0001193125-13-191975.txt : 20130501
0001193125-13-191975.hdr.sgml : 20130501
20130501145405
ACCESSION NUMBER: 0001193125-13-191975
CONFORMED SUBMISSION TYPE: 497
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20130501
DATE AS OF CHANGE: 20130501
EFFECTIVENESS DATE: 20130501
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: 497
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-57320
FILM NUMBER: 13802524
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
C000011872
MetFlex Flexible Premium Variable Life
497
1
d444553d497.txt
METFLEX
PROSPECTUS
FOR
METFLEX,
A FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE POLICY ("POLICY")
ISSUED BY
METROPOLITAN LIFE INSURANCE COMPANY ("METLIFE")
APRIL 29, 2013
This prospectus provides you with important information about MetLife's MetFlex
Policies. However, this prospectus is not the Policy. The Policy, rather, is a
separate written agreement that MetLife issues to you.
The Policy is designed to provide:
.. Life insurance coverage
.. Flexible premium payments
.. A choice among three death benefit options
.. A method of financing certain deferred compensation plans, post-retirement
benefits and payroll deduction programs
You may allocate premium payments to and transfer cash value among a fixed
interest account ("Fixed Account") and the Metropolitan Life Separate Account
UL investment divisions which invest in the following corresponding fund
("Fund") portfolios:
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
---------------------------------------------------------------
INVESCO V.I. COMSTOCK FUND--SERIES II
INVESCO V.I. GLOBAL REAL ESTATE FUND--SERIES I
INVESCO V.I. GOVERNMENT SECURITIES FUND--SERIES II
INVESCO V.I. INTERNATIONAL GROWTH FUND--SERIES I
AllianceBernstein Variable Products Series Fund, Inc.
-----------------------------------------------------
GLOBAL THEMATIC GROWTH PORTFOLIO--CLASS B
INTERMEDIATE BOND PORTFOLIO--CLASS B
INTERNATIONAL VALUE PORTFOLIO--CLASS A
American Century Variable Portfolios, Inc.--Class I
---------------------------------------------------
VP VISTA/SM/ FUND
American Funds Insurance Series(R)--Class 2
-------------------------------------------
AMERICAN FUNDS GROWTH FUND
AMERICAN FUNDS HIGH-INCOME BOND FUND
AMERICAN FUNDS INTERNATIONAL FUND
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES FUND
Dreyfus Variable Investment Fund--Service Shares
------------------------------------------------
INTERNATIONAL VALUE PORTFOLIO
Fidelity(R) Variable Insurance Products
---------------------------------------
ASSET MANAGER: GROWTH(R) PORTFOLIO--SERVICE CLASS
CONTRAFUND(R) PORTFOLIO--SERVICE CLASS
EQUITY-INCOME PORTFOLIO--SERVICE CLASS
FREEDOM 2010 PORTFOLIO--INITIAL CLASS
FREEDOM 2015 PORTFOLIO--INITIAL CLASS
FREEDOM 2020 PORTFOLIO--INITIAL CLASS
FREEDOM 2025 PORTFOLIO--INITIAL CLASS
FREEDOM 2030 PORTFOLIO--INITIAL CLASS
HIGH INCOME PORTFOLIO--INITIAL CLASS
INVESTMENT GRADE BOND PORTFOLIO--SERVICE CLASS
MID CAP PORTFOLIO--SERVICE CLASS 2
Franklin Templeton Variable Insurance Products Trust
----------------------------------------------------
MUTUAL GLOBAL DISCOVERY SECURITIES FUND--CLASS 2
TEMPLETON FOREIGN SECURITIES FUND--CLASS 1
TEMPLETON GLOBAL BOND SECURITIES FUND--CLASS 1
Goldman Sachs Variable Insurance Trust--Institutional Shares
------------------------------------------------------------
GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY FUND
Janus Aspen Series
------------------
BALANCED PORTFOLIO--SERVICE SHARES
ENTERPRISE PORTFOLIO--SERVICE SHARES
FORTY PORTFOLIO--SERVICE SHARES
JANUS PORTFOLIO--INSTITUTIONAL SHARES
OVERSEAS PORTFOLIO--SERVICE SHARES
Legg Mason Partners Variable Equity Trust
-----------------------------------------
LEGG MASON INVESTMENT COUNSEL VARIABLE SOCIAL AWARENESS PORTFOLIO
Met Investors Series Trust
--------------------------
BLACKROCK LARGE CAP CORE PORTFOLIO--CLASS A MFS(R) RESEARCH INTERNATIONAL PORTFOLIO--CLASS B
CLARION GLOBAL REAL ESTATE PORTFOLIO--CLASS B MORGAN STANLEY MID CAP GROWTH PORTFOLIO--
CLEARBRIDGE AGGRESSIVE GROWTH PORTFOLIO-- CLASS A
CLASS A OPPENHEIMER GLOBAL EQUITY PORTFOLIO--CLASS A
HARRIS OAKMARK INTERNATIONAL PORTFOLIO--CLASS A PIMCO INFLATION PROTECTED BOND PORTFOLIO--
INVESCO SMALL CAP GROWTH PORTFOLIO--CLASS B CLASS A
JPMORGAN SMALL CAP VALUE PORTFOLIO--CLASS A PIMCO TOTAL RETURN PORTFOLIO--CLASS A
LORD ABBETT BOND DEBENTURE PORTFOLIO--CLASS A PIONEER FUND PORTFOLIO--CLASS A
LORD ABBETT MID CAP VALUE PORTFOLIO--CLASS A T. ROWE PRICE LARGE CAP VALUE PORTFOLIO--CLASS A
METLIFE AGGRESSIVE STRATEGY PORTFOLIO--CLASS B THIRD AVENUE SMALL CAP VALUE PORTFOLIO--CLASS B
2
Metropolitan Series Fund
------------------------
BAILLIE GIFFORD INTERNATIONAL STOCK PORTFOLIO-- METLIFE MID CAP STOCK INDEX PORTFOLIO--CLASS A
CLASS A METLIFE MODERATE ALLOCATION PORTFOLIO--CLASS B
BARCLAYS AGGREGATE BOND INDEX PORTFOLIO-- METLIFE MODERATE TO AGGRESSIVE ALLOCATION
CLASS A PORTFOLIO--CLASS B
BLACKROCK BOND INCOME PORTFOLIO--CLASS A METLIFE STOCK INDEX PORTFOLIO--CLASS A
BLACKROCK CAPITAL APPRECIATION PORTFOLIO-- MFS(R) TOTAL RETURN PORTFOLIO--CLASS B
CLASS A MFS(R) VALUE PORTFOLIO--CLASS A
BLACKROCK DIVERSIFIED PORTFOLIO--CLASS A MSCI EAFE(R) INDEX PORTFOLIO--CLASS A
BLACKROCK MONEY MARKET PORTFOLIO--CLASS A NEUBERGER BERMAN GENESIS PORTFOLIO--CLASS A
DAVIS VENTURE VALUE PORTFOLIO--CLASS A RUSSELL 2000(R) INDEX PORTFOLIO--CLASS A
FRONTIER MID CAP GROWTH PORTFOLIO--CLASS A T. ROWE PRICE LARGE CAP GROWTH PORTFOLIO--
JENNISON GROWTH PORTFOLIO--CLASS A CLASS A
LOOMIS SAYLES SMALL CAP CORE PORTFOLIO--CLASS A T. ROWE PRICE SMALL CAP GROWTH PORTFOLIO--
MET/ARTISAN MID CAP VALUE PORTFOLIO--CLASS B CLASS A
METLIFE CONSERVATIVE ALLOCATION
PORTFOLIO--CLASS B
METLIFE CONSERVATIVE TO MODERATE ALLOCATION
PORTFOLIO--CLASS B
MFS(R) Variable Insurance Trust--Service Class
----------------------------------------------
MFS(R) GLOBAL EQUITY SERIES
MFS(R) HIGH INCOME SERIES
MFS(R) NEW DISCOVERY SERIES
Oppenheimer Variable Account Funds--Non-Service Shares
------------------------------------------------------
OPPENHEIMER MAIN STREET SMALL CAP FUND(R)/VA
PIMCO Variable Insurance Trust--Administrative Class
----------------------------------------------------
PIMCO ALL ASSET PORTFOLIO
PIMCO COMMODITYREALRETURN(R) STRATEGY PORTFOLIO
PIMCO LONG-TERM U.S. GOVERNMENT PORTFOLIO
PIMCO LOW DURATION PORTFOLIO
Pioneer Variable Contracts Trust
--------------------------------
PIONEER EMERGING MARKETS VCT PORTFOLIO--CLASS II
PIONEER MID CAP VALUE VCT PORTFOLIO--CLASS I
Putnam Variable Trust--Class IB
-------------------------------
PUTNAM VT INTERNATIONAL VALUE FUND
Royce Capital Fund--Investment Class
------------------------------------
ROYCE MICRO-CAP PORTFOLIO
ROYCE SMALL-CAP PORTFOLIO
The Universal Institutional Funds, Inc.--Class I
------------------------------------------------
EMERGING MARKETS DEBT PORTFOLIO
EMERGING MARKETS EQUITY PORTFOLIO
Wells Fargo Variable Trust--Class 2
-----------------------------------
VT TOTAL RETURN BOND FUND
3
Certain Funds and/or Portfolios have been subject to a merger, substitution or
other change. Please see Appendix A--"Additional Information Regarding the
Funds."
Separate prospectuses for the Metropolitan Series Fund, the Met Investors
Series Trust, AIM Variable Insurance Funds (Invesco Variable Insurance Funds),
the AllianceBernstein Variable Products Series Fund, Inc., American Century
Variable Portfolios, Inc., American Funds Insurance Series(R), the Dreyfus
Variable Investment Fund, Fidelity(R) Variable Insurance Products, the Franklin
Templeton Variable Insurance Products Trust, the Goldman Sachs Variable
Insurance Trust, the Janus Aspen Series, the Legg Mason Partners Variable
Equity Trust, the MFS(R) Variable Insurance Trust, the Oppenheimer Variable
Account Funds, the PIMCO Variable Insurance Trust, the Pioneer Variable
Contracts Trust, the Putnam Variable Trust, the Royce Capital Fund, The
Universal Institutional Funds, Inc. and the Wells Fargo Variable Trust (each a
"Fund") are available from us by calling 1-908-253-1400. They describe in
greater detail an investment in the portfolios listed above. Before purchasing
a Policy, read the information in this prospectus and in the prospectus for
each Fund. Keep these prospectuses for future reference. We do not guarantee
how any of the portfolios will perform.
