ASSETS:
Beginning of year....................................... 275,812 260,280 195,055
----------------- ------------------ -----------------
End of year............................................. $ 320,390 $ 275,812 $ 260,280
================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
134
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, 2012, 2011 AND 2010
MIST MET/TEMPLETON GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 964 $ 792 $ 305
Net realized gains (losses).............................. 3,604 371 125
Change in unrealized gains (losses) on investments....... 8,197 (5,463) 3,904
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 12,765 (4,300) 4,334
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 18,145 18,937 18,420
Net transfers (including fixed account).................. (9,508) 2,912 12,049
Policy charges........................................... (6,328) (6,419) (5,335)
Transfers for policy benefits and terminations........... (793) (6,096) (173)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 1,516 9,334 24,961
------------------ ----------------- ------------------
Net increase (decrease) in net assets.................. 14,281 5,034 29,295
NET ASSETS:
Beginning of year........................................ 53,526 48,492 19,197
------------------ ----------------- ------------------
End of year.............................................. $ 67,807 $ 53,526 $ 48,492
================== ================= ==================
MIST
MET/TEMPLETON
INTERNATIONAL BOND MIST METLIFE AGGRESSIVE STRATEGY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ---------------------------------------
2012 (f) 2012 2011 (d)
------------------- ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ -- $ 106,199 $ (8,047)
Net realized gains (losses).............................. 21 (55,023) (117,896)
Change in unrealized gains (losses) on investments....... 47 2,084,613 (1,834,063)
------------------- ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 68 2,135,789 (1,960,006)
------------------- ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 772 2,523,168 1,640,701
Net transfers (including fixed account).................. 2,031 (222,009) 14,330,838
Policy charges........................................... (254) (1,016,618) (680,441)
Transfers for policy benefits and terminations........... (12) (750,395) (858,431)
------------------- ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 2,537 534,146 14,432,667
------------------- ----------------- ------------------
Net increase (decrease) in net assets.................. 2,605 2,669,935 12,472,661
NET ASSETS:
Beginning of year........................................ -- 12,472,661 --
------------------- ----------------- ------------------
End of year.............................................. $ 2,605 $ 15,142,596 $ 12,472,661
=================== ================= ==================
MIST METLIFE
BALANCED PLUS MIST MFS EMERGING MARKETS EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ---------------------------------------
2012 (f) 2012 2011 (d)
------------------- ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ -- $ 1,167 $ --
Net realized gains (losses).............................. 119 (1,470) (70)
Change in unrealized gains (losses) on investments....... 1,691 9,361 (3,209)
------------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations...................................... 1,810 9,058 (3,279)
------------------- ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 2,506 18,431 3,938
Net transfers (including fixed account).................. 42,755 46,229 23,265
Policy charges........................................... (1,138) (6,816) (911)
Transfers for policy benefits and terminations........... -- (895) (63)
------------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 44,123 56,949 26,229
------------------- ------------------ -----------------
Net increase (decrease) in net assets.................. 45,933 66,007 22,950
NET ASSETS:
Beginning of year........................................ -- 22,950 --
------------------- ------------------ -----------------
End of year.............................................. $ 45,933 $ 88,957 $ 22,950
=================== ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
136
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, 2012, 2011 AND 2010
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 266,180 $ 267,989 $ 222,616
Net realized gains (losses).............................. (345,224) (233,782) (545,005)
Change in unrealized gains (losses) on investments....... 2,185,121 (1,480,693) 1,743,808
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 2,106,077 (1,446,486) 1,421,419
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 1,458,020 1,640,050 1,870,809
Net transfers (including fixed account).................. 1,660,976 51,977 (766,625)
Policy charges........................................... (839,930) (858,974) (890,996)
Transfers for policy benefits and terminations........... (841,229) (1,130,486) (892,543)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 1,437,837 (297,433) (679,355)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 3,543,914 (1,743,919) 742,064
NET ASSETS:
Beginning of year........................................ 12,176,899 13,920,818 13,178,754
------------------ ------------------ ------------------
End of year.............................................. $ 15,720,813 $ 12,176,899 $ 13,920,818
================== ================== ==================
MIST MLA MID CAP
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 26,174 $ 43,433 $ 44,249
Net realized gains (losses).............................. (28,631) (15,584) (93,933)
Change in unrealized gains (losses) on investments....... 296,637 (320,660) 1,108,654
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 294,180 (292,811) 1,058,970
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 620,922 665,125 700,574
Net transfers (including fixed account).................. (187,706) 304,589 24,219
Policy charges........................................... (364,656) (382,010) (380,767)
Transfers for policy benefits and terminations........... (442,679) (602,339) (387,630)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (374,119) (14,635) (43,604)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. (79,939) (307,446) 1,015,366
NET ASSETS:
Beginning of year........................................ 5,277,678 5,585,124 4,569,758
------------------ ------------------ ------------------
End of year.............................................. $ 5,197,739 $ 5,277,678 $ 5,585,124
================== ================== ==================
MIST MORGAN STANLEY MID CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ (579,825) $ 866,726 $ (375,077)
Net realized gains (losses).............................. 1,677,793 7,856,152 336,382
Change in unrealized gains (losses) on investments....... 15,368,250 (21,552,444) 31,775,159
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 16,466,218 (12,829,566) 31,736,464
------------------ ------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 21,032,275 22,486,193 16,409,129
Net transfers (including fixed account).................. (1,255,442) (4,111,245) 174,856,480
Policy charges........................................... (14,401,148) (15,255,941) (10,113,246)
Transfers for policy benefits and terminations........... (13,701,209) (15,693,955) (9,440,323)
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (8,325,524) (12,574,948) 171,712,040
------------------ ------------------- ------------------
Net increase (decrease) in net assets.................. 8,140,694 (25,404,514) 203,448,504
NET ASSETS:
Beginning of year........................................ 178,350,417 203,754,931 306,427
------------------ ------------------- ------------------
End of year.............................................. $ 186,491,111 $ 178,350,417 $ 203,754,931
================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
138
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, 2012, 2011 AND 2010
MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 369,500 $ 146,996 $ 195,330
Net realized gains (losses)............................. 800,878 525,047 281,279
Change in unrealized gains (losses) on investments...... (101,684) 331,187 130,473
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 1,068,694 1,003,230 607,082
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 1,385,490 1,244,015 1,208,996
Net transfers (including fixed account)................. 2,478,586 671,186 587,680
Policy charges.......................................... (865,472) (683,641) (626,248)
Transfers for policy benefits and terminations.......... (915,239) (527,827) (699,416)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 2,083,365 703,733 471,012
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 3,152,059 1,706,963 1,078,094
NET ASSETS:
Beginning of year....................................... 10,519,501 8,812,538 7,734,444
------------------ ----------------- ------------------
End of year............................................. $ 13,671,560 $ 10,519,501 $ 8,812,538
================== ================= ==================
MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION
------------------------------------------------------------
2012 2011 2010
----------------- ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 1,570,173 $ 1,281,730 $ 1,574,811
Net realized gains (losses)............................. 347,234 1,634,121 474,495
Change in unrealized gains (losses) on investments...... 2,519,869 (1,410,547) 1,426,113
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations..................................... 4,437,276 1,505,304 3,475,419
----------------- ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 4,797,851 5,110,970 5,334,220
Net transfers (including fixed account)................. 1,382,335 1,024,517 3,101,158
Policy charges.......................................... (3,598,862) (3,416,996) (3,436,516)
Transfers for policy benefits and terminations.......... (3,664,586) (3,694,178) (3,692,336)
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................ (1,083,262) (975,687) 1,306,526
----------------- ------------------ -----------------
Net increase (decrease) in net assets................. 3,354,014 529,617 4,781,945
NET ASSETS:
Beginning of year....................................... 47,131,879 46,602,262 41,820,317
----------------- ------------------ -----------------
End of year............................................. $ 50,485,893 $ 47,131,879 $ 46,602,262
================= ================== =================
MIST PIONEER FUND
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 2,902 $ 2,289 $ 1,987
Net realized gains (losses)............................. 1,266 21,102 6,067
Change in unrealized gains (losses) on investments...... 14,560 (30,602) 25,716
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 18,728 (7,211) 33,770
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 4,118 5,551 4,871
Net transfers (including fixed account)................. 15 (1,284) (26,206)
Policy charges.......................................... (4,551) (4,647) (5,711)
Transfers for policy benefits and terminations.......... -- (61,915) --
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ (418) (62,295) (27,046)
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 18,310 (69,506) 6,724
NET ASSETS:
Beginning of year....................................... 176,354 245,860 239,136
------------------ ----------------- ------------------
End of year............................................. $ 194,664 $ 176,354 $ 245,860
================== ================= ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
140
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, 2012, 2011 AND 2010
MIST RCM TECHNOLOGY
INVESTMENT DIVISION
-----------------------------------------------------
2012 2011 2010
---------------- ----------------- ----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................................ $ (19,709) $ (21,877) $ (19,473)
Net realized gains (losses)......................................... 1,817,918 512,571 (54,192)
Change in unrealized gains (losses) on investments.................. (166,446) (1,944,446) 3,551,862
---------------- ----------------- ----------------
Net increase (decrease) in net assets resulting
from operations................................................. 1,631,763 (1,453,752) 3,478,197
---------------- ----------------- ----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........................ 1,416,829 1,591,820 1,602,041
Net transfers (including fixed account)............................. (338,762) (740,109) 7,146
Policy charges...................................................... (971,378) (1,067,941) (1,050,386)
Transfers for policy benefits and terminations...................... (1,022,707) (1,227,369) (1,144,160)
---------------- ----------------- ----------------
Net increase (decrease) in net assets resulting
from policy transactions........................................ (916,018) (1,443,599) (585,359)
---------------- ----------------- ----------------
Net increase (decrease) in net assets............................. 715,745 (2,897,351) 2,892,838
NET ASSETS:
Beginning of year................................................... 13,216,535 16,113,886 13,221,048
---------------- ----------------- ----------------
End of year......................................................... $ 13,932,280 $ 13,216,535 $ 16,113,886
================ ================= ================
MIST SCHRODERS
GLOBAL MULTI-ASSET
INVESTMENT DIVISION
-------------------
2012 (f)
-------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................................ $ 42
Net realized gains (losses)......................................... 103
Change in unrealized gains (losses) on investments.................. (23)
-------------------
Net increase (decrease) in net assets resulting
from operations................................................. 122
-------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........................ 792
Net transfers (including fixed account)............................. 5,247
Policy charges...................................................... (409)
Transfers for policy benefits and terminations...................... --
-------------------
Net increase (decrease) in net assets resulting
from policy transactions........................................ 5,630
-------------------
Net increase (decrease) in net assets............................. 5,752
NET ASSETS:
Beginning of year................................................... --
-------------------
End of year......................................................... $ 5,752
===================
MIST SSGA GROWTH AND INCOME ETF
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
---------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................................ $ 126,210 $ 67,326 $ 30,178
Net realized gains (losses)......................................... 168,614 123,633 16,158
Change in unrealized gains (losses) on investments.................. 365,606 (151,325) 322,318
---------------- ----------------- -----------------
Net increase (decrease) in net assets resulting
from operations................................................. 660,430 39,634 368,654
---------------- ----------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........................ 646,514 610,076 471,109
Net transfers (including fixed account)............................. 942,683 653,921 1,821,735
Policy charges...................................................... (351,822) (275,433) (206,111)
Transfers for policy benefits and terminations...................... (341,292) (235,978) (217,589)
---------------- ----------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions........................................ 896,083 752,586 1,869,144
---------------- ----------------- -----------------
Net increase (decrease) in net assets............................. 1,556,513 792,220 2,237,798
NET ASSETS:
Beginning of year................................................... 4,611,127 3,818,907 1,581,109
---------------- ----------------- -----------------
End of year......................................................... $ 6,167,640 $ 4,611,127 $ 3,818,907
================ ================= =================
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
------------------------------------------------------
2012 2011 2010
----------------- ---------------- -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................................ $ 74,518 $ 52,353 $ 30,058
Net realized gains (losses)......................................... 177,699 63,035 12,378
Change in unrealized gains (losses) on investments.................. 279,360 (183,850) 271,601
----------------- ---------------- -----------------
Net increase (decrease) in net assets resulting
from operations................................................. 531,577 (68,462) 314,037
----------------- ---------------- -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........................ 510,609 473,918 426,740
Net transfers (including fixed account)............................. 331,103 671,574 479,704
Policy charges...................................................... (237,442) (208,531) (158,620)
Transfers for policy benefits and terminations...................... (200,877) (238,362) (171,487)
----------------- ---------------- -----------------
Net increase (decrease) in net assets resulting
from policy transactions........................................ 403,393 698,599 576,337
----------------- ---------------- -----------------
Net increase (decrease) in net assets............................. 934,970 630,137 890,374
NET ASSETS:
Beginning of year................................................... 3,309,518 2,679,381 1,789,007
----------------- ---------------- -----------------
End of year......................................................... $ 4,244,488 $ 3,309,518 $ 2,679,381
================= ================ =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
142
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, 2012, 2011 AND 2010
MIST T. ROWE PRICE LARGE CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 19,582 $ 9,481 $ 65,246
Net realized gains (losses)............................... (1,403) (435,260) (79,021)
Change in unrealized gains (losses) on investments........ 181,043 577,510 921,874
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 199,222 151,731 908,099
------------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 7,131 4,938 427,886
Net transfers (including fixed account)................... 49,898 (4,150,820) (66,707)
Policy charges............................................ (17,285) (46,340) (201,169)
Transfers for policy benefits and terminations............ (5) (1,102,016) (7,059)
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 39,739 (5,294,238) 152,951
------------------- ------------------ ------------------
Net increase (decrease) in net assets................... 238,961 (5,142,507) 1,061,050
NET ASSETS:
Beginning of year......................................... 1,081,554 6,224,061 5,163,011
------------------- ------------------ ------------------
End of year............................................... $ 1,320,515 $ 1,081,554 $ 6,224,061
=================== ================== ==================
MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (29,751) $ (30,563) $ (25,378)
Net realized gains (losses)............................... 2,629,009 872,771 131,367
Change in unrealized gains (losses) on investments........ 206,878 (1,837,318) 4,580,355
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 2,806,136 (995,110) 4,686,344
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 1,915,712 2,194,867 2,269,288
Net transfers (including fixed account)................... (5,662,939) 5,978,566 264,028
Policy charges............................................ (1,349,872) (1,564,864) (1,309,355)
Transfers for policy benefits and terminations............ (1,768,009) (1,643,740) (1,448,078)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (6,865,108) 4,964,829 (224,117)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... (4,058,972) 3,969,719 4,462,227
NET ASSETS:
Beginning of year......................................... 25,204,627 21,234,908 16,772,681
------------------ ------------------ ------------------
End of year............................................... $ 21,145,655 $ 25,204,627 $ 21,234,908
================== ================== ==================
MIST THIRD AVENUE SMALL CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ -- $ 9,414 $ 12,822
Net realized gains (losses)............................... 12,071 86,881 42,370
Change in unrealized gains (losses) on investments........ 129,525 (240,493) 198,929
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 141,596 (144,198) 254,121
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 66,068 28,968 152,265
Net transfers (including fixed account)................... (58,431) (400,494) 298,003
Policy charges............................................ (25,818) (28,620) (29,425)
Transfers for policy benefits and terminations............ (47,729) (225,194) (369)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (65,910) (625,340) 420,474
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 75,686 (769,538) 674,595
NET ASSETS:
Beginning of year......................................... 806,051 1,575,589 900,994
------------------ ------------------ ------------------
End of year............................................... $ 881,737 $ 806,051 $ 1,575,589
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
144
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, 2012, 2011 AND 2010
MSF BAILLIE GIFFORD INTERNATIONAL STOCK
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 341,410 $ 546,449 $ 454,798
Net realized gains (losses).............................. (1,190,404) (808,593) (1,030,425)
Change in unrealized gains (losses) on investments....... 7,502,480 (8,900,342) 3,370,719
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 6,653,486 (9,162,486) 2,795,092
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 4,637,990 4,892,915 5,258,777
Net transfers (including fixed account).................. (1,376,713) 100,755 (592,663)
Policy charges........................................... (2,907,524) (3,147,651) (3,370,345)
Transfers for policy benefits and terminations........... (2,527,135) (2,530,848) (3,487,847)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (2,173,382) (684,829) (2,192,078)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 4,480,104 (9,847,315) 603,014
NET ASSETS:
Beginning of year........................................ 35,919,561 45,766,876 45,163,862
------------------ ------------------ ------------------
End of year.............................................. $ 40,399,665 $ 35,919,561 $ 45,766,876
================== ================== ==================
MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 4,231,088 $ 3,875,815 $ 3,995,454
Net realized gains (losses).............................. 604,720 843,640 613,564
Change in unrealized gains (losses) on investments....... (447,969) 3,276,276 1,607,603
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 4,387,839 7,995,731 6,216,621
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 12,468,986 12,546,475 13,651,933
Net transfers (including fixed account).................. 7,067,547 (5,035,008) 4,296,224
Policy charges........................................... (8,609,472) (8,528,408) (8,696,729)
Transfers for policy benefits and terminations........... (7,662,930) (12,699,958) (7,334,933)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 3,264,131 (13,716,899) 1,916,495
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 7,651,970 (5,721,168) 8,133,116
NET ASSETS:
Beginning of year........................................ 108,763,587 114,484,755 106,351,639
------------------ ------------------ ------------------
End of year.............................................. $ 116,415,557 $ 108,763,587 $ 114,484,755
================== ================== ==================
MSF BLACKROCK AGGRESSIVE GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ (1,258,555) $ (701,469) $ (1,111,813)
Net realized gains (losses).............................. 2,892,428 2,544,325 451,106
Change in unrealized gains (losses) on investments....... 17,096,166 (8,863,059) 26,312,677
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 18,730,039 (7,020,203) 25,651,970
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 17,178,798 17,102,384 18,632,365
Net transfers (including fixed account).................. (3,218,712) 3,214,026 (3,158,688)
Policy charges........................................... (13,834,330) (14,177,756) (14,307,761)
Transfers for policy benefits and terminations........... (13,147,114) (14,269,181) (14,208,996)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (13,021,358) (8,130,527) (13,043,080)
------------------ ------------------ ------------------
Net increase (decrease) in net assets.................. 5,708,681 (15,150,730) 12,608,890
NET ASSETS:
Beginning of year........................................ 184,990,795 200,141,525 187,532,635
------------------ ------------------ ------------------
End of year.............................................. $ 190,699,476 $ 184,990,795 $ 200,141,525
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
146
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, 2012, 2011 AND 2010
MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 1,971,467 $ 2,986,399 $ 3,017,278
Net realized gains (losses)............................... 905,570 132,024 24,746
Change in unrealized gains (losses) on investments........ 2,995,775 1,930,533 3,372,816
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 5,872,812 5,048,956 6,414,840
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 7,520,502 7,828,777 8,520,413
Net transfers (including fixed account)................... 238,363 (1,265,327) 406,620
Policy charges............................................ (6,492,283) (6,574,083) (6,951,509)
Transfers for policy benefits and terminations............ (5,691,274) (5,835,954) (5,946,761)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (4,424,692) (5,846,587) (3,971,237)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 1,448,120 (797,631) 2,443,603
NET ASSETS:
Beginning of year......................................... 84,065,205 84,862,836 82,419,233
------------------ ------------------ ------------------
End of year............................................... $ 85,513,325 $ 84,065,205 $ 84,862,836
================== ================== ==================
MSF BLACKROCK DIVERSIFIED
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 4,600,384 $ 4,934,321 $ 3,404,858
Net realized gains (losses)............................... 1,094,116 (191,522) (1,951,136)
Change in unrealized gains (losses) on investments........ 23,691,349 3,658,514 20,635,275
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 29,385,849 8,401,313 22,088,997
------------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 26,242,636 27,879,758 29,469,771
Net transfers (including fixed account)................... (1,486,565) (878,239) (2,059,076)
Policy charges............................................ (23,779,226) (23,910,845) (24,452,759)
Transfers for policy benefits and terminations............ (18,935,103) (19,040,111) (19,336,433)
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (17,958,258) (15,949,437) (16,378,497)
------------------- ------------------ ------------------
Net increase (decrease) in net assets................... 11,427,591 (7,548,124) 5,710,500
NET ASSETS:
Beginning of year......................................... 255,554,192 263,102,316 257,391,816
------------------- ------------------ ------------------
End of year............................................... $ 266,981,783 $ 255,554,192 $ 263,102,316
=================== ================== ==================
MSF BLACKROCK LARGE CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 209,379 $ 129,733 $ 104,202
Net realized gains (losses)............................... 2,007,312 (80,782) (263,466)
Change in unrealized gains (losses) on investments........ (358,711) 254,349 1,265,453
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 1,857,980 303,300 1,106,189
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 1,824,774 1,997,147 2,157,901
Net transfers (including fixed account)................... (541,800) 22,211 (183,197)
Policy charges............................................ (986,361) (953,175) (948,186)
Transfers for policy benefits and terminations............ (1,176,695) (955,568) (957,459)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (880,082) 110,615 69,059
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 977,898 413,915 1,175,248
NET ASSETS:
Beginning of year......................................... 13,313,052 12,899,137 11,723,889
------------------ ------------------ ------------------
End of year............................................... $ 14,290,950 $ 13,313,052 $ 12,899,137
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
148
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, 2012, 2011 AND 2010
MSF BLACKROCK LEGACY LARGE CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 33,557 $ 6,652 $ 7,111
Net realized gains (losses)............................... 261,278 137,813 75,641
Change in unrealized gains (losses) on investments........ 1,344,869 (879,158) 1,107,022
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 1,639,704 (734,693) 1,189,774
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 2,048,562 1,133,989 1,127,304
Net transfers (including fixed account)................... 4,185,125 1,403,176 39,075
Policy charges............................................ (887,196) (567,701) (545,713)
Transfers for policy benefits and terminations............ (341,906) (1,189,484) (438,412)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 5,004,585 779,980 182,254
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 6,644,289 45,287 1,372,028