Since the Fixed Account is not registered under the federal securities laws,
this Prospectus contains only limited information about the Fixed Account. The
Policy gives you more information on the operation of the Fixed Account.
Policies issued in your state may provide different features and benefits from,
and impose different costs than, those described in this Prospectus. Your
actual Policy and any endorsements are the controlling documents. You should
read the Policy carefully for any variations in your state.
Neither the Securities and Exchange Commission ("SEC") nor any state securities
authority has approved or disapproved of these securities, nor have they
determined if this Prospectus is accurate or complete. Any representation
otherwise is a criminal offense. This Prospectus does not constitute an
offering in any jurisdiction where such offering may not lawfully be made.
Interests in the Separate Account, the Fixed Account and the Portfolios are not
deposits, obligations of, or insured or guaranteed by, the U.S. Government, any
bank or other depository institution including the Federal Deposit Insurance
Corporation ("FDIC"), the Federal Reserve Board or any other agency or entity
or person. We do not authorize any representations about this offering other
than as contained in this Prospectus or its supplements or in our authorized
supplemental sales material.
4
TABLE OF CONTENTS
PAGE
IN THIS
SUBJECT PROSPECTUS
------- ----------
Contacting Us............................................... 6
Summary of Benefits and Risks............................... 6
Policy Benefits............................................ 6
Risks of a Policy.......................................... 7
Fee Tables.................................................. 9
Transaction Fees........................................... 9
Periodic Charges Other Than Portfolio Operating Expenses... 11
Portfolio Operating Expenses............................... 12
MetLife..................................................... 22
The Fixed Account.......................................... 22
Separate Account UL........................................ 22
The Funds.................................................. 23
The Portfolio Share Classes that We Offer................ 32
Substitution of Portfolios............................... 32
Voting Rights............................................ 32
Issuing a Policy............................................ 33
Payment and Allocation of Premiums.......................... 34
Paying Premiums............................................ 34
Maximum and Minimum Premium Payments....................... 34
Allocating Net Premiums.................................... 35
Insurance Proceeds.......................................... 35
Death Benefit Options...................................... 36
Minimum Death Benefit...................................... 37
Specified Face Amount...................................... 38
Income Plans............................................... 39
Cash Value, Transfers and Withdrawals....................... 40
Cash Value................................................. 40
Cash Value Transfers....................................... 40
Surrender and Withdrawal Privileges........................ 44
Benefit at Final Date...................................... 45
Loan Privileges............................................. 46
Optional Rider Benefits..................................... 47
Term Benefit............................................... 47
Charges and Deductions...................................... 48
Important Information Applicable to all Policy Charges and
Deductions............................................... 48
Charges Deducted From Premiums............................. 49
Charges Included in the Monthly Deduction.................. 50
Charges for Certain Optional Rider Benefits................ 51
Variations in Charges...................................... 51
Portfolio Company Charges.................................. 52
Other Charges.............................................. 52
Policy Termination and Reinstatement........................ 52
Federal Tax Matters......................................... 53
Rights We Reserve........................................... 57
Other Policy Provisions..................................... 58
Sales of Policies........................................... 60
Legal Proceedings........................................... 63
Restrictions on Financial Transactions...................... 63
Independent Registered Public Accounting Firm............... 64
Financial Statements........................................ 64
Appendix A.................................................. 65
5
CONTACTING US
[SIDEBAR:YOU CAN CONTACT US AT OUR DESIGNATED OFFICE.]
You can communicate all of your requests, instructions and notifications to us
by contacting us in writing at our Designated Office. We may require that
certain requests, instructions and notifications be made on forms that we
provide. These include: changing your beneficiary; taking a Policy loan;
changing your death benefit option; taking a partial withdrawal; surrendering
your Policy; making transfer requests (including elections with respect to the
systematic investment strategies); or changing your premium allocations. Our
Designated Office is MetLife--SBR, 501 Route 22, Bridgewater, NJ 08807. We may
name additional or alternate Designated Offices. If we do, we will notify you
in writing.
SUMMARY OF BENEFITS AND RISKS
This summary gives an overview of the Policy and is qualified by the more
detailed information in the balance of this Prospectus and the Policy. MetLife
issues the Policies. We offer the Policies to employers, employer sponsored
plans, or other organizations or individuals associated with such employers,
plans or organizations. We designed the Policies for financing nonqualified
deferred compensation plans, other post-employment benefits, certain employer
sponsored payroll deduction programs or other purposes.
POLICY BENEFITS
PREMIUM PAYMENT FLEXIBILITY. The Policy allows flexibility in making premium
payments. The Policy will remain in force as long as the cash surrender value
is large enough to cover one monthly deduction, regardless of whether or not
premium payments have been made.
CASH VALUE. Your cash value in the Policy reflects your premium payments, the
charges we deduct, interest we credit if you have cash value in our fixed
interest account, any investment experience you have in our Separate Account,
as well as your loan and withdrawal activity.
TRANSFERS AND SYSTEMATIC INVESTMENT STRATEGIES. You may transfer cash value
among the funding options, subject to certain limits, including restrictions on
frequent transfers (see "Cash Value, Transfers and Withdrawals"). You may also
choose among four systematic investment strategies: the Equity Generator/SM/,
the Equalizer/SM/, the Allocator/SM/, and the Rebalancer/SM/.
SPECIFIED FACE AMOUNT OF INSURANCE. Within certain limits, you may choose your
specified face amount of insurance when the Policy is issued. You may also
change the amount at any time after the first Policy year, subject to our rules
and procedures.
DEATH BENEFIT OPTIONS. Generally, you have a choice among three options. These
range from an amount equal to the specified face amount to an amount equal to
the specified face amount plus the policy cash value at the date of death.
INCOME PLANS. The insurance proceeds can be paid under a variety of income
plans that are available under the Policy.
6
SURRENDERS, PARTIAL WITHDRAWALS AND LOANS. Within certain limits, you may take
partial withdrawals and loans from the Policy. You may also surrender your
Policy for its cash surrender value.
TAX ADVANTAGES. In general, you will not pay income taxes on any cash value
that accrues in your Policy prior to a distribution. If you meet certain
requirements, favorable distribution rules will apply. The death benefit may be
subject to Federal and state estate taxes, but your beneficiary will generally
not be subject to income tax on the death benefit. In the case of
employer-owned life insurance as defined in Section 101(j) of the Internal
Revenue Code, the amount of the death benefit excludable from gross income is
limited to premiums paid unless the Policy falls within certain specified
exceptions and a notice and consent requirement is satisfied before the Policy
is issued. As with any taxation matter, you should consult with and rely on the
advice of your own tax advisor.
TERM RIDER. This rider provides coverage on the insured to age 95. The amount
of sales charge you pay will be less if coverage is obtained through this rider
rather than as part of the Policy. The current charges for the cost of
insurance are lower for coverage under the term rider than under the base
Policy. For details, see "Optional Rider Benefits--Term Benefit."
OTHER OPTIONAL RIDER BENEFITS. You may be eligible for certain other benefits
provided by rider, subject to certain underwriting requirements and the payment
of additional premiums. We will deduct any charges for the rider(s) (other than
the charge for the interim term insurance rider) as part of the monthly
deduction.
RISKS OF A POLICY
This Prospectus discusses the risks associated with purchasing the Policy.
Prospectuses for the Funds discuss the risks associated with investment in the
Fund described therein. Each of the Separate Account UL investment divisions
that is available to you under the Policy invests solely in a corresponding
"Portfolio" of a Fund.
INVESTMENT RISK. MetLife does not guarantee the investment performance of the
variable investment options and you should consider your risk tolerance before
selecting any of these options. You will be subject to the risk that investment
performance will be unfavorable and that your cash value will decrease. In
addition, we deduct Policy fees and charges from your Policy's cash value,
which can significantly reduce your Policy's cash value. During times of poor
investment performance, these deductions may have an even greater impact on
your Policy's cash value. It is possible to lose your full investment and your
Policy could terminate without value, unless you pay additional premiums. If
you allocate cash value to the Fixed Account, then we credit such cash value
with a declared rate of interest. You assume the risk that the rate may
decrease, although it will never be lower than the guaranteed minimum annual
effective rate of 2.5% (4% for Policies issued prior to February 24, 2012).
SURRENDER AND WITHDRAWAL RISKS. The Policies are designed to provide lifetime
insurance protection. They are not offered primarily as an investment, and are
not suitable as a short-term savings vehicle. You should purchase the Policy
only if you have the financial ability to keep it in force for a substantial
period of time. You should not purchase the Policy if you intend to surrender
all or part of the Policy's cash value in the near future.
7
RISK OF POLICY TERMINATION. Your Policy may terminate without value if you
have paid an insufficient amount of premiums or if the investment experience of
the investment divisions is poor. If your cash surrender value is not enough to
pay the monthly deduction, your Policy will terminate without value unless you
make a premium payment sufficient to cover two monthly deductions within the
61-day grace period. If your Policy does terminate, your insurance coverage
will terminate (although you will be given an opportunity to reinstate your
coverage if you satisfy certain requirements). Lapse of a policy on which there
is an outstanding loan may have adverse tax consequences.
POLICY CHARGE AND EXPENSE INCREASE. We have the right to increase certain
Policy charges.
TAX LAW RISKS. We anticipate that the Policy should generally be deemed a life
insurance contract under Federal tax law. The insurance proceeds payable upon
death of the insured under the Policy will never be less than the minimum
amount required for the Policy to be treated as life insurance under Section
7702 of the Internal Revenue Code, as in effect on the date the Policy was
issued. The guidance, however, with respect to Policies issued on a substandard
risk basis, is not entirely clear. In general, you should not be deemed to be
in receipt of any portion of your Policy's cash value until there is an actual
distribution from the Policy. Although the beneficiary generally should not
have to pay Federal income tax on the insurance proceeds, other taxes, such as
estate taxes, may apply. In the case of employer-owned life insurance as
defined in Section 101(j), the amount of the death benefit excludable from
gross income is limited to premiums paid unless the Policy falls within certain
specified exceptions and a notice and consent requirement is satisfied before
the Policy is issued.
If you pay more than a certain amount of premiums, you may cause your Policy to
become a "modified endowment contract." If it does, you will pay income taxes
on loans and other amounts we pay out to you (except for payment of insurance
proceeds), to the extent of any gains in your Policy (which is generally the
excess of cash value over the premiums paid). In this case, an additional 10%
tax penalty may also apply.