NET ASSETS:
Beginning of year......................................... 7,367,810 7,322,523 5,950,495
------------------ ------------------ ------------------
End of year............................................... $ 14,012,099 $ 7,367,810 $ 7,322,523
================== ================== ==================
MSF BLACKROCK MONEY MARKET
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (48,731) $ (47,046) $ (50,998)
Net realized gains (losses)............................... -- -- --
Change in unrealized gains (losses) on investments........ -- -- --
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... (48,731) (47,046) (50,998)
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 1,122,876 6,905,158 14,816,043
Net transfers (including fixed account)................... 4,792,952 (10,656,392) (13,160,154)
Policy charges............................................ (709,203) (1,223,525) (1,590,193)
Transfers for policy benefits and terminations............ (2,666,648) (4,013,323) (5,424,880)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 2,539,977 (8,988,082) (5,359,184)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 2,491,246 (9,035,128) (5,410,182)
NET ASSETS:
Beginning of year......................................... 20,783,208 29,818,336 35,228,518
------------------ ------------------ ------------------
End of year............................................... $ 23,274,454 $ 20,783,208 $ 29,818,336
================== ================== ==================
MSF DAVIS VENTURE VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 426,207 $ 594,738 $ 478,976
Net realized gains (losses)............................... 549,533 492,146 191,969
Change in unrealized gains (losses) on investments........ 5,763,493 (3,392,027) 5,562,556
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 6,739,233 (2,305,143) 6,233,501
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 6,480,032 7,273,891 8,027,444
Net transfers (including fixed account)................... (813,439) 33,336 (908,212)
Policy charges............................................ (3,889,505) (4,125,791) (4,273,615)
Transfers for policy benefits and terminations............ (3,947,761) (5,136,119) (3,941,742)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (2,170,673) (1,954,683) (1,096,125)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 4,568,560 (4,259,826) 5,137,376
NET ASSETS:
Beginning of year......................................... 53,650,792 57,910,618 52,773,242
------------------ ------------------ ------------------
End of year............................................... $ 58,219,352 $ 53,650,792 $ 57,910,618
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
150
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, 2012, 2011 AND 2010
MSF FI VALUE LEADERS
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 70,985 $ 63,160 $ 83,130
Net realized gains (losses)............................... (88,358) (99,840) (145,291)
Change in unrealized gains (losses) on investments........ 950,530 (347,209) 885,079
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 933,157 (383,889) 822,918
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 820,292 906,978 997,133
Net transfers (including fixed account)................... (147,091) 107,098 41,388
Policy charges............................................ (482,886) (480,838) (492,127)
Transfers for policy benefits and terminations............ (441,144) (572,452) (361,541)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (250,829) (39,214) 184,853
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 682,328 (423,103) 1,007,771
NET ASSETS:
Beginning of year......................................... 6,065,829 6,488,932 5,481,161
------------------ ------------------ ------------------
End of year............................................... $ 6,748,157 $ 6,065,829 $ 6,488,932
================== ================== ==================
MSF JENNISON GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 28,105 $ 35,563 $ 76,963
Net realized gains (losses)............................... 2,811,173 251,119 17,747
Change in unrealized gains (losses) on investments........ (683,735) (215,551) 1,535,759
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 2,155,543 71,131 1,630,469
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 1,531,550 1,444,160 1,601,194
Net transfers (including fixed account)................... 2,297,949 (43,841) 598,866
Policy charges............................................ (1,167,566) (1,041,433) (1,057,353)
Transfers for policy benefits and terminations............ (1,209,351) (1,671,932) (838,122)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 1,452,582 (1,313,046) 304,585
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 3,608,125 (1,241,915) 1,935,054
NET ASSETS:
Beginning of year......................................... 14,166,486 15,408,401 13,473,347
------------------ ------------------ ------------------
End of year............................................... $ 17,774,611 $ 14,166,486 $ 15,408,401
================== ================== ==================
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (18,930) $ 1,388 $ (1,686)
Net realized gains (losses)............................... 734,986 258,722 (55,224)
Change in unrealized gains (losses) on investments........ 1,736,369 (166,265) 4,065,140
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 2,452,425 93,845 4,008,230
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 1,746,601 1,937,235 2,076,395
Net transfers (including fixed account)................... (297,817) (342,656) (491,792)
Policy charges............................................ (1,178,997) (1,184,554) (1,136,246)
Transfers for policy benefits and terminations............ (1,329,599) (1,342,670) (999,217)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (1,059,812) (932,645) (550,860)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 1,392,613 (838,800) 3,457,370
NET ASSETS:
Beginning of year......................................... 17,443,984 18,282,784 14,825,414
------------------ ------------------ ------------------
End of year............................................... $ 18,836,597 $ 17,443,984 $ 18,282,784
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
152
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, 2012, 2011 AND 2010
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (7,211) $ (7,268) $ (5,276)
Net realized gains (losses)............................... 192,524 104,198 (47,680)
Change in unrealized gains (losses) on investments........ 678,535 121,090 1,843,398
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 863,848 218,020 1,790,442
------------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 809,473 919,698 919,140
Net transfers (including fixed account)................... (560,400) 627,796 81,273
Policy charges............................................ (544,759) (543,214) (467,534)
Transfers for policy benefits and terminations............ (652,904) (472,962) (486,248)
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (948,590) 531,318 46,631
------------------- ------------------ ------------------
Net increase (decrease) in net assets................... (84,742) 749,338 1,837,073
NET ASSETS:
Beginning of year......................................... 8,179,779 7,430,441 5,593,368
------------------- ------------------ ------------------
End of year............................................... $ 8,095,037 $ 8,179,779 $ 7,430,441
=================== ================== ==================
MSF MET/ARTISAN MID CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 436,661 $ 407,836 $ 269,841
Net realized gains (losses)............................... (286,700) (412,007) (887,093)
Change in unrealized gains (losses) on investments........ 5,263,295 3,096,938 6,661,231
------------------ ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations....................................... 5,413,256 3,092,767 6,043,979
------------------ ------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 5,235,295 5,738,107 6,389,633
Net transfers (including fixed account)................... (939,024) (545,207) (144,561)
Policy charges............................................ (3,448,574) (3,492,122) (3,452,818)
Transfers for policy benefits and terminations............ (3,304,159) (4,205,697) (3,307,007)
------------------ ------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (2,456,462) (2,504,919) (514,753)
------------------ ------------------- -------------------
Net increase (decrease) in net assets................... 2,956,794 587,848 5,529,226
NET ASSETS:
Beginning of year......................................... 47,188,989 46,601,141 41,071,915
------------------ ------------------- -------------------
End of year............................................... $ 50,145,783 $ 47,188,989 $ 46,601,141
================== =================== ===================
MSF METLIFE CONSERVATIVE ALLOCATION
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 138,695 $ 90,783 $ 97,058
Net realized gains (losses)............................... 174,266 77,218 46,459
Change in unrealized gains (losses) on investments........ 123,869 (37,275) 119,161
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... 436,830 130,726 262,678
------------------ ------------------ -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 568,235 485,812 467,696
Net transfers (including fixed account)................... 1,144,105 943,856 1,892,409
Policy charges............................................ (430,185) (382,404) (312,969)
Transfers for policy benefits and terminations............ (704,305) (843,231) (461,555)
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 577,850 204,033 1,585,581
------------------ ------------------ -------------------
Net increase (decrease) in net assets................... 1,014,680 334,759 1,848,259
NET ASSETS:
Beginning of year......................................... 4,371,255 4,036,496 2,188,237
------------------ ------------------ -------------------
End of year............................................... $ 5,385,935 $ 4,371,255 $ 4,036,496
================== ================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
154
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, 2012, 2011 AND 2010
MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 205,059 $ 143,058 $ 181,977
Net realized gains (losses)............................... 81,535 135,436 32,319
Change in unrealized gains (losses) on investments........ 541,162 (210,123) 421,073
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 827,756 68,371 635,369
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 1,481,933 968,450 1,013,491
Net transfers (including fixed account)................... 843,570 (142,377) 1,079,782
Policy charges............................................ (736,496) (655,066) (608,098)
Transfers for policy benefits and terminations............ (304,695) (600,517) (457,386)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 1,284,312 (429,510) 1,027,789
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 2,112,068 (361,139) 1,663,158
NET ASSETS:
Beginning of year......................................... 6,564,562 6,925,701 5,262,543
------------------ ------------------ ------------------
End of year............................................... $ 8,676,630 $ 6,564,562 $ 6,925,701
================== ================== ==================
MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 611,419 $ 541,527 $ 516,311
Net realized gains (losses)............................... 3,617,861 3,401,215 248,370
Change in unrealized gains (losses) on investments........ 6,545,785 (4,954,472) 12,893,844
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 10,775,065 (1,011,730) 13,658,525
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 6,251,227 6,663,417 7,250,885
Net transfers (including fixed account)................... (874,909) 550,217 173,240
Policy charges............................................ (4,370,955) (4,391,491) (4,343,511)
Transfers for policy benefits and terminations............ (4,820,226) (4,758,860) (4,634,928)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (3,814,863) (1,936,717) (1,554,314)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 6,960,202 (2,948,447) 12,104,211
NET ASSETS:
Beginning of year......................................... 62,847,615 65,796,062 53,691,851
------------------ ------------------ ------------------
End of year............................................... $ 69,807,817 $ 62,847,615 $ 65,796,062
================== ================== ==================
MSF METLIFE MODERATE ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 983,338 $ 602,357 $ 822,448
Net realized gains (losses)............................... 307,411 234,474 17,779
Change in unrealized gains (losses) on investments........ 3,912,908 (1,362,402) 3,378,733
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 5,203,657 (525,571) 4,218,960
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 5,386,770 5,784,576 5,949,225
Net transfers (including fixed account)................... 1,630,562 3,395,270 3,305,318
Policy charges............................................ (3,268,135) (3,141,873) (3,007,922)
Transfers for policy benefits and terminations............ (3,139,425) (3,138,424) (2,041,425)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 609,772 2,899,549 4,205,196
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 5,813,429 2,373,978 8,424,156
NET ASSETS:
Beginning of year......................................... 39,588,309 37,214,331 28,790,175
------------------ ------------------ ------------------
End of year............................................... $ 45,401,738 $ 39,588,309 $ 37,214,331
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
156
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, 2012, 2011 AND 2010
MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 1,452,530 $ 1,000,387 $ 1,217,258
Net realized gains (losses)............................... 342,924 112,005 (102,509)
Change in unrealized gains (losses) on investments........ 8,619,633 (3,772,324) 7,116,457
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 10,415,087 (2,659,932) 8,231,206
------------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 10,953,737 12,078,791 13,837,630
Net transfers (including fixed account)................... (395,131) 1,724,329 655,595
Policy charges............................................ (5,381,249) (5,360,003) (5,520,921)
Transfers for policy benefits and terminations............ (4,722,972) (4,677,007) (4,588,662)
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 454,385 3,766,110 4,383,642
------------------- ------------------ ------------------
Net increase (decrease) in net assets................... 10,869,472 1,106,178 12,614,848
NET ASSETS:
Beginning of year......................................... 66,170,247 65,064,069 52,449,221
------------------- ------------------ ------------------
End of year............................................... $ 77,039,719 $ 66,170,247 $ 65,064,069