If the Policy is not a modified endowment contract, distributions generally
will be treated first as a return of basis or investment in the contract and
then as taxable income. Moreover, loans will generally not be treated as
distributions. Finally, neither distributions nor loans from a Policy that is
not a modified endowment contract are subject to the 10% penalty tax.
If your Policy is part of an equity split dollar arrangement under the economic
benefit regime, there is a risk that some portion of the cash value may be
taxed prior to any Policy distribution.
Tax laws, regulations, and interpretations have often been changed in the past
and such changes continue to be proposed. As with any taxation matter, you
should consult with and rely on the advice of your own tax advisor.
8
FEE TABLES
The following tables describe the fees and expenses that you will pay when
buying, owning, and surrendering the Policy. The charges set forth in the first
two tables may vary by group, based on anticipated variations in our costs or
risks associated with the group or individuals in the group that the charge was
intended to cover. Our variations in the charges will be made in accordance
with our established and uniformly applied administrative procedures. Any
variations in charges will be reasonable and will not be unfairly
discriminatory to the interests of any Policy owner. In addition to the
following tables, certain charges that we don't currently impose (but which we
have the right to impose on your Policy in the future) are described under
"Charges and Deductions--Other Charges," further back in this Prospectus.
In certain cases, we have the right to increase our charges for new Policies,
as well as for Policies already outstanding. The maximum charges in such cases
are shown in the far right-hand columns of each of the first three tables below.
TRANSACTION FEES
This table describes the fees and expenses that you will pay at the time that
you buy the Policy, surrender the Policy, or transfer cash value among the
variable investment options or the Fixed Account.
WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT
CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT
---------------------------------------------------------------------------------
Sales Charge/1,2/ On payment of POLICY YEARS 1 TO 10, POLICY YEARS 1 TO 10,
premium up to 6.5% of annual up to 9% of annual
target premium paid target premium paid
POLICY YEARS 11 AND POLICY YEARS 11 AND
LATER, up to 3% of LATER, same as
annual target Current Amount for
premium paid those years
0% on premiums 0% on premiums
paid in excess of paid in excess of
annual target annual target
premium in all Policy premium in all Policy
years years
---------------------------------------------------------------------------------
Charge for average On payment of 2.25% of each Same as Current
expected state and premium premium payment Amount
local taxes
attributable to
premiums
---------------------------------------------------------------------------------
Charge for expected On payment of 1.2% of each Same as Current
federal taxes premium premium payment Amount
attributable to
premiums
---------------------------------------------------------------------------------
9
WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT
CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT
---------------------------------------------------------------------------------------------
Administrative On payment of POLICY YEARS 1 TO 10, Up to 1.05% of
Charge/1/ premium up to 0.55% of annual annual target
target premium paid premium paid in all
Policy years
POLICY YEARS 11 AND
LATER, up to 1.05% of 0.05% of premiums
annual target paid in excess of
premium paid annual target
premium in all Policy
0.05% on premiums years
paid in excess of
annual target
premium in all Policy
years
---------------------------------------------------------------------------------------------
Transfer Fee On transfer of cash Not currently $25 per transfer, and
value among charged none for transfers
investment divisions under Systematic
or to or from the Investment
Fixed Account Strategies
---------------------------------------------------------------------------------------------
Interim Term On payment of first Highest: $13.93 per Highest: $24.65 per
Insurance Benefit/3/ premium if rider is $1,000 of term $1,000 of term
(applies only if you elected insurance amount insurance amount
elected rider at issue)
Lowest: $0.03 per Lowest: $0.04 per
Highest and Lowest $1,000 of term $1,000 of term
Charge Among All insurance amount insurance amount
Possible Insureds
Charge for male, $0.152 per $1,000 of $0.271 per $1,000 of
issue age 47, term insurance term insurance
nonsmoker, amount amount
Guaranteed Issue
underwriting class
---------------------------------------------------------------------------------------------
Enhanced Cash On premium 0.25% of each Same as Current
Surrender Value payments made premium payment Amount
Rider/4/ during the first five made during the first
Policy years five Policy years
---------------------------------------------------------------------------------------------
Underwriting Charge On face amount Not currently Up to $3 per $1,000
(applies only if you increase charged of increase
request an increase in
your specified face
amount)
--------
/1/ See "Charges and Deductions--Annual Target Premium" for a detailed
discussion of the determination of the annual target premium.
/2/ For Policies issued with the Refund of Sales Charge Rider, if you request a
full cash withdrawal during the first five Policy years, we will refund any
sales charges deducted within 365 days prior to the date the request is
received at our Designated Office. This rider is not available in New Jersey.
/3/ This charge varies based on individual characteristics of the insured or of
individuals in the group that the charge was intended to cover, and may not be
representative of the charge that you will pay. You can obtain more information
about the charges that would apply by contacting your insurance sales
representative. If you would like, we will provide you with an illustration of
the impact of these and other charges under the Policy based on various
assumptions.
/4/ For Policies issued with the Enhanced Cash Surrender Value Rider on or
after February 1, 2004, if you request a full cash withdrawal during the first
ten Policy years, we will refund (a) part of the cumulative charges we have
deducted from your premium payments and (b) part of the cost of term insurance
we have deducted in the current Policy year, as shown in Table A below.
However, we will not pay this refund if the full cash withdrawal is related to
an exchange pursuant to Section 1035 of the Internal Revenue Code. This rider
is subject to state approval.
10
TABLE A
PORTION OF
COST OF TERM
INSURANCE CHARGES DEDUCTED
PORTION OF DURING POLICY YEAR OF
POLICY YEAR OF CUMULATIVE PREMIUM FULL CASH WITHDRAWAL
FULL CASH WITHDRAWAL CHARGES TO BE REFUNDED* TO BE REFUNDED
-----------------------------------------------------------------------
1 100% 95%
-----------------------------------------------------------------------
2 95% 85%
-----------------------------------------------------------------------
3 90% 75%
-----------------------------------------------------------------------
4 85% 65%
-----------------------------------------------------------------------
5 80% 55%
-----------------------------------------------------------------------
6 75% 45%
-----------------------------------------------------------------------
7 70% 35%
-----------------------------------------------------------------------
8 65% 25%
-----------------------------------------------------------------------
9 60% 15%
-----------------------------------------------------------------------
10 55% 5%
-----------------------------------------------------------------------
11 and later None None
-----------------------------------------------------------------------
* The percent shown is applied to the cumulative sales, tax, and administrative
charges deducted from your premium.
PERIODIC CHARGES OTHER THAN PORTFOLIO OPERATING EXPENSES
These tables describe other fees and expenses that you will pay periodically
during the time that you own the Policy not including the fees and expenses of
the Portfolios.
PERIODIC CHARGES
WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT
CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT
-----------------------------------------------------------------------------------------------------------
Cost of Term Insurance On each monthly Highest: $35.30 per Highest: $35.30 per
for coverage under base anniversary of the Policy $1,000 of term insurance $1,000 of term insurance
policy /1, 2/ amount amount
Highest and Lowest Charge
Among All Possible Lowest: $0.02 per $1,000 Lowest: $0.04 per $1,000
Insureds of term insurance amount of term insurance amount
Charge for male, issue $0.152 per $1,000 of term $0.271 per $1,000 of term
age 47, nonsmoker, insurance amount insurance amount
Guaranteed Issue
underwriting class
-----------------------------------------------------------------------------------------------------------
Cost of Term Insurance On each monthly Highest: $26.48 per Highest: $35.30 per
for coverage under the anniversary of the Policy $1,000 of term insurance $1,000 of term insurance
term benefit /1, 2/ amount amount
Highest and Lowest Charge Lowest: $0.02 per $1,000 Lowest: $0.04 per $1,000
Among All Possible of term insurance amount of term insurance amount
Insureds
Charge for male, issue $0.114 per $1,000 of term $0.271 per $1,000 of term
age 47, nonsmoker, insurance amount insurance amount
Guaranteed Issue
underwriting class
11
WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT
CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT
-----------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------
Mortality and Expense On each monthly Effective annual rate of Effective annual rate up
Risk Charge /3/ anniversary of the Policy 0.40% of the cash value to 0.90%
in the Separate Account.
We intend to reduce this
charge after Policy year
9 to 0.20% and after
Policy year 20 to 0.10%.
-----------------------------------------------------------------------------------------------------------
Loan Interest Spread/ 4/ Annually (or on loan Annual rate of 0.25% of Annual rate of 2% of the
termination, if earlier) the loan amount loan amount
--------
/1/ The cost of term insurance charge varies based on anticipated variations in
our costs or risks associated with the group or individuals in the group that
the charge was intended to cover. See "Charges and Deductions--Cost of Term
Insurance" for a more detailed discussion of factors affecting this charge. For
Policies issued before January 1, 2009, the maximum cost of insurance charge
ranges from $0.09 to $30.45 per $1,000 of term insurance amount.
/2/ This charge varies based on individual characteristics of the insured or of
individuals in the group that the charge was intended to cover, and may not be
representative of the charge that you will pay. You can obtain more information
about the charges that would apply by contacting your insurance sales
representative. If you would like, we will provide you with an illustration of
the impact of these and other charges under the Policy, based on various
assumptions.
/3/ We are waiving the following amounts of the Mortality and Expense Risk
Charge: 0.08% for the investment division investing in the BlackRock Large Cap
Core Portfolio; and an amount equal to the underlying portfolio expenses that
are in excess of 0.91% for the investment division investing in the Pioneer
Fund Portfolio (Class A), in excess of 1.34% for the investment division
investing in the Met/Artisan Mid Cap Value Portfolio (Class B), in excess of
1.15% for the investment division investing in the Third Avenue Small Cap Value
Portfolio (Class B), and in excess of 0.62% for the investment division
investing in the Oppenheimer Global Equity Portfolio (Class A).
/4/ We charge interest on Policy loans but credit you with interest on the
amount of the cash value we hold as collateral for the loan. The loan interest
spread is the excess of the interest rate we charge over the interest rate we
credit.
PORTFOLIO OPERATING EXPENSES
Each of the Funds pays an investment management fee to its investment manager.
Each of the Funds also incurs other direct expenses (see the applicable Fund
Prospectus and the Statement of Additional Information referred to therein for
each Fund). You bear indirectly your proportionate share of the fees and
expenses of the Portfolios of each Fund that correspond to the Separate Account
investment divisions you are using. Most of the Funds offer various classes of
shares, each of which has a different level of expenses, only one of which is
available under a Policy. The available class of each Portfolio is specified in
the expense table below and on the front cover pages of the Prospectus.
The first table below shows the lowest and highest fees and expenses charged by
any of the Portfolios for the fiscal year ended December 31, 2012.
LOWEST HIGHEST
-----------------------------------------------------------------
Total Annual Portfolio Operating Expenses
(expenses that are deducted from Portfolio
assets, including management fees, distribution
(Rule 12b-1) fees and other expenses) 0.28% 1.71%
-----------------------------------------------------------------
12
The table below describes the annual operating expenses for each Portfolio for
the year ended December 31, 2012 as a percentage of the Portfolio's average
daily net assets for the year.
---------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
---------------------------------------------------------------------------------
AIM VARIABLE
INSURANCE
FUNDS
(INVESCO
VARIABLE
INSURANCE
FUNDS)
---------------------------------------------------------------------------------
Invesco V.I.
Comstock
Fund--
Series II 0.56% 0.25% 0.29% -- 1.10% 0.07% 1.03%
---------------------------------------------------------------------------------
Invesco V.I.
Global Real
Estate Fund--
Series I 0.75% -- 0.39% -- 1.14% 0.00% 1.14%
---------------------------------------------------------------------------------
Invesco V.I.
Government
Securities
Fund--
Series II 0.46% 0.25% 0.30% -- 1.01% 0.00% 1.01%
---------------------------------------------------------------------------------
Invesco V.I.
International
Growth
Fund--
Series I 0.71% -- 0.30% -- 1.01% -- 1.01%
---------------------------------------------------------------------------------
ALLIANCE
BERNSTEIN
VARIABLE
PRODUCTS
SERIES FUND,
INC.
---------------------------------------------------------------------------------
Global
Thematic
Growth
Portfolio--
Class B 0.75% 0.25% 0.24% -- 1.24% -- 1.24%
---------------------------------------------------------------------------------
Intermediate
Bond
Portfolio--
Class B 0.45% 0.25% 0.26% -- 0.96% -- 0.96%
---------------------------------------------------------------------------------
International
Value
Portfolio--
Class A 0.75% -- 0.06% -- 0.81% -- 0.81%
---------------------------------------------------------------------------------
AMERICAN
CENTURY
VARIABLE
PORTFOLIOS,
INC.--CLASS I
---------------------------------------------------------------------------------
VP Vista/SM/
Fund 1.00% -- -- -- 1.00% -- 1.00%
---------------------------------------------------------------------------------
13
-----------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
-----------------------------------------------------------------------------------
AMERICAN
FUNDS
INSURANCE
SERIES(R)--
CLASS 2
-----------------------------------------------------------------------------------
American
Funds Growth
Fund 0.33% 0.25% 0.02% -- 0.60% -- 0.60%
-----------------------------------------------------------------------------------
American
Funds High-
Income Bond
Fund 0.46% 0.25% 0.02% -- 0.73% -- 0.73%
-----------------------------------------------------------------------------------
American
Funds
International
Fund 0.50% 0.25% 0.04% -- 0.79% -- 0.79%
-----------------------------------------------------------------------------------
American
Funds U.S.
Government/
AAA-Rated
Securities
Fund 0.33% 0.25% 0.01% -- 0.59% -- 0.59%
-----------------------------------------------------------------------------------
DREYFUS
VARIABLE
INVESTMENT
FUND--
SERVICE
SHARES
-----------------------------------------------------------------------------------
International
Value Portfolio 1.00% 0.25% 0.28% -- 1.53% -- 1.53%
-----------------------------------------------------------------------------------
FIDELITY(R)
VARIABLE
INSURANCE
PRODUCTS
-----------------------------------------------------------------------------------
Asset
Manager:
Growth(R)
Portfolio--
Service Class 0.56% 0.10% 0.17% -- 0.83% -- 0.83%
-----------------------------------------------------------------------------------
Contrafund(R)
Portfolio--
Service Class 0.56% 0.10% 0.08% -- 0.74% -- 0.74%
-----------------------------------------------------------------------------------
Equity-Income
Portfolio--
Service Class 0.46% 0.10% 0.10% -- 0.66% -- 0.66%
-----------------------------------------------------------------------------------
Freedom 2010
Portfolio--
Initial Class -- -- -- 0.56% 0.56% -- 0.56%
-----------------------------------------------------------------------------------
Freedom 2015
Portfolio--
Initial Class -- -- -- 0.57% 0.57% -- 0.57%
-----------------------------------------------------------------------------------
Freedom 2020
Portfolio--
Initial Class -- -- -- 0.59% 0.59% -- 0.59%
-----------------------------------------------------------------------------------
14
-----------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
-----------------------------------------------------------------------------------
Freedom 2025
Portfolio--
Initial Class -- -- -- 0.64% 0.64% -- 0.64%
-----------------------------------------------------------------------------------
Freedom 2030
Portfolio--
Initial Class -- -- -- 0.65% 0.65% -- 0.65%
-----------------------------------------------------------------------------------
High Income
Portfolio--
Initial Class 0.56% -- 0.12% -- 0.68% -- 0.68%
-----------------------------------------------------------------------------------
Investment
Grade Bond
Portfolio--
Service Class 0.31% 0.10% 0.11% -- 0.52% -- 0.52%
-----------------------------------------------------------------------------------
Mid Cap
Portfolio--
Service Class 2 0.56% 0.25% 0.09% -- 0.90% -- 0.90%
-----------------------------------------------------------------------------------
FRANKLIN
TEMPLETON
VARIABLE
INSURANCE
PRODUCTS
TRUST
-----------------------------------------------------------------------------------
Mutual Global
Discovery
Securities
Fund--Class 2 0.80% 0.25% 0.19% -- 1.24% -- 1.24%
-----------------------------------------------------------------------------------
Templeton
Foreign
Securities
Fund--Class 1 0.64% -- 0.15% -- 0.79% -- 0.79%
-----------------------------------------------------------------------------------
Templeton
Global Bond
Securities
Fund--Class 1 0.46% -- 0.09% -- 0.55% -- 0.55%
-----------------------------------------------------------------------------------
GOLDMAN
SACHS
VARIABLE
INSURANCE
TRUST--
INSTITUTIONAL
SHARES
-----------------------------------------------------------------------------------
Goldman Sachs
Structured
Small Cap
Equity Fund 0.75% -- 0.22% -- 0.97% 0.16% 0.81%
-----------------------------------------------------------------------------------
JANUS ASPEN
SERIES
-----------------------------------------------------------------------------------
Balanced
Portfolio--
Service Shares 0.55% 0.25% 0.05% -- 0.85% -- 0.85%
-----------------------------------------------------------------------------------
Enterprise
Portfolio--
Service Shares 0.64% 0.25% 0.05% -- 0.94% -- 0.94%
-----------------------------------------------------------------------------------
Forty
Portfolio--
Service Shares 0.49% 0.25% 0.06% -- 0.80% -- 0.80%
-----------------------------------------------------------------------------------
15
-----------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
-----------------------------------------------------------------------------------
Janus
Portfolio--
Institutional
Shares 0.48% -- 0.05% -- 0.53% -- 0.53%
-----------------------------------------------------------------------------------
Overseas
Portfolio--
Service Shares 0.44% 0.25% 0.05% -- 0.74% -- 0.74%
-----------------------------------------------------------------------------------
LEGG MASON
PARTNERS
VARIABLE
EQUITY TRUST
-----------------------------------------------------------------------------------
Legg Mason
Investment
Counsel
Variable Social
Awareness
Portfolio 0.71% -- 0.22% -- 0.93% 0.00% 0.93%
-----------------------------------------------------------------------------------
MET INVESTORS
SERIES TRUST
-----------------------------------------------------------------------------------
BlackRock
Large Cap
Core
Portfolio--
Class A 0.59% -- 0.05% -- 0.64% 0.01% 0.63%
-----------------------------------------------------------------------------------
Clarion Global
Real Estate
Portfolio--
Class B 0.60% 0.25% 0.06% -- 0.91% -- 0.91%
-----------------------------------------------------------------------------------
ClearBridge
Aggressive
Growth
Portfolio--
Class A 0.61% -- 0.03% -- 0.64% -- 0.64%
-----------------------------------------------------------------------------------
Harris
Oakmark
International
Portfolio--
Class A 0.77% -- 0.06% -- 0.83% 0.02% 0.81%
-----------------------------------------------------------------------------------
Invesco Small
Cap Growth
Portfolio--
Class B 0.85% 0.25% 0.02% -- 1.12% 0.01% 1.11%
-----------------------------------------------------------------------------------
JPMorgan
Small Cap
Value
Portfolio--
Class A 0.78% -- 0.06% -- 0.84% 0.09% 0.75%
-----------------------------------------------------------------------------------
Lord Abbett
Bond
Debenture
Portfolio--
Class A 0.51% -- 0.03% -- 0.54% -- 0.54%
-----------------------------------------------------------------------------------
Lord Abbett
Mid Cap Value
Portfolio--
Class A 0.65% -- 0.04% 0.06% 0.75% 0.00% 0.75%
-----------------------------------------------------------------------------------
16
-----------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
-----------------------------------------------------------------------------------
MetLife
Aggressive
Strategy
Portfolio--
Class B 0.09% 0.25% 0.01% 0.72% 1.07% -- 1.07%
-----------------------------------------------------------------------------------
MFS(R)
Research
International
Portfolio--
Class B 0.68% 0.25% 0.07% -- 1.00% 0.05% 0.95%
-----------------------------------------------------------------------------------
Morgan
Stanley Mid
Cap Growth
Portfolio--
Class A 0.65% -- 0.07% -- 0.72% 0.01% 0.71%
-----------------------------------------------------------------------------------
Oppenheimer
Global Equity
Portfolio--
Class A 0.67% -- 0.09% -- 0.76% 0.02% 0.74%
-----------------------------------------------------------------------------------
PIMCO
Inflation
Protected
Bond
Portfolio--
Class A 0.47% -- 0.11% -- 0.58% -- 0.58%
-----------------------------------------------------------------------------------
PIMCO Total
Return
Portfolio--
Class A 0.48% -- 0.03% -- 0.51% -- 0.51%
-----------------------------------------------------------------------------------
Pioneer Fund
Portfolio--
Class A 0.64% -- 0.04% -- 0.68% 0.03% 0.65%
-----------------------------------------------------------------------------------
T. Rowe Price
Large Cap
Value
Portfolio--
Class A 0.57% -- 0.02% -- 0.59% -- 0.59%