=================== ================== ==================
MSF METLIFE STOCK INDEX
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 10,948,530 $ 9,520,127 $ 8,608,206
Net realized gains (losses)............................... 8,830,477 3,790,443 (5,405,568)
Change in unrealized gains (losses) on investments........ 82,239,455 (2,093,968) 82,259,608
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from operations....................................... 102,018,462 11,216,602 85,462,246
------------------ ------------------ -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 78,256,067 80,842,256 86,739,358
Net transfers (including fixed account)................... (12,171,521) (3,601,844) (12,182,904)
Policy charges............................................ (45,906,276) (44,463,278) (44,666,653)
Transfers for policy benefits and terminations............ (51,016,668) (47,119,534) (41,307,628)
------------------ ------------------ -------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (30,838,398) (14,342,400) (11,417,827)
------------------ ------------------ -------------------
Net increase (decrease) in net assets................... 71,180,064 (3,125,798) 74,044,419
NET ASSETS:
Beginning of year......................................... 668,626,167 671,751,965 597,707,546
------------------ ------------------ -------------------
End of year............................................... $ 739,806,231 $ 668,626,167 $ 671,751,965
================== ================== ===================
MSF MFS TOTAL RETURN
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 214,049 $ 202,563 $ 210,920
Net realized gains (losses)............................... 32,260 (29,847) (99,947)
Change in unrealized gains (losses) on investments........ 595,278 (11,189) 568,242
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 841,587 161,527 679,215
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 920,793 1,027,479 952,924
Net transfers (including fixed account)................... 252,642 (126,958) (93,026)
Policy charges............................................ (606,480) (606,881) (587,009)
Transfers for policy benefits and terminations............ (627,444) (801,101) (377,989)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (60,489) (507,461) (105,100)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 781,098 (345,934) 574,115
NET ASSETS:
Beginning of year......................................... 7,362,338 7,708,272 7,134,157
------------------ ------------------ ------------------
End of year............................................... $ 8,143,436 $ 7,362,338 $ 7,708,272
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
158
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, 2012, 2011 AND 2010
MSF MFS VALUE
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 1,031,624 $ 789,787 $ 666,823
Net realized gains (losses)............................... 969,095 (44,982) (425,864)
Change in unrealized gains (losses) on investments........ 6,505,435 (346,891) 5,358,513
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 8,506,154 397,914 5,599,472
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 5,745,674 6,217,602 6,966,530
Net transfers (including fixed account)................... (975,483) 423,365 37,691
Policy charges............................................ (3,989,183) (3,874,897) (3,954,096)
Transfers for policy benefits and terminations............ (3,759,106) (4,853,465) (3,962,238)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (2,978,098) (2,087,395) (912,113)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 5,528,056 (1,689,481) 4,687,359
NET ASSETS:
Beginning of year......................................... 52,363,369 54,052,850 49,365,491
------------------ ------------------ ------------------
End of year............................................... $ 57,891,425 $ 52,363,369 $ 54,052,850
================== ================== ==================
MSF MSCI EAFE INDEX
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 1,958,070 $ 1,512,474 $ 1,531,593
Net realized gains (losses)............................... (63,228) 137,025 (236,046)
Change in unrealized gains (losses) on investments........ 9,143,347 (9,604,700) 3,674,685
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 11,038,189 (7,955,201) 4,970,232
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 6,997,903 7,277,374 7,898,110
Net transfers (including fixed account)................... (1,236,350) 3,903,398 2,327,295
Policy charges............................................ (4,297,245) (4,316,752) (4,373,289)
Transfers for policy benefits and terminations............ (4,040,162) (4,517,098) (4,368,376)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (2,575,854) 2,346,922 1,483,740
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 8,462,335 (5,608,279) 6,453,972
NET ASSETS:
Beginning of year......................................... 59,759,550 65,367,829 58,913,857
------------------ ------------------ ------------------
End of year............................................... $ 68,221,885 $ 59,759,550 $ 65,367,829
================== ================== ==================
MSF NEUBERGER BERMAN GENESIS
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 222,015 $ 520,241 $ 284,228
Net realized gains (losses)............................... (730,868) (976,828) (2,085,738)
Change in unrealized gains (losses) on investments........ 8,168,095 4,961,322 15,927,942
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 7,659,242 4,504,735 14,126,432
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 8,263,575 8,942,665 9,951,447
Net transfers (including fixed account)................... (1,257,789) (1,072,904) (1,640,139)
Policy charges............................................ (5,820,066) (5,900,591) (5,699,690)
Transfers for policy benefits and terminations............ (5,714,422) (5,912,935) (5,453,013)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (4,528,702) (3,943,765) (2,841,395)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 3,130,540 560,970 11,285,037
NET ASSETS:
Beginning of year......................................... 79,279,066 78,718,096 67,433,059
------------------ ------------------ ------------------
End of year............................................... $ 82,409,606 $ 79,279,066 $ 78,718,096
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
160
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, 2012, 2011 AND 2010
MSF OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 530,726 $ 719,512 $ 489,193
Net realized gains (losses)............................... 700,180 892,248 362,727
Change in unrealized gains (losses) on investments........ 6,406,670 (5,213,727) 5,192,068
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 7,637,576 (3,601,967) 6,043,988
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 3,535,071 3,587,418 3,921,178
Net transfers (including fixed account)................... (1,749,487) (166,778) 130,181
Policy charges............................................ (2,384,677) (2,520,905) (2,623,144)
Transfers for policy benefits and terminations............ (2,687,363) (3,507,119) (2,648,050)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (3,286,456) (2,607,384) (1,219,835)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 4,351,120 (6,209,351) 4,824,153
NET ASSETS:
Beginning of year......................................... 37,497,219 43,706,570 38,882,417
------------------ ------------------ ------------------
End of year............................................... $ 41,848,339 $ 37,497,219 $ 43,706,570
================== ================== ==================
MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 584,115 $ 521,188 $ 510,772
Net realized gains (losses)............................... 721,576 734,988 (66,857)
Change in unrealized gains (losses) on investments........ 6,793,518 (3,300,203) 11,828,973
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 8,099,209 (2,044,027) 12,272,888
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 5,255,166 5,547,834 6,030,913
Net transfers (including fixed account)................... (1,271,073) 238,532 (1,459,730)
Policy charges............................................ (3,472,278) (3,520,009) (3,529,721)
Transfers for policy benefits and terminations............ (3,852,208) (5,646,773) (3,961,411)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (3,340,393) (3,380,416) (2,919,949)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 4,758,816 (5,424,443) 9,352,939
NET ASSETS:
Beginning of year......................................... 51,171,784 56,596,227 47,243,288
------------------ ------------------ ------------------
End of year............................................... $ 55,930,600 $ 51,171,784 $ 56,596,227
================== ================== ==================
MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 35,218 $ 17,757 $ 94,345
Net realized gains (losses)............................... 996,117 908,859 253,453
Change in unrealized gains (losses) on investments........ 6,924,755 (1,383,140) 6,370,252
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 7,956,090 (456,524) 6,718,050
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 3,933,872 4,270,409 4,102,715
Net transfers (including fixed account)................... 1,360,962 162,723 (1,629,305)
Policy charges............................................ (3,253,193) (3,125,126) (3,094,462)
Transfers for policy benefits and terminations............ (2,912,602) (4,309,233) (2,842,508)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (870,961) (3,001,227) (3,463,560)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 7,085,129 (3,457,751) 3,254,490
NET ASSETS:
Beginning of year......................................... 42,317,336 45,775,087 42,520,597
------------------ ------------------ ------------------
End of year............................................... $ 49,402,465 $ 42,317,336 $ 45,775,087
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
162
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, 2012, 2011 AND 2010
MSF T. ROWE PRICE SMALL CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ (304,065) $ (301,663) $ (258,469)
Net realized gains (losses)............................... 11,464,320 2,332,511 562,971
Change in unrealized gains (losses) on investments........ 2,263,900 (846,789) 22,601,563
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 13,424,155 1,184,059 22,906,065
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 7,087,296 6,244,277 6,679,778
Net transfers (including fixed account)................... (2,999,440) 3,733,237 (365,817)
Policy charges............................................ (5,536,576) (5,439,543) (4,980,465)
Transfers for policy benefits and terminations............ (5,390,198) (6,901,125) (5,044,716)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (6,838,918) (2,363,154) (3,711,220)
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 6,585,237 (1,179,095) 19,194,845
NET ASSETS:
Beginning of year......................................... 86,825,771 88,004,866 68,810,021
------------------ ------------------ ------------------
End of year............................................... $ 93,411,008 $ 86,825,771 $ 88,004,866
================== ================== ==================
MSF VAN ECK GLOBAL NATURAL RESOURCES
INVESTMENT DIVISION
-----------------------------------------
2012 2011 (d)
------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ -- $ --
Net realized gains (losses)............................... 1,884 (45)
Change in unrealized gains (losses) on investments........ (2,269) (2,198)
------------------- -------------------
Net increase (decrease) in net assets resulting
from operations....................................... (385) (2,243)
------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 16,626 3,321
Net transfers (including fixed account)................... 29,151 12,824
Policy charges............................................ (5,086) (710)
Transfers for policy benefits and terminations............ (62) (13)
------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 40,629 15,422
------------------- -------------------
Net increase (decrease) in net assets................... 40,244 13,179
NET ASSETS:
Beginning of year......................................... 13,179 --
------------------- -------------------
End of year............................................... $ 53,423 $ 13,179
=================== ===================
MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION
---------------------------------------------------------------
2012 2011 2010
------------------- ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 859,018 $ 1,177,683 $ 1,305,428
Net realized gains (losses)............................... 204,230 144,847 71,403
Change in unrealized gains (losses) on investments........ 1,584,984 64,600 1,196,007
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 2,648,232 1,387,130 2,572,838
------------------- ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 2,376,193 2,593,403 2,832,832
Net transfers (including fixed account)................... 559,734 (646,114) 1,156,919
Policy charges............................................ (1,697,175) (1,707,630) (1,738,340)
Transfers for policy benefits and terminations............ (1,967,837) (1,876,403) (1,617,829)
------------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. (729,085) (1,636,744) 633,582
------------------- ------------------ ------------------
Net increase (decrease) in net assets................... 1,919,147 (249,614) 3,206,420
NET ASSETS:
Beginning of year......................................... 23,536,888 23,786,502 20,580,082
------------------- ------------------ ------------------
End of year............................................... $ 25,456,035 $ 23,536,888 $ 23,786,502
=================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
164
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 -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 330,891 $ 229,900 $ 429,880
Net realized gains (losses)............................. 19,763 564,972 49,043
Change in unrealized gains (losses) on investments...... 185,906 82,587 435,726
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 536,560 877,459 914,649
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 1,850,612 2,130,621 2,331,803
Net transfers (including fixed account)................. 271,627 (428,475) (168,918)
Policy charges.......................................... (1,308,474) (1,367,530) (1,428,018)
Transfers for policy benefits and terminations.......... (1,163,575) (1,409,928) (1,375,135)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ (349,810) (1,075,312) (640,268)
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 186,750 (197,853) 274,381
NET ASSETS:
Beginning of year....................................... 16,435,798 16,633,651 16,359,270
------------------ ----------------- ------------------
End of year............................................. $ 16,622,548 $ 16,435,798 $ 16,633,651
================== ================= ==================
PIMCO VIT
LONG-TERM U.S.