-----------------------------------------------------------------------------------
Third Avenue
Small Cap
Value
Portfolio--
Class B 0.74% 0.25% 0.03% -- 1.02% 0.01% 1.01%
-----------------------------------------------------------------------------------
METROPOLITAN
SERIES FUND
-----------------------------------------------------------------------------------
Baillie Gifford
International
Stock
Portfolio--
Class A 0.81% -- 0.10% -- 0.91% 0.10% 0.81%
-----------------------------------------------------------------------------------
Barclays
Aggregate
Bond Index
Portfolio--
Class A 0.25% -- 0.04% -- 0.29% 0.01% 0.28%
-----------------------------------------------------------------------------------
17
---------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
---------------------------------------------------------------------------------
BlackRock
Bond Income
Portfolio--
Class A 0.32% -- 0.04% -- 0.36% 0.00% 0.36%
---------------------------------------------------------------------------------
BlackRock
Capital
Appreciation
Portfolio--
Class A 0.70% -- 0.03% -- 0.73% 0.01% 0.72%
---------------------------------------------------------------------------------
BlackRock
Diversified
Portfolio--
Class A 0.46% -- 0.07% -- 0.53% -- 0.53%
---------------------------------------------------------------------------------
BlackRock
Money Market
Portfolio--
Class A 0.33% -- 0.02% -- 0.35% 0.01% 0.34%
---------------------------------------------------------------------------------
Davis Venture
Value
Portfolio--
Class A 0.70% -- 0.03% -- 0.73% 0.05% 0.68%
---------------------------------------------------------------------------------
Frontier Mid
Cap Growth
Portfolio--
Class A 0.73% -- 0.05% -- 0.78% 0.02% 0.76%
---------------------------------------------------------------------------------
Jennison
Growth
Portfolio--
Class A 0.61% -- 0.03% -- 0.64% 0.07% 0.57%
---------------------------------------------------------------------------------
Loomis Sayles
Small Cap
Core
Portfolio--
Class A 0.90% -- 0.07% 0.10% 1.07% 0.08% 0.99%
---------------------------------------------------------------------------------
Met/Artisan
Mid Cap Value
Portfolio--
Class B 0.81% 0.25% 0.04% -- 1.10% -- 1.10%
---------------------------------------------------------------------------------
MetLife
Conservative
Allocation
Portfolio--
Class B 0.09% 0.25% 0.02% 0.54% 0.90% 0.01% 0.89%
---------------------------------------------------------------------------------
MetLife
Conservative
to Moderate
Allocation
Portfolio--
Class B 0.07% 0.25% 0.01% 0.58% 0.91% 0.00% 0.91%
---------------------------------------------------------------------------------
MetLife Mid
Cap Stock
Index
Portfolio--
Class A 0.25% -- 0.07% 0.02% 0.34% 0.00% 0.34%
---------------------------------------------------------------------------------
18
-----------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
-----------------------------------------------------------------------------------
MetLife
Moderate
Allocation
Portfolio--
Class B 0.06% 0.25% -- 0.63% 0.94% 0.00% 0.94%
-----------------------------------------------------------------------------------
MetLife
Moderate to
Aggressive
Allocation
Portfolio--
Class B 0.06% 0.25% 0.01% 0.67% 0.99% 0.00% 0.99%
-----------------------------------------------------------------------------------
MetLife Stock
Index
Portfolio--
Class A 0.25% -- 0.03% -- 0.28% 0.01% 0.27%
-----------------------------------------------------------------------------------
MFS(R) Total
Return
Portfolio--
Class B 0.55% 0.25% 0.05% -- 0.85% -- 0.85%
-----------------------------------------------------------------------------------
MFS(R) Value
Portfolio--
Class A 0.70% -- 0.03% -- 0.73% 0.13% 0.60%
-----------------------------------------------------------------------------------
MSCI EAFE(R)
Index
Portfolio--
Class A 0.30% -- 0.11% 0.01% 0.42% 0.00% 0.42%
-----------------------------------------------------------------------------------
Neuberger
Berman
Genesis
Portfolio--
Class A 0.82% -- 0.04% -- 0.86% 0.01% 0.85%
-----------------------------------------------------------------------------------
Russell 2000(R)
Index
Portfolio--
Class A 0.25% -- 0.08% 0.09% 0.42% 0.00% 0.42%
-----------------------------------------------------------------------------------
T. Rowe Price
Large Cap
Growth
Portfolio--
Class A 0.60% -- 0.04% -- 0.64% 0.01% 0.63%
-----------------------------------------------------------------------------------
T. Rowe Price
Small Cap
Growth
Portfolio--
Class A 0.49% -- 0.06% -- 0.55% -- 0.55%
-----------------------------------------------------------------------------------
MFS(R)
VARIABLE
INSURANCE
TRUST--
SERVICE CLASS
-----------------------------------------------------------------------------------
MFS(R) Global
Equity Series 1.00% 0.25% 0.31% -- 1.56% 0.16% 1.40%
-----------------------------------------------------------------------------------
MFS(R) High
Income Series 0.70% 0.25% 0.10% -- 1.05% -- 1.05%
-----------------------------------------------------------------------------------
MFS(R) New
Discovery
Series 0.90% 0.25% 0.07% -- 1.22% -- 1.22%
-----------------------------------------------------------------------------------
19
-----------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
-----------------------------------------------------------------------------------
OPPENHEIMER
VARIABLE
ACCOUNT
FUNDS--NON-
SERVICE
SHARES
-----------------------------------------------------------------------------------
Oppenheimer
Main Street
Small Cap
Fund(R)/VA 0.69% -- 0.14% -- 0.83% 0.03% 0.80%
-----------------------------------------------------------------------------------
PIMCO
VARIABLE
INSURANCE
TRUST--
ADMINISTRATIVE
CLASS
-----------------------------------------------------------------------------------
PIMCO All
Asset Portfolio 0.43% 0.15% -- 0.75% 1.33% 0.09% 1.24%
-----------------------------------------------------------------------------------
PIMCO
Commodity
RealReturn(R)
Strategy
Portfolio 0.74% 0.15% 0.11% 0.14% 1.14% 0.14% 1.00%
-----------------------------------------------------------------------------------
PIMCO Long-
Term U.S.
Government
Portfolio 0.48% 0.15% 0.04% -- 0.67% -- 0.67%
-----------------------------------------------------------------------------------
PIMCO Low
Duration
Portfolio 0.50% 0.15% -- -- 0.65% -- 0.65%
-----------------------------------------------------------------------------------
PIONEER
VARIABLE
CONTRACTS
TRUST
-----------------------------------------------------------------------------------
Pioneer
Emerging
Markets VCT
Portfolio--
Class II 1.15% 0.25% 0.30% 0.01% 1.71% -- 1.71%
-----------------------------------------------------------------------------------
Pioneer Mid
Cap Value
VCT
Portfolio--
Class I 0.65% -- 0.07% -- 0.72% -- 0.72%
-----------------------------------------------------------------------------------
PUTNAM
VARIABLE
TRUST--
CLASS IB
-----------------------------------------------------------------------------------
Putnam VT
International
Value Fund 0.71% 0.25% 0.23% -- 1.19% -- 1.19%
-----------------------------------------------------------------------------------
20
---------------------------------------------------------------------------------
DISTRIBU-
TION FEE WAIVER NET
AND/OR ACQUIRED TOTAL AND/OR TOTAL
MANAGE- SERVICE FUND ANNUAL EXPENSE ANNUAL
MENT (12B-1) OTHER FEES AND OPERATING REIMBUR- OPERATING
FEE FEES EXPENSES EXPENSES EXPENSES SEMENT EXPENSES
---------------------------------------------------------------------------------
ROYCE CAPITAL
FUND--
INVESTMENT
CLASS
---------------------------------------------------------------------------------
Royce Micro-
Cap Portfolio 1.25% -- 0.08% -- 1.33% -- 1.33%
---------------------------------------------------------------------------------
Royce Small-
Cap Portfolio 1.00% -- 0.06% -- 1.06% -- 1.06%
---------------------------------------------------------------------------------
THE UNIVERSAL
INSTITUTIONAL
FUNDS, INC.--
CLASS I
---------------------------------------------------------------------------------
Emerging
Markets Debt
Portfolio 0.75% -- 0.30% -- 1.05% -- 1.05%
---------------------------------------------------------------------------------
Emerging
Markets
Equity
Portfolio 1.25% -- 0.40% -- 1.65% 0.23% 1.42%
---------------------------------------------------------------------------------
WELLS FARGO
VARIABLE
TRUST--
CLASS 2
---------------------------------------------------------------------------------
VT Total
Return Bond
Fund 0.40% 0.25% 0.29% 0.01% 0.95% 0.04% 0.91%
---------------------------------------------------------------------------------
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 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.
Certain Portfolios that have "Acquired Fund Fees and Expenses" are "funds of
funds." A fund of funds invests substantially all of its assets in other
underlying funds. Because the Portfolio invests in other funds, it will bear
its pro rata portion of the operating expenses of those underlying funds,
including the management fee.
Additional information about the management fees and expenses of the Funds can
be obtained in Funds' prospectuses and Statements of Additional Information.
FOR INFORMATION CONCERNING COMPENSATION PAID FOR THE SALE OF THE POLICIES, SEE
"SALE OF POLICIES."
21
METLIFE
Metropolitan Life Insurance Company ("MetLife") is a wholly-owned subsidiary of
MetLife, Inc., a publicly traded company. Our main office is located at 200
Park Avenue, New York, New York 10166.
MetLife has the legal obligation to pay all benefits and other amounts to which
you are entitled under the terms of your Policy.
THE FIXED ACCOUNT
The Fixed Account is part of our general assets that are not in any legally
segregated separate accounts. Amounts in the Fixed Account are credited with
interest at an effective annual rate of 2.5% (4% for Policies issued prior to
February 24, 2012). We may also credit excess interest on such amounts.
Different excess interest rates may apply to different amounts based upon when
such amounts were allocated to the Fixed Account.
Any partial amounts we remove from the Fixed Account (such as any portion of
your Policy's monthly deduction that is allocable to the Fixed Account) will be
taken from the most recently allocated amounts first. Any excess interest rate
will be credited for at least 12 months before a new rate is credited. We can
delay transfers, withdrawals, surrender and payment of Policy loans from the
Fixed Account for up to 6 months. Since the Fixed Account is not registered
under the federal securities laws, this Prospectus contains only limited
information about the Fixed Account. The Policy gives you more information on
the operation of the Fixed Account.