PIMCO VIT ALL ASSET GOVERNMENT
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------- -------------------
2012 2011 (d) 2012 (g)
------------------ ----------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 6,301 $ 2,796 $ 232
Net realized gains (losses)............................. 190 -- 2,932
Change in unrealized gains (losses) on investments...... 8,832 (1,176) (2,899)
------------------ ----------------- -------------------
Net increase (decrease) in net assets resulting
from operations..................................... 15,323 1,620 265
------------------ ----------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ -- 8,337 --
Net transfers (including fixed account)................. 24,949 86,523 29,939
Policy charges.......................................... (4,485) (342) (96)
Transfers for policy benefits and terminations.......... (6) -- --
------------------ ----------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 20,458 94,518 29,843
------------------ ----------------- -------------------
Net increase (decrease) in net assets................. 35,781 96,138 30,108
NET ASSETS:
Beginning of year....................................... 96,138 -- --
------------------ ----------------- -------------------
End of year............................................. $ 131,919 $ 96,138 $ 30,108
================== ================= ===================
PIMCO VIT LOW DURATION
INVESTMENT DIVISION
------------------------------------------------------------
2012 2011 2010
----------------- ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 18,366 $ 13,732 $ 12,187
Net realized gains (losses)............................. 1,749 618 2,729
Change in unrealized gains (losses) on investments...... 34,493 (6,243) 23,685
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations..................................... 54,608 8,107 38,601
----------------- ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 33,008 43,028 --
Net transfers (including fixed account)................. (5,071) 153,678 32
Policy charges.......................................... (42,837) (21,336) (10,848)
Transfers for policy benefits and terminations.......... (202) -- --
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................ (15,102) 175,370 (10,816)
----------------- ------------------ -----------------
Net increase (decrease) in net assets................. 39,506 183,477 27,785
NET ASSETS:
Beginning of year....................................... 946,008 762,531 734,746
----------------- ------------------ -----------------
End of year............................................. $ 985,514 $ 946,008 $ 762,531
================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
166
The accompanying notes are an integral part of these financial statements.
167
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
PIONEER VCT EMERGING MARKETS
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 1,600 $ -- $ 3,039
Net realized gains (losses)............................. 22,375 121,447 75,682
Change in unrealized gains (losses) on investments...... 20,209 (327,299) 68,690
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 44,184 (205,852) 147,411
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 83,715 104,589 102,565
Net transfers (including fixed account)................. 166,019 193,458 72,459
Policy charges.......................................... (22,137) (25,931) (27,778)
Transfers for policy benefits and terminations.......... -- (649,132) (82,614)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 227,597 (377,016) 64,632
------------------ ------------------ ------------------
Net increase (decrease) in net assets................. 271,781 (582,868) 212,043
NET ASSETS:
Beginning of year....................................... 401,298 984,166 772,123
------------------ ------------------ ------------------
End of year............................................. $ 673,079 $ 401,298 $ 984,166
================== ================== ==================
PIONEER VCT MID CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ 1,561 $ 1,190 $ 801
Net realized gains (losses)............................. 595 580 313
Change in unrealized gains (losses) on investments...... 12,468 (11,556) 14,039
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations..................................... 14,624 (9,786) 15,153
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 8,995 -- 7,217
Net transfers (including fixed account)................. 1,893 51,112 59,471
Policy charges.......................................... (6,747) (6,021) (3,748)
Transfers for policy benefits and terminations.......... -- (3) (18)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 4,141 45,088 62,922
------------------ ----------------- ------------------
Net increase (decrease) in net assets................. 18,765 35,302 78,075
NET ASSETS:
Beginning of year....................................... 134,780 99,478 21,403
------------------ ----------------- ------------------
End of year............................................. $ 153,545 $ 134,780 $ 99,478
================== ================= ==================
ROYCE MICRO-CAP
INVESTMENT DIVISION
------------------------------------------------------------
2012 2011 2010 (a)
----------------- ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................ $ -- $ 8,331 $ 5,659
Net realized gains (losses)............................. 9,077 1,545 197
Change in unrealized gains (losses) on investments...... 15,667 (52,132) 61,964
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations..................................... 24,744 (42,256) 67,820
----------------- ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............ 49,620 4,792 53,592
Net transfers (including fixed account)................. -- 7,703 236,555
Policy charges.......................................... (7,913) (8,474) (4,842)
Transfers for policy benefits and terminations.......... (4,908) (11) (4,416)
----------------- ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................ 36,799 4,010 280,889
----------------- ------------------ -----------------
Net increase (decrease) in net assets................. 61,543 (38,246) 348,709
NET ASSETS:
Beginning of year....................................... 310,463 348,709 --
----------------- ------------------ -----------------
End of year............................................. $ 372,006 $ 310,463 $ 348,709
================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
168
The accompanying notes are an integral part of these financial statements.
169
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
ROYCE SMALL-CAP
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ------------------ -----------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 586 $ 3,804 $ 425
Net realized gains (losses).............................. 35,664 18,080 2,111
Change in unrealized gains (losses) on investments....... 34,489 (64,398) 63,066
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from operations...................................... 70,739 (42,514) 65,602
------------------ ------------------ -----------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 8,995 4,584 22,886
Net transfers (including fixed account).................. (281,935) 740,973 257,401
Policy charges........................................... (10,669) (19,814) (8,157)
Transfers for policy benefits and terminations........... -- (321,629) (3,061)
------------------ ------------------ -----------------
Net increase (decrease) in net assets resulting
from policy transactions............................. (283,609) 404,114 269,069
------------------ ------------------ -----------------
Net increase (decrease) in net assets.................. (212,870) 361,600 334,671
NET ASSETS:
Beginning of year........................................ 754,742 393,142 58,471
------------------ ------------------ -----------------
End of year.............................................. $ 541,872 $ 754,742 $ 393,142
================== ================== =================
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 16,821 $ 7,775 $ 318
Net realized gains (losses).............................. 2,466 2,814 87
Change in unrealized gains (losses) on investments....... 89,788 79 318
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 109,075 10,668 723
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 64,771 2,057 2,057
Net transfers (including fixed account).................. 599,117 408,567 --
Policy charges........................................... (10,880) (4,269) (1,095)
Transfers for policy benefits and terminations........... (483) (3,368) (89)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 652,525 402,987 873
------------------ ----------------- ------------------
Net increase (decrease) in net assets.................. 761,600 413,655 1,596
NET ASSETS:
Beginning of year........................................ 420,998 7,343 5,747
------------------ ----------------- ------------------
End of year.............................................. $ 1,182,598 $ 420,998 $ 7,343
================== ================= ==================
UIF EMERGING MARKETS EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------
2012 2011 2010
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ -- $ 1,515 $ 758
Net realized gains (losses).............................. (26) 4,478 899
Change in unrealized gains (losses) on investments....... 139,206 (99,779) 38,992
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations...................................... 139,180 (93,786) 40,649
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 70,772 2,923 2,451
Net transfers (including fixed account).................. 302,018 444,567 157,781
Policy charges........................................... (17,053) (11,985) (7,467)
Transfers for policy benefits and terminations........... (361) -- (1,388)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions............................. 355,376 435,505 151,377
------------------ ----------------- ------------------
Net increase (decrease) in net assets.................. 494,556 341,719 192,026
NET ASSETS:
Beginning of year........................................ 539,388 197,669 5,643
------------------ ----------------- ------------------
End of year.............................................. $ 1,033,944 $ 539,388 $ 197,669
================== ================= ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
170
The accompanying notes are an integral part of these financial statements.
171
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
WELLS FARGO VT TOTAL RETURN BOND
INVESTMENT DIVISION
--------------------------------------------------------------
2012 2011 2010
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss).............................. $ 4,369 $ 18,903 $ 29,774
Net realized gains (losses)............................... 7,755 45,796 34,459
Change in unrealized gains (losses) on investments........ 5,968 (7,169) (12,496)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations....................................... 18,092 57,530 51,737
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners.............. 45,280 66,775 158,432
Net transfers (including fixed account)................... 301,563 (413,486) 386,034
Policy charges............................................ (11,089) (19,736) (22,616)
Transfers for policy benefits and terminations............ -- (637,284) (26,909)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions.............................. 335,754 (1,003,731) 494,941
------------------ ------------------ ------------------
Net increase (decrease) in net assets................... 353,846 (946,201) 546,678
NET ASSETS:
Beginning of year......................................... 135,214 1,081,415 534,737
------------------ ------------------ ------------------
End of year............................................... $ 489,060 $ 135,214 $ 1,081,415
================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
The accompanying notes are an integral part of these financial statements.
172
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 fund,
portfolio, or series (with the same name) of registered investment management
companies (the "Trusts"), which are presented below:
AllianceBernstein Variable Products Series Fund, Inc. Janus Aspen Series ("Janus Aspen")
("AllianceBernstein") Legg Mason Partners Variable Equity Trust
American Century Variable Portfolios, Inc. ("American ("LMPVET")
Century VP") Met Investors Series Trust ("MIST")*
American Funds Insurance Series ("American Funds") Metropolitan Series Fund ("MSF")*
Dreyfus Variable Investment Fund ("Dreyfus VIF") MFS Variable Insurance Trust ("MFS VIT")
Fidelity Variable Insurance Products ("Fidelity VIP") Oppenheimer Variable Account Funds ("Oppenheimer VA")
Franklin Templeton Variable Insurance Products Trust PIMCO Variable Insurance Trust ("PIMCO VIT")
("FTVIPT") Pioneer Variable Contracts Trust ("Pioneer VCT")
Goldman Sachs Variable Insurance Trust ("Goldman Putnam Variable Trust ("Putnam VT")
Sachs") Royce Capital Fund ("Royce")
AIM Variable Insurance Funds (Invesco Variable The Universal Institutional Funds, Inc. ("UIF")
Insurance Funds) ("Invesco V.I.") Wells Fargo Variable Trust ("Wells Fargo VT")
*See Note 6 for a discussion of additional information on related party
transactions.
The assets of each of the Investment Divisions of the Separate Account are
registered in the name of the Company. Under applicable insurance law, the
assets and liabilities of the Separate Account are clearly identified and
distinguished from the Company's other assets and liabilities. The portion of
the Separate Account's assets applicable to the Policies is not chargeable with
liabilities arising out of any other business the Company may conduct.
2. LIST OF INVESTMENT DIVISIONS
A. Premium payments, less any applicable charges, applied to the Separate
Account are invested in one or more Investment Divisions in accordance with the
selection made by the policy owner. The following Investment Divisions had net
assets as of December 31, 2012:
AllianceBernstein Global Thematic Growth Investment American Funds High-Income Bond Investment
Division Division
AllianceBernstein Intermediate Bond Investment American Funds International Investment Division
Division American Funds U.S. Government/AAA-Rated
AllianceBernstein International Value Investment Securities Investment Division
Division Dreyfus VIF International Value Investment Division
American Century VP Vista Investment Division Fidelity VIP Asset Manager: Growth Investment
American Funds Bond Investment Division Division
American Funds Global Small Capitalization Fidelity VIP Contrafund Investment Division
Investment Division Fidelity VIP Equity-Income Investment Division
American Funds Growth Investment Division Fidelity VIP Freedom 2010 Investment Division
American Funds Growth-Income Investment Division Fidelity VIP Freedom 2020 Investment Division
173
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
2. LIST OF INVESTMENT DIVISIONS -- (CONTINUED)
Fidelity VIP Freedom 2030 Investment Division MIST Legg Mason ClearBridge Aggressive Growth
Fidelity VIP Freedom 2050 Investment Division Investment Division
Fidelity VIP High Income Investment Division MIST Lord Abbett Bond Debenture Investment
Fidelity VIP Investment Grade Bond Investment Division Division
Fidelity VIP Mid Cap Investment Division MIST Lord Abbett Mid Cap Value Investment Division
FTVIPT Mutual Global Discovery Securities MIST Met/Franklin Income Investment Division
Investment Division MIST Met/Franklin Mutual Shares Investment Division
FTVIPT Templeton Foreign Securities Investment MIST Met/Franklin Templeton Founding Strategy
Division Investment Division
FTVIPT Templeton Global Bond Securities Investment MIST Met/Templeton Growth Investment Division
Division MIST Met/Templeton International Bond Investment
Goldman Sachs Mid-Cap Value Investment Division Division (b)
Goldman Sachs Structured Small Cap Equity MIST MetLife Aggressive Strategy Investment
Investment Division Division (a)
Invesco V.I. Global Real Estate Investment Division MIST MetLife Balanced Plus Investment Division (b)
Invesco V.I. Government Securities Investment MIST MFS Emerging Markets Equity Investment
Division Division
Invesco V.I. International Growth Investment Division MIST MFS Research International Investment
Invesco V.I. Van Kampen Comstock Investment Division Division (a)
Janus Aspen Balanced Investment Division MIST MLA Mid Cap Investment Division (a)
Janus Aspen Forty Investment Division MIST Morgan Stanley Mid Cap Growth Investment
Janus Aspen Janus Investment Division Division
Janus Aspen Overseas Investment Division MIST PIMCO Inflation Protected Bond Investment
MFS VIT Global Equity Investment Division Division
MFS VIT High Income Investment Division MIST PIMCO Total Return Investment Division
MFS VIT New Discovery Investment Division MIST Pioneer Fund Investment Division
MFS VIT Value Investment Division MIST RCM Technology Investment Division
MIST AllianceBernstein Global Dynamic Allocation MIST Schroders Global Multi-Asset Investment
Investment Division (b) Division (b)
MIST American Funds Balanced Allocation MIST SSgA Growth and Income ETF Investment
Investment Division Division
MIST American Funds Growth Allocation Investment MIST SSgA Growth ETF Investment Division
Division MIST T. Rowe Price Large Cap Value Investment
MIST American Funds Moderate Allocation Division
Investment Division MIST T. Rowe Price Mid Cap Growth Investment
MIST AQR Global Risk Balanced Investment Division (a)
Division (b) MIST Third Avenue Small Cap Value Investment
MIST BlackRock Global Tactical Strategies Investment Division
Division (b) MSF Baillie Gifford International Stock Investment
MIST BlackRock Large Cap Core Investment Division Division
MIST Clarion Global Real Estate Investment Division (a) MSF Barclays Capital Aggregate Bond Index
MIST Dreman Small Cap Value Investment Division Investment Division
MIST Harris Oakmark International Investment Division MSF BlackRock Aggressive Growth Investment
MIST Invesco Balanced-Risk Allocation Investment Division
Division (b) MSF BlackRock Bond Income Investment Division
MIST Invesco Small Cap Growth Investment Division (a) MSF BlackRock Diversified Investment Division
MIST Janus Forty Investment Division MSF BlackRock Large Cap Value Investment Division
MIST JPMorgan Global Active Allocation Investment MSF BlackRock Diversified Investment Division
Division (b) MSF BlackRock Large Cap Value Investment Division
174
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
2. LIST OF INVESTMENT DIVISIONS -- (CONCLUDED)
MSF BlackRock Legacy Large Cap Growth Investment MSF Neuberger Berman Genesis Investment Division
Division MSF Oppenheimer Global Equity Investment Division
MSF BlackRock Money Market Investment Division MSF Russell 2000 Index Investment Division
MSF Davis Venture Value Investment Division MSF T. Rowe Price Large Cap Growth Investment
MSF FI Value Leaders Investment Division Division
MSF Jennison Growth Investment Division MSF T. Rowe Price Small Cap Growth Investment
MSF Loomis Sayles Small Cap Core Investment Division
Division MSF Van Eck Global Natural Resources Investment
MSF Loomis Sayles Small Cap Growth Investment Division
Division MSF Western Asset Management Strategic Bond
MSF Met/Artisan Mid Cap Value Investment Opportunities Investment Division
Division (a) MSF Western Asset Management U.S. Government
MSF MetLife Conservative Allocation Investment Investment Division
Division (a) PIMCO VIT All Asset Investment Division
MSF MetLife Conservative to Moderate Allocation PIMCO VIT Long-Term U.S. Government Investment
Investment Division (a) Division
MSF MetLife Mid Cap Stock Index Investment PIMCO VIT Low Duration Investment Division
Division Pioneer VCT Emerging Markets Investment Division
MSF MetLife Moderate Allocation Investment Pioneer VCT Mid Cap Value Investment Division
Division (a) Royce Micro-Cap Investment Division
MSF MetLife Moderate to Aggressive Allocation Royce Small-Cap Investment Division
Investment Division (a) UIF Emerging Markets Debt Investment Division
MSF MetLife Stock Index Investment Division UIF Emerging Markets Equity Investment Division
MSF MFS Total Return Investment Division (a) Wells Fargo VT Total Return Bond Investment
MSF MFS Value Investment Division Division
MSF MSCI EAFE Index Investment Division
(a) This Investment Division invests in two or more share classes within the
underlying fund, portfolio, or series of the Trusts.
(b) This Investment Division began operations during the year ended December
31, 2012.
B. The following Investment Divisions had no net assets as of December 31,
2012:
Fidelity VIP Freedom 2015 Investment Division Oppenheimer VA Main Street Small- & Mid-Cap
Fidelity VIP Freedom 2025 Investment Division Investment Division
Fidelity VIP Freedom 2040 Investment Division Putnam VT International Value Investment Division
Janus Aspen Enterprise Investment Division
LMPVET Investment Counsel Variable Social
Awareness Investment Division
3. PORTFOLIO CHANGES
The following Investment Divisions ceased operations during the year ended
December 31, 2012:
MIST Oppenheimer Capital Appreciation Investment Division
MSF Lord Abbett Mid Cap Value Sub-Account
175
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
3. PORTFOLIO CHANGES -- (CONCLUDED)
The operations of the Investment Divisions were affected by the following
changes that occurred during the year ended December 31, 2012:
NAME CHANGES:
Former Name New Name
(MIST) Lazard Mid Cap Portfolio (MIST) MLA Mid Cap Portfolio
(MIST) Rainer Large Cap Equity Portfolio (MIST) Jennison Large Cap Equity Portfolio
(MSF) Artio International Stock Portfolio (MSF) Baillie Gifford International Stock Portfolio
(MSF) Morgan Stanley EAFE Index Portfolio (MSF) MSCI EAFE Index Portfolio
(MSF) Neuberger Berman Mid Cap Value Portfolio (MSF) Lord Abbett Mid Cap Value Portfolio
MERGERS:
Former Portfolio New Portfolio
(MIST) Oppenheimer Capital Appreciation Portfolio (MSF) Jennison Growth Portfolio
(MSF) Lord Abbett Mid Cap Value Portfolio (MIST) Lord Abbett Mid 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
An Investment Division's investment in shares of a fund, portfolio, or series
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.
176
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
4. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED)
SECURITY VALUATION -- (CONCLUDED)
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 for certain policies and a state premium tax
charge from premiums before amounts are allocated to the Separate Account. In
the case of certain Policies, the Company also deducts a federal income tax
charge before amounts are allocated to the Separate Account. This federal
income tax charge is imposed in connection with certain Policies to recover a
portion of the federal income tax adjustment attributable to policy acquisition
expenses. Net premiums are reported as premium 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 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, 2012, the Separate Account adopted new guidance regarding
fair value measurements that establishes common requirements for measuring fair
value and for disclosing information about fair value measurements in
accordance with GAAP and International Financial Reporting Standards. Some of
the amendments clarify the Financial Accounting Standards Board'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 adoption did not have
an impact on the Separate Account's financial statements.
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.
177
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
5. CHANGE IN ACCOUNTING METHOD
PRESENTATION OF MORTALITY AND EXPENSE RISK CHARGES
Previously, mortality and expense risk charges ("M&E") for all Polices were
reported as "Mortality and expense risk charges" in the Statements of
Operations. Although M&E charges are generally assessed through the reduction
in unit values, certain Policies assess their M&E charges through the
redemption of units. The Investment Divisions changed their accounting method
to report M&E charges assessed through the redemption of units as "Policy
charges" in the Statements of Changes in Net Assets. This method is preferable
as it results in these M&E charges being reported based on how they are
assessed, which is consistent with the classification of other Policy fees and
industry practice. This change had no effect on the net assets of the
Investment Divisions or unit values of the Policies.
This change has been applied retrospectively to all periods presented. The
impact by affected Investment Division was to decrease "Mortality and expense
risk charges" in the Statements of Operations and to increase "Policy charges"
in the Statements of Changes in Net Assets by the following amounts.