SEPARATE ACCOUNT UL
The Separate Account receives premium payments from the Policy described in
this Prospectus and other variable life insurance policies that we issue. The
assets in the Separate Account legally belong to us, but they are held solely
for the benefit of investors in the Separate Account and no one else, including
our other creditors. Income and realized and unrealized capital gains and
losses of the Separate Account are credited to the Separate Account without
regard to any of our other income or capital gains and losses. We will keep an
amount in the Separate Account that at least equals the value of our
commitments to policy owners that are based on their investments in the
Separate Account. We can also keep charges that we deduct and other excess
amounts in the Separate Account or we can transfer the excess out of the
Separate Account. We are obligated to pay the death benefit under the Policy
even if that amount exceeds the Policy's cash value in the Separate Account.
The amount of the death benefit that exceeds the Policy's cash value in the
Separate Account is paid from our general account. Death benefits paid from the
general account are subject to the financial strength and claims-paying ability
of the Company. For other life insurance policies and annuity contracts that we
issue, we pay all amounts owed under the policies and contracts from the
general account. MetLife is regulated as an insurance company under state law,
which generally imposes restrictions on the amount and type of investments in
the general account. However, there is no guarantee that we will be able to
meet our claims-paying obligations. There are risks to purchasing any insurance
product.
22
The investment adviser to certain of the Portfolios offered with the 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.
[SIDEBAR: EACH SEPARATE ACCOUNT INVESTMENT DIVISION INVESTS IN A CORRESPONDING
PORTFOLIO OF A FUND.]
The Separate Account has subdivisions, called "investment divisions." Each
investment division invests its assets exclusively in shares of a corresponding
Portfolio of a Fund. We can add new investment divisions to or eliminate
investment divisions from the Separate Account. You can designate how you would
like your net premiums and cash value to be allocated among the available
investment divisions and our Fixed Account. Amounts you allocate to each
investment division receive the investment experience of the investment
division, and you bear this investment risk.
THE FUNDS
[SIDEBAR: YOU SHOULD CAREFULLY REVIEW THE INVESTMENT OBJECTIVES, STRATEGIES,
AND RISKS OF EACH PORTFOLIO WHICH ARE DESCRIBED IN THE PROSPECTUS FOR EACH FUND
YOU HAVE ALSO RECEIVED.]
Each of the Funds is a "series" type of mutual fund, which is registered as an
open-end management investment company under the Investment Company Act of 1940
(the "1940 Act"). Each Fund is divided into Portfolios, each of which
represents a different class of stock in which a corresponding investment
division of the Separate Account invests. PROSPECTUSES FOR THE FUNDS ARE
AVAILABLE BY CALLING 1-908-253-1400 OR THROUGH YOUR REGISTERED REPRESENTATIVE.
You should read each Fund prospectus carefully. They contain information about
each Fund and its Portfolios, including the investment objectives, strategies,
risks and investment advisers that are associated with each Portfolio.
Some of the Portfolios have names and investment objectives that are very
similar to certain publicly available mutual funds that are managed by the same
money managers. These Portfolios are not those publicly available mutual funds
and will not have the same performance. Different performance will result from
such factors as different implementation of investment policies, different cash
flows into and out of the Portfolios, different fees and different sizes.
CERTAIN PAYMENTS WE RECEIVE WITH REGARD TO THE PORTFOLIOS. An investment
adviser (other than our affiliate MetLife Advisers, LLC) or sub-adviser of a
Portfolio or its affiliates, may make payments to us and/or certain of our
affiliates. These payments may be used for a variety of purposes, including
payment for expenses for certain administrative, marketing and support services
with respect to the Policies and, in MetLife's role as intermediary, with
respect to the Portfolios. We and our affiliates may profit from these
payments. These payments may be derived, in whole or in part, from the advisory
fee deducted from Portfolio assets. Policy owners, through their indirect
investment in the Portfolios, bear the costs of these advisory fees (see the
Fund prospectuses for more information). The amount of the payments we receive
is based on a percentage of assets of the Portfolio attributable to the
Policies and certain other variable insurance products that we and our
affiliates issue. These percentages differ and some advisers or sub-advisers
(or other affiliates) may pay us more than others. These percentages currently
range up to .50%.
Additionally, an investment adviser (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
23
may pay us and/or certain of our affiliates amounts to participate in sales
meetings. These amounts may be significant and may provide the adviser or
sub-adviser (or their affiliate) with increased access to persons involved in
the distribution of the Policies.
We, and certain of our affiliated insurance companies, have joint ownership
interests in our affiliated investment adviser MetLife Advisers, LLC, which is
organized as a limited liability company. Our ownership interests in MetLife
Advisers, LLC entitle us to profit distributions if the adviser makes a profit
with respect to the advisory fees it receives from a Portfolio. We will benefit
accordingly from assets allocated to the Portfolios to the extent they result
in profits to the adviser. (See "Fee Tables--Portfolio Operating Expenses" for
information on the management fees paid to the adviser and the Statement of
Additional Information for the Funds for information on the management fees
paid by the adviser to sub-advisers.)
Certain Funds have adopted a Distribution Plan under Rule 12b-1 of the
Investment Company Act of 1940. A Fund's 12b-1 Plan, if any, is described
in more detail in each Fund's prospectus. (See also "Fee Tables--Portfolio
Operating Expenses.") Any payments we receive pursuant to those 12b-1 Plans are
paid to us or our distributor. Payments under a Fund's 12b-1 Plan decrease the
Portfolio's investment return.
SELECTION OF THE PORTFOLIOS. We select the Portfolios offered through this
Policy based on a number of criteria, including asset class coverage, the
strength of the adviser's or subadviser's reputation and tenure, brand
recognition, performance, and the capability and qualification of each
investment firm. Another factor we consider during the selection process is
whether the Portfolio's adviser or subadviser is one of our affiliates or
whether the Portfolio, its adviser, its subadviser(s), or an affiliate will
make payments to us or our affiliates. For additional information on these
arrangements, see "Certain Payments We Receive with Regard to the Portfolios"
above. In this regard, the profit distributions we receive from our affiliated
investment advisers are a component of the total revenue that we consider in
configuring the features and investment choices available in the variable
insurance products that we and our affiliated insurance companies issue. Since
we and our affiliated insurance companies may benefit more from the allocation
of assets to Portfolios advised by our affiliates than those that are not, we
may be more inclined to offer Portfolios advised by our affiliates in the
variable insurance products we issue. In some cases, we may include Portfolios
based on recommendations made by selling firms through which the Policy is
sold. These selling firms may receive payments from the Portfolios they
recommend and may benefit accordingly from the allocation of cash value to such
Portfolios. We review the Portfolios periodically and may remove a Portfolio or
limit its availability to new premium payments or transfers of cash value if we
determine that the Portfolio no longer meets one or more of the selection
criteria, and/or if the Portfolio has not attracted significant allocations
from owners.
We make certain payments to American Funds Distributors, Inc., principal
underwriter for the American Funds Insurance Series. (See "Sales of Policies.")
WE DO NOT PROVIDE INVESTMENT ADVICE AND DO NOT RECOMMEND OR ENDORSE ANY
PARTICULAR PORTFOLIO. YOU BEAR THE RISK OF ANY DECLINE IN THE CASH VALUE OF
YOUR POLICY RESULTING FROM THE PERFORMANCE OF THE PORTFOLIOS YOU HAVE CHOSEN.
24
As of the end of each Valuation Period (see "Valuation Period" description
below in "Other Policy Provisions--When Your Requests Become Effective"), we
purchase and redeem Fund shares for the Separate Account at their net asset
value without any sales or redemption charges. These purchases and redemptions
reflect the amount of any of the following transactions that take effect at the
end of the Valuation Period:
.. The allocation of net premiums to the Separate Account.
.. Dividends and distributions on Fund shares, which are reinvested as of the
dates paid (which reduces the value of each share of the Fund and increases
the number of Fund shares outstanding, but has no effect on the cash value
in the Separate Account).
.. Policy loans and loan repayments allocated to the Separate Account.
.. Transfers to and among investment divisions.
.. Withdrawals and surrenders taken from the Separate Account.
The adviser, any sub-adviser and investment objective of each Portfolio are as
follows:
AIM VARIABLE INSURANCE FUNDS (INVESCO VARIABLE INSURANCE FUNDS)
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
Invesco V.I. Comstock Fund--Series II Seeks capital growth and income Invesco Advisers, Inc.
through investments in equity
securities, including common stocks,
preferred stocks and securities
convertible into common and preferred
stocks.
-------------------------------------------------------------------------------------------------------
Invesco V.I. Global Real Estate Seeks total return through growth of Invesco Advisers, Inc.
Fund--Series I capital and current income. Subadviser: Invesco Asset
Management Limited
-------------------------------------------------------------------------------------------------------
Invesco V.I. Government Securities Seeks total return, comprised of Invesco Advisers, Inc.
Fund--Series II current income and capital
appreciation.
-------------------------------------------------------------------------------------------------------
Invesco V.I. International Growth Seeks long-term growth of capital. Invesco Advisers, Inc.
Fund--Series I
-------------------------------------------------------------------------------------------------------
ALLIANCEBERNSTEIN VARIABLE PRODUCTS SERIES FUND, INC.
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
Global Thematic Growth Seeks long-term growth of capital. AllianceBernstein L.P.
Portfolio--Class B
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Intermediate Bond Portfolio--Class B Seeks to generate income and price AllianceBernstein L.P.
appreciation without assuming what
the Adviser considers undue risk.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
International Value Portfolio--Class A Seeks long-term growth of capital. AllianceBernstein L.P.
-------------------------------------------------------------------------------------------------------
AMERICAN CENTURY VARIABLE PORTFOLIOS, INC.--CLASS I
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
VP Vista/SM/ Fund Seeks long-term capital growth. American Century
Investment Management,
Inc.
-------------------------------------------------------------------------------------------------------
25
AMERICAN FUNDS INSURANCE SERIES(R)--CLASS 2
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
American Funds Growth Fund Seeks growth of capital. Capital Research and
Management Company
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
American Funds High-Income Bond Fund Seeks a high level of current income. Capital Research and
Its secondary objective is capital Management Company
appreciation.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
American Funds International Fund Seeks long-term growth of capital. Capital Research and
Management Company
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
American Funds U.S. Seeks a high level of current income Capital Research and
Government/AAA-Rated Securities Fund consistent with preservation of Management Company
capital.
-------------------------------------------------------------------------------------------------------
DREYFUS VARIABLE INVESTMENT FUND--SERVICE SHARES
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
International Value Portfolio Seeks long-term capital growth. The Dreyfus Corporation
-------------------------------------------------------------------------------------------------------
FIDELITY(R) VARIABLE INSURANCE PRODUCTS
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
Asset Manager: Growth(R) Seeks to maximize total return by Fidelity Management &
Portfolio--Service Class allocating its assets among stocks, Research Company
bonds, short-term instruments, and Subadviser: FMR Co., Inc.
other investments. Fidelity Investments
Money Management, Inc.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Contrafund(R) Portfolio-- Service Seeks long-term capital appreciation. Fidelity Management &
Class Research Company
Subadviser: FMR Co., Inc.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Equity-Income Portfolio--Service Class Seeks reasonable income. The fund Fidelity Management &
will also consider the potential for Research Company
capital appreciation. The fund's goal Subadviser: FMR Co., Inc.
is to achieve a yield which exceeds
the composite yield on the securities
comprising the S&P 500(R) Index.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Freedom 2010 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc.
secondary objective of principal
preservation as the fund approaches
its target date and beyond.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Freedom 2015 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc.
secondary objective of principal
preservation as the fund approaches
its target date and beyond.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Freedom 2020 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc.
secondary objective of principal
preservation as the fund approaches
its target date and beyond.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Freedom 2025 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc.
secondary objective of principal
preservation as the fund approaches
its target date and beyond.
-------------------------------------------------------------------------------------------------------
26
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
Freedom 2030 Portfolio-- Initial Class Seeks high total return with a Strategic Advisers, Inc.
secondary objective of principal
preservation as the fund approaches
its target date and beyond.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
High Income Portfolio-- Initial Class Seeks a high level of current income, Fidelity Management &
while also considering growth of Research Company
capital. Subadviser: FMR Co., Inc.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Investment Grade Bond Seeks as high a level of current Fidelity Management &
Portfolio--Service Class income as is consistent with the Research Company
preservation of capital. Subadviser: Fidelity
Investments Money
Management, Inc.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Mid Cap Portfolio-- Service Class 2 Seeks long-term growth of capital. Fidelity Management &
Research Company
Subadviser: FMR Co., Inc.
-------------------------------------------------------------------------------------------------------
FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
Mutual Global Discovery Securities Seeks capital appreciation. Franklin Mutual Advisers,
Fund--Class 2 LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Templeton Foreign Securities Seeks long-term capital growth. Templeton Investment
Fund--Class 1 Counsel, LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Templeton Global Bond Securities Seeks high current income, consistent Franklin Advisers, Inc.
Fund--Class 1 with preservation of capital, with
capital appreciation as a secondary
consideration.
-------------------------------------------------------------------------------------------------------
GOLDMAN SACHS VARIABLE INSURANCE TRUST--INSTITUTIONAL SHARES
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
Goldman Sachs Structured Small Cap Seeks long-term growth of capital. Goldman Sachs Asset
Equity Fund Management, L.P.
-------------------------------------------------------------------------------------------------------
JANUS ASPEN SERIES
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
Balanced Portfolio--Service Shares Seeks long-term capital growth, Janus Capital
consistent with preservation of Management LLC
capital and balanced by current
income.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Enterprise Portfolio--Service Shares Seeks long-term growth of capital. Janus Capital
Management LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Forty Portfolio--Service Shares Seeks long-term growth of capital. Janus Capital
Management LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Janus Portfolio--Institutional Shares Seeks long-term growth of capital. Janus Capital
Management LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Overseas Portfolio--Service Shares Seeks long-term growth of capital. Janus Capital
Management LLC
-------------------------------------------------------------------------------------------------------
27
LEGG MASON PARTNERS VARIABLE EQUITY TRUST
---------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
---------------------------------------------------------------------------------------------------------
Legg Mason Investment Counsel Seeks capital appreciation and Legg Mason Partners
Variable Social Awareness Portfolio retention of net investment income. Fund Advisor, LLC
Subadviser: Legg Mason
Investment Counsel, LLC
---------------------------------------------------------------------------------------------------------
MET INVESTORS SERIES TRUST
---------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
---------------------------------------------------------------------------------------------------------
BlackRock Large Cap Core Seeks long-term capital growth. MetLife Advisers, LLC
Portfolio--Class A Subadviser: BlackRock
Advisors, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Clarion Global Real Estate Seeks total return through investment MetLife Advisers, LLC
Portfolio--Class B in real estate securities, Subadviser: CBRE
emphasizing both capital appreciation Clarion Securities LLC
and current income.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
ClearBridge Aggressive Growth Seeks capital appreciation. MetLife Advisers, LLC
Portfolio--Class A Subadviser: ClearBridge
Investments, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Harris Oakmark International Seeks long-term capital appreciation. MetLife Advisers, LLC
Portfolio--Class A Subadviser: Harris
Associates L.P.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Invesco Small Cap Growth Seeks long-term growth of capital. MetLife Advisers, LLC
Portfolio--Class B Subadviser: Invesco
Advisers, Inc.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
JPMorgan Small Cap Value Seeks long-term growth of capital. MetLife Advisers, LLC
Portfolio--Class A Subadviser: J.P. Morgan
Investment Management
Inc.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Lord Abbett Bond Debenture Seeks high current income and the MetLife Advisers, LLC
Portfolio--Class A opportunity for capital appreciation Subadviser: Lord, Abbett
to produce a high total return. & Co. LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Lord Abbett Mid Cap Value Seeks capital appreciation through MetLife Advisers, LLC
Portfolio--Class A investments, primarily in equity Subadviser: Lord, Abbett
securities, which are believed to be & Co. LLC
undervalued in the marketplace.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
MetLife Aggressive Strategy Seeks growth of capital. MetLife Advisers, LLC
Portfolio--Class B
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
MFS(R) Research International Seeks capital appreciation. MetLife Advisers, LLC
Portfolio--Class B Subadviser: Massachusetts
Financial Services
Company
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Morgan Stanley Mid Cap Growth Seeks capital appreciation. MetLife Advisers, LLC
Portfolio--Class A Subadviser: Morgan
Stanley Investment
Management Inc.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Oppenheimer Global Equity Seeks capital appreciation. MetLife Advisers, LLC
Portfolio--Class A Subadviser:
OppenheimerFunds, Inc.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
PIMCO Inflation Protected Bond Seeks maximum real return, consistent MetLife Advisers, LLC
Portfolio--Class A with preservation of capital and Subadviser: Pacific
prudent investment management. Investment Management
Company LLC
---------------------------------------------------------------------------------------------------------
28
---------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
---------------------------------------------------------------------------------------------------------
PIMCO Total Return Portfolio--Class A Seeks maximum total return, MetLife Advisers, LLC
consistent with the preservation of Subadviser: Pacific
capital and prudent investment Investment Management
management. Company LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Pioneer Fund Portfolio--Class A Seeks reasonable income and capital MetLife Advisers, LLC
growth. Subadviser: Pioneer
Investment Management,
Inc.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
T. Rowe Price Large Cap Value Seeks long-term capital appreciation MetLife Advisers, LLC
Portfolio--Class A by investing in common stocks Subadviser: T. Rowe Price
believed to be undervalued. Income is Associates, Inc.
a secondary objective.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Third Avenue Small Cap Value Seeks long-term capital appreciation. MetLife Advisers, LLC
Portfolio--Class B Subadviser: Third Avenue
Management LLC
---------------------------------------------------------------------------------------------------------
METROPOLITAN SERIES FUND
---------------------------------------------------------------------------------------------------------
Baillie Gifford International Stock Seeks long-term growth of capital. MetLife Advisers, LLC
Portfolio--Class A Subadviser: Baillie Gifford
Overseas Limited
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Barclays Aggregate Bond Index Seeks to track the performance of the MetLife Advisers, LLC
Portfolio--Class A Barclays U.S. Aggregate Bond Index. Subadviser: MetLife
Investment
Management, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
BlackRock Bond Income Seeks a competitive total return MetLife Advisers, LLC
Portfolio--Class A primarily from investing in Subadviser: BlackRock
fixed-income securities. Advisors, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
BlackRock Capital Appreciation Seeks long-term growth of capital. MetLife Advisers, LLC
Portfolio--Class A Subadviser: BlackRock
Advisors, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
BlackRock Diversified Seeks high total return MetLife Advisers, LLC
Portfolio--Class A while attempting to limit investment Subadviser: BlackRock
risk and preserve capital. Advisors, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
BlackRock Money Market Seeks a high level of current income MetLife Advisers, LLC
Portfolio--Class A consistent with preservation of Subadviser: BlackRock
capital. Advisors, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Davis Venture Value Portfolio--Class A Seeks growth of capital. MetLife Advisers, LLC
Subadviser: Davis
Selected Advisers, L.P.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Frontier Mid Cap Growth Seeks maximum capital appreciation. MetLife Advisers, LLC
Portfolio--Class A Subadviser: Frontier
Capital Management
Company, LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Jennison Growth Portfolio--Class A Seeks long-term growth of capital. MetLife Advisers, LLC
Subadviser: Jennison
Associates LLC
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Loomis Sayles Small Cap Core Seeks long-term capital growth from MetLife Advisers, LLC
Portfolio--Class A investments in common stocks or other Subadviser: Loomis,
equity securities. Sayles & Company, L.P.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Met/Artisan Mid Cap Value Seeks long-term capital growth. MetLife Advisers, LLC
Portfolio--Class B Subadviser: Artisan
Partners Limited
Partnership
---------------------------------------------------------------------------------------------------------
29
-------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
-------------------------------------------------------------------------------------------------------
MetLife Conservative Allocation Seeks a high level of current income, MetLife Advisers, LLC
Portfolio--Class B with growth of capital as a secondary
objective.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MetLife Conservative to Moderate Seeks high total return in the form MetLife Advisers, LLC
Allocation Portfolio--Class B of income and growth of capital,
with a greater emphasis on income.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MetLife Mid Cap Stock Index Seeks to track the performance of the MetLife Advisers, LLC
Portfolio--Class A Standard & Poor's MidCap 400(R) Subadviser: MetLife
Composite Stock Price Index. Investment
Management, LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MetLife Moderate Allocation Seeks a balance between a high level MetLife Advisers, LLC
Portfolio--Class B of current income and growth of
capital, with a greater emphasis on
growth of capital.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MetLife Moderate to Aggressive Seeks growth of capital. MetLife Advisers, LLC
Allocation Portfolio--Class B
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MetLife Stock Index Portfolio--Class A Seeks to track the performance of the MetLife Advisers, LLC
Standard & Poor's 500(R) Composite Subadviser: MetLife
Stock Price Index. Investment
Management, LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MFS(R) Total Return Portfolio--Class B Seeks a favorable total return MetLife Advisers, LLC
through investment in a diversified Subadviser: Massachusetts
portfolio. Financial Services
Company
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MFS(R) Value Portfolio--Class A Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: Massachusetts
Financial Services
Company
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
MSCI EAFE(R) Index Portfolio--Class A Seeks to track the performance of the MetLife Advisers, LLC
MSCI EAFE(R) Index. Subadviser: MetLife
Investment
Management, LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Neuberger Berman Genesis Seeks high total return, consisting MetLife Advisers, LLC
Portfolio--Class A principally of capital appreciation. Subadviser: Neuberger
Berman Management
LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
Russell 2000(R) Index Seeks to track the performance of the MetLife Advisers, LLC
Portfolio--Class A Russell 2000(R) Index. Subadviser: MetLife
Investment
Management, LLC
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
T. Rowe Price Large Cap Growth Seeks long-term growth of capital MetLife Advisers, LLC
Portfolio--Class A and, secondarily, dividend income. Subadviser: T. Rowe Price
Associates, Inc.