FOR THE YEARS ENDED
DECEMBER 31,
--------------------------------
FUND NAME 2011 ($) 2010 ($)
------------- --------------
AllianceBernstein Global Thematic Growth Investment Division................................ 162,987 310
AllianceBernstein Intermediate Bond Investment Division..................................... 183 139
AllianceBernstein International Value Investment Division................................... (111) 2
American Century VP Vista Investment Division............................................... 305 519
American Funds Bond Investment Division..................................................... 26,971 24,755
American Funds Global Small Capitalization Investment Division.............................. 402,822 401,930
American Funds Growth Investment Division................................................... 887,833 821,615
American Funds Growth-Income Investment Division............................................ 517,187 489,440
American Funds International Investment Division............................................ 9,756 9,546
American Funds U.S. Government/AAA-Rated Securities Investment Division..................... 601 596
Dreyfus VIF International Value Investment Division......................................... 798 876
Fidelity VIP Asset Manager: Growth Investment Division...................................... 11,005 11,265
Fidelity VIP Contrafund Investment Division................................................. 10,858 17,497
Fidelity VIP Equity-Income Investment Division.............................................. 749 838
Fidelity VIP Freedom 2020 Investment Division............................................... 2,367 2,201
Fidelity VIP Freedom 2030 Investment Division............................................... 86 231
Fidelity VIP High Income Investment Division................................................ 27 30
Fidelity VIP Investment Grade Bond Investment Division...................................... 6,449 4,314
Fidelity VIP Mid Cap Investment Division.................................................... 5,725 5,209
FTVIPT Mutual Global Discovery Securities Investment Division............................... 3,892 2,866
FTVIPT Templeton Foreign Securities Investment Division..................................... 111,353 239,041
FTVIPT Templeton Global Bond Securities Investment Division................................. 1,067 89
Goldman Sachs Mid-Cap Value Investment Division............................................. 1,289 1,356
Goldman Sachs Structured Small Cap Equity Investment Division............................... 173 154
Invesco V.I. Global Real Estate Investment Division......................................... 49,508 39,431
Invesco V.I. Government Securities Investment Division...................................... 120 --
Invesco V.I. International Growth Investment Division....................................... 1,400 783
Invesco V.I. Van Kampen Comstock Investment Division........................................ 423 --
Janus Aspen Balanced Investment Division.................................................... 25,576 23,474
Janus Aspen Forty Investment Division....................................................... 15,960 16,448
Janus Aspen Janus Investment Division....................................................... 36,978 226,951
Janus Aspen Overseas Investment Division.................................................... 29,472 817
MFS VIT Global Equity Investment Division................................................... 361 598
MFS VIT High Income Investment Division..................................................... 491 457
MFS VIT New Discovery Investment Division................................................... 555 340
MFS VIT Value Investment Division........................................................... 285 293
MIST BlackRock Large Cap Core Investment Division........................................... 681,593 702,685
MIST Clarion Global Real Estate Investment Division......................................... 153,514 141,671
MIST Dreman Small Cap Value Investment Division............................................. 255 220
MIST Harris Oakmark International Investment Division....................................... 196,322 188,515
MIST Invesco Small Cap Growth Investment Division........................................... 31,155 26,096
MIST Janus Forty Investment Division........................................................ 81,711 82,335
178
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
5. CHANGE IN ACCOUNTING METHOD -- (CONTINUED)
PRESENTATION OF MORTALITY AND EXPENSE RISK CHARGES -- (CONTINUED)
FOR THE YEARS ENDED
DECEMBER 31,
---------------------------------
FUND NAME 2011 ($) 2010 ($)
-------------- ---------------
MIST Legg Mason ClearBridge Aggressive Growth Investment Division........................... 82,685 54,030
MIST Lord Abbett Bond Debenture Investment Division......................................... 152,892 258,188
MIST Lord Abbett Mid Cap Value Investment Division.......................................... 437 369
MIST MetLife Aggressive Strategy Investment Division........................................ 68,960 --
MIST MFS Emerging Markets Equity Investment Division........................................ 788 --
MIST MFS Research International Investment Division......................................... 91,183 88,383
MIST MLA Mid Cap Investment Division........................................................ 36,387 32,814
MIST Morgan Stanley Mid Cap Growth Investment Division...................................... 850,520 582,516
MIST PIMCO Inflation Protected Bond Investment Division..................................... 51,801 48,656
MIST PIMCO Total Return Investment Division................................................. 306,218 301,175
MIST Pioneer Fund Investment Division....................................................... 770 982
MIST RCM Technology Investment Division..................................................... 103,151 91,702
MIST SSgA Growth and Income ETF Investment Division......................................... 25,918 17,885
MIST SSgA Growth ETF Investment Division.................................................... 21,198 13,776
MIST T. Rowe Price Large Cap Value Investment Division...................................... 24,068 134,790
MIST T. Rowe Price Mid Cap Growth Investment Division....................................... 283,741 124,744
MIST Third Avenue Small Cap Value Investment Division....................................... 10,152 11,741
MSF Baillie Gifford International Stock Investment Division................................. 135,375 142,564
MSF Barclays Capital Aggregate Bond Index Investment Division............................... 867,344 860,534
MSF BlackRock Aggressive Growth Investment Division......................................... 529,383 379,415
MSF BlackRock Bond Income Investment Division............................................... 334,130 347,328
MSF BlackRock Diversified Investment Division............................................... 846,392 751,518
MSF BlackRock Large Cap Value Investment Division........................................... 86,087 77,167
MSF BlackRock Legacy Large Cap Growth Investment Division................................... 53,272 45,881
MSF BlackRock Money Market Investment Division.............................................. 114,103 249,908
MSF Davis Venture Value Investment Division................................................. 383,886 389,641
MSF FI Value Leaders Investment Division.................................................... 44,051 40,816
MSF Jennison Growth Investment Division..................................................... 102,546 110,567
MSF Loomis Sayles Small Cap Core Investment Division........................................ 118,325 110,919
MSF Loomis Sayles Small Cap Growth Investment Division...................................... 58,648 46,479
MSF Met/Artisan Mid Cap Value Investment Division........................................... 347,417 317,586
MSF MetLife Conservative Allocation Investment Division..................................... 22,199 16,791
MSF MetLife Conservative to Moderate Allocation Investment Division......................... 40,173 35,091
MSF MetLife Mid Cap Stock Index Investment Division......................................... 448,943 427,389
MSF MetLife Moderate Allocation Investment Division......................................... 236,948 209,528
MSF MetLife Moderate to Aggressive Allocation Investment Division........................... 494,267 420,334
MSF MetLife Stock Index Investment Division................................................. 3,199,191 2,799,860
MSF MFS Total Return Investment Division.................................................... 106,396 80,437
MSF MFS Value Investment Division........................................................... 422,424 411,227
MSF MSCI EAFE Index Investment Division..................................................... 515,481 487,987
MSF Neuberger Berman Genesis Investment Division............................................ 587,519 559,608
MSF Oppenheimer Global Equity Investment Division........................................... 178,758 173,573
MSF Russell 2000 Index Investment Division.................................................. 349,641 341,067
MSF T. Rowe Price Large Cap Growth Investment Division...................................... 334,052 354,830
MSF T. Rowe Price Small Cap Growth Investment Division...................................... 666,351 511,433
MSF Van Eck Global Natural Resources Investment Division.................................... 609 --
MSF Western Asset Management Strategic Bond Opportunities Investment Division............... 160,797 154,138
MSF Western Asset Management U.S. Government Investment Division............................ 113,254 115,268
PIMCO VIT All Asset Investment Division..................................................... 22 --
PIMCO VIT Low Duration Investment Division.................................................. 2,905 2,779
Pioneer VCT Emerging Markets Investment Division............................................ 12,310 13,622
Pioneer VCT Mid Cap Value Investment Division............................................... 550 297
Royce Micro-Cap Investment Division......................................................... 1,375 619
Royce Small-Cap Investment Division......................................................... 6,407 1,285
179
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
5. CHANGE IN ACCOUNTING METHOD -- (CONCLUDED)
PRESENTATION OF MORTALITY AND EXPENSE RISK CHARGES -- (CONCLUDED)
FOR THE YEARS ENDED
DECEMBER 31,
--------------------------------
FUND NAME 2011 ($) 2010 ($)
-------------- --------------
UIF Emerging Markets Debt Investment Division............................................... 1,372 31
UIF Emerging Markets Equity Investment Division............................................. 2,182 520
Wells Fargo VT Total Return Bond Investment Division........................................ 6,364 6,709
6. 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
charge for the year ended December 31, 2012:
---------------------------------------------------------------------------------------------------------------
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 policy charges in the 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 $0 to $15 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.
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 $83.33 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 $100 of the
benefit provided.
The above referenced charges are paid to the Company and are recorded as policy
charges in the accompanying statements of changes in net assets of the
applicable Investment Divisions for the years ended December 31, 2012, 2011 and
2010.
MetLife Advisers, LLC, which acts in the capacity of investment adviser to the
portfolios of the MIST and MSF Trusts, is an affiliate of the Company.
180
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. STATEMENTS OF INVESTMENTS
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31,
------------------------------ -------------------------------------------------
COST OF
SHARES COST ($) PURCHASES ($)
------------- -------------- -------------------------------------------------
2012 2012 2012 2011 2010
------------- -------------- -------------- -------------- --------------
AllianceBernstein Global
Thematic Growth
Investment Division......... 3,767 71,642 3,785 5,924,276 64,878
AllianceBernstein
Intermediate Bond
Investment Division......... 8,488 102,645 57,983 4,944 44,107
AllianceBernstein
International Value
Investment Division......... 12 179 2 1,511 1,284(a)
American Century VP Vista
Investment Division......... 236 3,853 1,774 16,251 60,206
American Funds Bond
Investment Division......... 485,256 5,262,880 1,312,217 969,816 1,139,102
American Funds Global
Small Capitalization
Investment Division......... 2,982,770 60,143,479 3,115,383 3,778,860 4,775,557
American Funds Growth
Investment Division......... 2,165,777 110,745,930 3,746,471 5,600,915 6,233,209
American Funds
Growth-Income
Investment Division......... 2,081,975 71,702,222 2,947,311 3,518,169 4,134,198
American Funds
High-Income Bond
Investment Division......... 5,189 57,908 58,091(b) -- --
American Funds
International Investment
Division.................... 31,331 525,723 53,707 16,165 390,086
American Funds U.S.
Government/AAA-Rated
Securities Investment
Division.................... 3,578 44,566 7,935 24,616 8,716
Dreyfus VIF International
Value Investment
Division.................... 20,889 264,546 5,777 5,544 7,776
Fidelity VIP Asset Manager:
Growth Investment
Division.................... 130,734 1,695,641 564,188 201,611 350,953
Fidelity VIP Contrafund
Investment Division......... 88,886 2,080,901 256,811 386,193 618,817
Fidelity VIP Equity-Income
Investment Division......... 3,135 63,113 51,762 65,604 83,560
Fidelity VIP Freedom 2010
Investment Division......... 3,555 36,402 3,999 16,905 16,287
Fidelity VIP Freedom 2020
Investment Division......... 68,218 527,202 38,622 64,043 32,723
Fidelity VIP Freedom 2030
Investment Division......... 3,937 36,903 2,517 33,098 106,748
Fidelity VIP Freedom 2050
Investment Division......... 1,331 16,206 2,492 44,388(c) --
FOR THE YEAR ENDED DECEMBER 31,
------------------------------------------------
PROCEEDS
FROM SALES ($)
------------------------------------------------
2012 2011 2010
--------------- -------------- --------------
AllianceBernstein Global
Thematic Growth
Investment Division......... 4,346,961 265,271 84,747
AllianceBernstein
Intermediate Bond
Investment Division......... 1,934 1,493 29,920
AllianceBernstein
International Value
Investment Division......... 5 2,772 16(a)
American Century VP Vista
Investment Division......... 7,528 74,661 147,832
American Funds Bond
Investment Division......... 763,603 731,112 647,988
American Funds Global
Small Capitalization
Investment Division......... 5,038,503 5,452,768 4,848,239
American Funds Growth
Investment Division......... 10,752,272 8,870,119 7,482,387
American Funds
Growth-Income
Investment Division......... 5,517,911 3,636,760 3,422,111
American Funds
High-Income Bond
Investment Division......... 189(b) -- --
American Funds
International Investment
Division.................... 107,360 191,972 91,760
American Funds U.S.
Government/AAA-Rated
Securities Investment
Division.................... 7,421 18,298 63,369
Dreyfus VIF International
Value Investment
Division.................... 2,581 6,265 73,348
Fidelity VIP Asset Manager:
Growth Investment
Division.................... 229,156 542,259 401,055
Fidelity VIP Contrafund
Investment Division......... 392,517 826,551 2,359,396
Fidelity VIP Equity-Income
Investment Division......... 7,307 243,406 152,960
Fidelity VIP Freedom 2010
Investment Division......... 1,313 13,581 1,077
Fidelity VIP Freedom 2020
Investment Division......... 41,771 79,620 15,399
Fidelity VIP Freedom 2030
Investment Division......... 23,108 83,225 42,841
Fidelity VIP Freedom 2050
Investment Division......... 302 25,362(c) --
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
181
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31,
-------------------------- -------------------------------------------
COST OF
SHARES COST ($) PURCHASES ($)
------------ ------------ -------------------------------------------
2012 2012 2012 2011 2010
------------ ------------ ---------- ------------- ------------
Fidelity VIP High Income
Investment Division..... 28,424 168,038 125,580 40,651 340
Fidelity VIP Investment
Grade Bond Investment
Division................ 176,645 2,309,600 1,921,672 1,807,611 1,216,749
Fidelity VIP Mid Cap
Investment Division..... 24,981 702,923 173,748 287,684 192,649
FTVIPT Mutual Global
Discovery Securities
Investment Division..... 39,801 790,298 175,011 279,594 735,899
FTVIPT Templeton Foreign
Securities Investment
Division................ 270,845 3,801,087 878,128 539,313 1,298,784
FTVIPT Templeton Global
Bond Securities
Investment Division..... 22,105 427,416 146,290 626,974 454,211
Goldman Sachs Mid-Cap
Value Investment
Division................ 16,840 254,903 2,932 58,548 2,264
Goldman Sachs Structured
Small Cap Equity
Investment Division..... 2,071 22,781 6,983 893 4,341
Invesco V.I. Global Real
Estate Investment
Division................ 169,020 2,480,584 1,031,105 1,144,072 281,030
Invesco V.I. Government
Securities Investment
Division................ 25 309 15,310 105,415(d) 26,124
Invesco V.I. International
Growth Investment
Division................ 216,655 5,820,659 6,090,412 11,463 348,070
Invesco V.I. Van Kampen
Comstock Investment
Division................ 17,951 210,983 29,964 166,971 62,391(e)
Janus Aspen Balanced
Investment Division..... 38,724 1,072,774 249,875 476,479 1,410,141
Janus Aspen Forty
Investment Division..... 22,042 724,755 251,563 60,009 374,848
Janus Aspen Janus
Investment Division..... 36,736 725,079 34,590 11,493 709,475
Janus Aspen Overseas
Investment Division..... 11,935 564,816 114,730 5,940,358 246,705
MFS VIT Global Equity
Investment Division..... 8,975 128,563 135,732 14,292 201,962
MFS VIT High Income
Investment Division..... 18,452 134,943 29,358 12,069 10,141
MFS VIT New Discovery
Investment Division..... 11,458 163,711 42,794 24,020 105,171
FOR THE YEAR ENDED DECEMBER 31,
------------------------------------------
PROCEEDS
FROM SALES ($)
------------------------------------------
2012 2011 2010
---------- ------------- -----------
Fidelity VIP High Income
Investment Division..... 2,451 236 37,262
Fidelity VIP Investment
Grade Bond Investment
Division................ 1,407,822 593,778 919,692
Fidelity VIP Mid Cap
Investment Division..... 67,376 86,070 32,284
FTVIPT Mutual Global
Discovery Securities
Investment Division..... 195,072 383,211 728,462
FTVIPT Templeton Foreign
Securities Investment
Division................ 422,457 6,463,366 553,148
FTVIPT Templeton Global
Bond Securities
Investment Division..... 19,865 316,892 458,606
Goldman Sachs Mid-Cap
Value Investment
Division................ 57,554 130,799 34,533
Goldman Sachs Structured
Small Cap Equity
Investment Division..... 35,753 1,806 34,881
Invesco V.I. Global Real
Estate Investment
Division................ 364,719 1,047,754 349,677
Invesco V.I. Government
Securities Investment
Division................ 36,465 86,648(d) 9,364
Invesco V.I. International
Growth Investment
Division................ 311,291 236,029 122,011
Invesco V.I. Van Kampen
Comstock Investment
Division................ 16,512 2,690 30,405(e)
Janus Aspen Balanced
Investment Division..... 555,156 1,530,768 490,563
Janus Aspen Forty
Investment Division..... 231,604 495,862 175,085
Janus Aspen Janus
Investment Division..... 57,167 7,130,795 408,399
Janus Aspen Overseas
Investment Division..... 18,736 5,664,163 20,135
MFS VIT Global Equity
Investment Division..... 12,826 232,286 73,751
MFS VIT High Income
Investment Division..... 12,497 1,866 3,882
MFS VIT New Discovery
Investment Division..... 4,661 4,419 4,660
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
182
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31,
------------------------- ---------------------------------------
COST OF
SHARES COST ($) PURCHASES ($)
----------- ------------ ---------------------------------------
2012 2012 2012 2011 2010
----------- ------------ ------------ --------- ---------
MFS VIT Value Investment
Division............... 1,207 15,291 1,023 36,464 969
MIST AllianceBernstein
Global Dynamic
Allocation Investment
Division............... 663 6,934 8,989(f) -- --
MIST American Funds
Balanced Allocation
Investment Division.... 60,078 564,961 111,688 225,636 209,126
MIST American Funds
Growth Allocation
Investment Division.... 91,780 788,428 211,211 237,080 546,597
MIST American Funds
Moderate Allocation
Investment Division.... 55,547 537,412 223,173 184,789 144,861
MIST AQR Global Risk
Balanced Investment
Division............... 2,151 24,410 30,767(f) -- --
MIST BlackRock Global
Tactical Strategies
Investment Division.... 3,761 38,201 40,820(f) -- --
MIST BlackRock
Large Cap Core
Investment Division.... 31,674,442 338,241,649 5,579,948 6,851,461 6,951,054
MIST Clarion Global Real
Estate Investment
Division............... 2,269,161 26,891,735 3,856,513 2,264,531 3,370,800
MIST Dreman Small Cap
Value Investment
Division............... 2,558 34,673 19,336 16,769 10,026
MIST Harris Oakmark
International Investment
Division............... 2,231,255 30,985,772 2,666,808 2,500,638 3,407,788
MIST Invesco Balanced-
Risk Allocation
Investment Division.... 716 7,515 9,936(f) -- --
MIST Invesco Small Cap
Growth Investment
Division............... 295,370 3,916,907 866,163 950,748 797,813
MIST Janus Forty
Investment Division.... 199,959 13,554,667 2,118,628 1,510,556 2,738,764
MIST JPMorgan Global
Active Allocation
Investment Division.... 1,798 18,731 21,306(f) -- --
MIST Legg Mason
ClearBridge Aggressive
Growth Investment
Division............... 1,536,327 11,654,136 770,047 5,893,574 471,892
FOR THE YEAR ENDED DECEMBER 31,
--------------------------------------
PROCEEDS
FROM SALES ($)
--------------------------------------
2012 2011 2010
-------------- --------- ----------
MFS VIT Value Investment
Division............... 33,595 67,428 2,907
MIST AllianceBernstein
Global Dynamic
Allocation Investment
Division............... 2,055(f) -- --
MIST American Funds
Balanced Allocation
Investment Division.... 50,779 119,833 22,345
MIST American Funds
Growth Allocation
Investment Division.... 178,743 112,650 60,823
MIST American Funds
Moderate Allocation
Investment Division.... 72,031 27,959 8,208
MIST AQR Global Risk
Balanced Investment
Division............... 6,330(f) -- --
MIST BlackRock Global
Tactical Strategies
Investment Division.... 2,670(f) -- --
MIST BlackRock
Large Cap Core
Investment Division.... 24,675,854 23,235,479 20,284,505
MIST Clarion Global Real
Estate Investment
Division............... 2,040,067 1,937,838 1,679,748
MIST Dreman Small Cap
Value Investment
Division............... 21,553 5,385 3,466
MIST Harris Oakmark
International Investment
Division............... 3,615,172 2,457,952 2,246,052
MIST Invesco Balanced-
Risk Allocation
Investment Division.... 2,420(f) -- --
MIST Invesco Small Cap
Growth Investment
Division............... 1,148,655 984,337 592,803
MIST Janus Forty
Investment Division.... 1,831,257 2,004,491 1,663,638
MIST JPMorgan Global
Active Allocation
Investment Division.... 2,566(f) -- --
MIST Legg Mason
ClearBridge Aggressive
Growth Investment
Division............... 1,188,432 1,236,188 698,228
(a) Commenced November 10, 2008 and began transactions in 2010.
(b) Commenced May 3, 2010 and began transactions in 2012.
(c) Commenced May 4, 2009 and began transactions in 2011.
(d) For the period May 2, 2011 to December 31, 2011.
(e) For the period May 3, 2010 to December 31, 2010.
(f) For the period April 30, 2012 to December 31, 2012.
(g) Commenced May 4, 2009 and began transactions in 2012.
183
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31,
-------------------------- ----------------------------------------
COST OF
SHARES COST ($) PURCHASES ($)
------------ ------------ ----------------------------------------
2012 2012 2012 2011 2010
------------ ------------ -------------- -------------- ----------
MIST Lord Abbett Bond
Debenture Investment
Division............... 2,123,239 25,322,728 4,029,220 4,202,645 3,982,725
MIST Lord Abbett Mid Cap
Value Investment
Division................ 4,262,662 72,390,245 76,386,802 17,623 7,623
MIST Met/Franklin Income
Investment Division..... 31,904 314,897 94,603 104,557 90,123
MIST Met/Franklin Mutual
Shares Investment
Division................ 15,476 122,733 47,800 34,651 31,238
MIST Met/Franklin
Templeton Founding
Strategy Investment
Division................ 30,513 268,486 42,511 36,620 56,837
MIST Met/Templeton
Growth Investment
Division................ 6,801 58,375 17,630 19,150 26,766
MIST Met/Templeton
International Bond
Investment Division.... 219 2,557 3,780(f) -- --
MIST MetLife Aggressive
Strategy Investment
Division (b)............ 1,445,108 14,892,050 1,631,765 15,450,469(d) --
MIST MetLife Balanced
Plus Investment
Division............... 4,293 44,243 50,269(f) -- --
MIST MFS Emerging
Markets Equity
Investment Division..... 8,058 82,805 153,279 26,770(d) --
MIST MFS Research
International Investment
Division................ 1,522,917 16,398,808 3,674,489 2,576,414 1,608,825
MIST MLA Mid Cap
Investment Division..... 461,310 5,460,602 408,026 1,280,594 595,846
MIST Morgan Stanley Mid
Cap Growth Investment
Division................ 15,790,949 160,842,321 4,192,041 9,829,634 181,166,153
MIST PIMCO Inflation
Protected Bond
Investment Division..... 1,155,669 13,063,982 4,918,545 3,303,438 2,469,861
MIST PIMCO Total Return
Investment Division..... 3,925,808 46,212,838 6,325,271 7,403,802 7,076,844
MIST Pioneer Fund
Investment Division..... 13,388 136,688 7,582 7,780 6,857
MIST RCM Technology
Investment Division..... 3,144,984 13,659,135 3,717,366 2,111,961 2,790,890
FOR THE YEAR ENDED DECEMBER 31,
----------------------------------------
PROCEEDS
FROM SALES ($)
----------------------------------------
2012 2011 2010
------------- -------------- ---------