-------------------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------------------
T. Rowe Price Small Cap Growth Seeks long-term capital growth. MetLife Advisers, LLC
Portfolio--Class A Subadviser: T. Rowe Price
Associates, Inc.
-------------------------------------------------------------------------------------------------------
MFS(R) VARIABLE INSURANCE TRUST--SERVICE CLASS
-------------------------------------------------------------------------------------------------------
MFS(R) Global Equity Series Seeks capital appreciation. Massachusetts Financial
Services Company
-------------------------------------------------------------------------------------------------------
30
--------------------------------------------------------------------------------------------------------
INVESTMENT ADVISER/
PORTFOLIO INVESTMENT OBJECTIVE SUBADVISER
--------------------------------------------------------------------------------------------------------
MFS(R) High Income Series Seeks total return with an emphasis Massachusetts Financial
on high current income, but also Services Company
considering capital appreciation.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
MFS(R) New Discovery Series Seeks capital appreciation. Massachusetts Financial
Services Company
--------------------------------------------------------------------------------------------------------
OPPENHEIMER VARIABLE ACCOUNT FUNDS--NON-SERVICE SHARES
--------------------------------------------------------------------------------------------------------
Oppenheimer Main Street Small Cap Seeks capital appreciation. OppenheimerFunds, Inc.
Fund(R)/VA
--------------------------------------------------------------------------------------------------------
PIMCO VARIABLE INSURANCE TRUST--ADMINISTRATIVE CLASS
--------------------------------------------------------------------------------------------------------
PIMCO All Asset Portfolio Seeks maximum real return consistent Pacific Investment
with preservation of real capital and Management Company
prudent investment management. LLC Subadviser:
Research Affiliates, LLC
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PIMCO CommodityRealReturn(R) Strategy Seeks maximum real return consistent Pacific Investment
Portfolio with prudent investment management. Management Company
LLC
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PIMCO Long-Term U.S. Government Seeks maximum total return, Pacific Investment
Portfolio consistent with preservation of Management Company
capital and prudent investment LLC
management.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
PIMCO Low Duration Portfolio Seeks maximum total return, Pacific Investment
consistent with preservation of Management Company
capital and prudent investment LLC
management.
--------------------------------------------------------------------------------------------------------
PIONEER VARIABLE CONTRACTS TRUST
--------------------------------------------------------------------------------------------------------
Pioneer Emerging Markets VCT Seeks long-term growth of capital. Pioneer Investment
Portfolio--Class II Management, Inc.
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Pioneer Mid Cap Value VCT Seeks capital appreciation Pioneer Investment
Portfolio--Class I by investing in a diversified Management, Inc.
portfolio of securities consisting
primarily of common stocks.
--------------------------------------------------------------------------------------------------------
PUTNAM VARIABLE TRUST--CLASS IB
--------------------------------------------------------------------------------------------------------
Putnam VT International Value Fund Seeks capital growth. Current income Putnam Investment
is a secondary objective. Management, LLC
Subadviser: The Putnam
Advisory Company, LLC
--------------------------------------------------------------------------------------------------------
ROYCE CAPITAL FUND--INVESTMENT CLASS
--------------------------------------------------------------------------------------------------------
Royce Micro-Cap Portfolio Seeks long-term growth of capital. Royce & Associates, LLC
--------------------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------------------
Royce Small-Cap Portfolio Seeks long-term growth of capital. Royce & Associates, LLC
--------------------------------------------------------------------------------------------------------
31
THE UNIVERSAL INSTITUTIONAL FUNDS, INC.--CLASS I
---------------------------------------------------------------------------------------------------------
Emerging Markets Debt Portfolio Seeks high total return by investing Morgan Stanley
primarily in fixed income securities Investment Management
of government and government-related Inc.
issuers and, to a lesser extent, of
corporate issuers in emerging market
countries.
---------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------
Emerging Markets Equity Portfolio Seeks long-term capital appreciation Morgan Stanley
by investing primarily in Investment Management
growth-oriented equity securities of Inc.
issuers in emerging market countries. Subadvisers: Morgan
Stanley Investment
Management Company
and Morgan Stanley
Investment Management
Limited
---------------------------------------------------------------------------------------------------------
WELLS FARGO VARIABLE TRUST--CLASS 2
---------------------------------------------------------------------------------------------------------
VT Total Return Bond Fund Seeks total return, consisting of Wells Fargo Funds
income and capital appreciation. Management, LLC
Subadviser: Wells Capital
Management Incorporated
---------------------------------------------------------------------------------------------------------
THE PORTFOLIO SHARE CLASSES THAT WE OFFER
The Funds offer various classes of shares, each of which has a different level
of expenses. The Fund prospectuses may provide information for share classes or
Portfolios that are not available through the Policy. When you consult the Fund
prospectus for a Portfolio, you should be careful to refer only to the
information regarding the Portfolio and class of shares that is available
through the Policy.
SUBSTITUTION OF PORTFOLIOS
If investment in the Portfolios or a particular Portfolio is no longer
possible, in our judgment becomes inappropriate for the purposes of the
Policies, or for any other reason in our sole discretion, we may substitute
another portfolio without your consent. The substituted Portfolio may have
different fees and expenses. Substitution may be made with respect to existing
investments or the investment of future premium payments, or both. However, we
will not make such substitution without any necessary approval of the
Securities and Exchange Commission. Furthermore, we may make available or close
investment divisions to allocation of premium payments or cash value, or both,
for some or all classes of Policies, at any time in our sole discretion.
VOTING RIGHTS
[SIDEBAR: YOU CAN GIVE US VOTING INSTRUCTIONS ON SHARES OF EACH PORTFOLIO OF A
FUND THAT ARE ATTRIBUTED TO YOUR POLICY.]
The Funds have shareholder meetings from time to time to, for example, elect
directors and approve some changes in investment management arrangements. We
will vote the shares of each Portfolio that are attributed to your Policy based
on your instructions. We will vote all shares in proportion to the instructions
received. If we do not receive your instructions we will vote your shares in
the same proportion as represented by the votes received from
32
other owners. The effect of this proportional voting is that a small number of
owners may control the outcome of a vote. Should we determine that the 1940 Act
no longer requires us to do this, we may decide to vote Fund shares in our own
right, without input from you or any other owners of variable life insurance
policies or variable annuity contracts that participate in a Fund.
ISSUING A POLICY
If you want to own a Policy, then you must complete an application, which must
be received by the Designated Office. We reserve the right to reject an
application for any reason permitted by law, and our acceptance of an
application is subject to our insurance underwriting rules.
We offer other variable life insurance policies that have different death
benefits, policy features, Portfolio selections, and optional programs.
However, these other policies also have different charges that would affect
your performance and cash values. To obtain more information about these other
policies, contact our Designated Office or your sales representative.
There are three types of underwriting available under the Policy. We decide
which type to use based on the total number of eligible possible insureds
within the eligible group for whom a Policy could be purchased and the
percentage of those insureds for whom a Policy is actually purchased. The three
types of underwriting are:
GUARANTEED ISSUE--requires the least evidence of insurability and rating
classification
SIMPLIFIED UNDERWRITING--requires more evidence of insurability and rating
classification
FULL UNDERWRITING--requires the most evidence of insurability and rating
classification
An insured who is a standard risk under Simplified Underwriting or Guaranteed
Issue may have a higher cost of term insurance rate than would apply to the
same insured under Full Underwriting.
Generally, we will issue a Policy only for insureds that are age 70 or less
(although we may decide to permit an insured that is older) that have provided
evidence of insurability that we find acceptable. An "insured" is the person
upon whose life we issue the Policy. For the purpose of computing the insured's
age under the Policy, we start with the insured's age on the Date of Policy
which is set forth in the Policy. Age under the Policy at any other time is
then computed using that issue age and adding the number of full Policy years
completed.
The Date of Policy is usually the date the Policy application is approved and
premiums are accepted. We use the Date of Policy to calculate the Policy years
(and Policy months and monthly anniversaries). To preserve a younger age for
the insured, we may permit a Date of Policy that is earlier than the date the
application is approved if there have been no material misrepresentations in
the application. You may request that your Date of Policy be the same date the
planned periodic premium is received. In these cases, you would incur a charge
for insurance protection before insurance coverage starts.
33
Insurance coverage under the Policy will generally begin at the time the
application is approved. For coverage to be effective, the insured's health on
the date of such approval must be the same as stated in the application and, in
most states, we can require that the insured not have sought medical advice or
treatment between the date of the application and the date of approval.
PAYMENT AND ALLOCATION OF PREMIUMS
[SIDEBAR: YOU CAN MAKE VOLUNTARY PLANNED PERIODIC PREMIUM PAYMENTS AND
UNSCHEDULED PREMIUM PAYMENTS.]
The payment of a given premium won't necessarily guarantee that your Policy
will remain in force. Rather, this depends on your Policy's cash surrender
value.
PAYING PREMIUMS
We accept premium payments made by check or cashier's check. We do not accept
cash, money orders or traveler's checks. You can make premium payments, subject
to certain limitations discussed below, through the:
VOLUNTARY PLANNED PERIODIC PREMIUM SCHEDULE: You choose the schedule on your
application. The schedule sets forth the amount of premiums, fixed payment
intervals and the period of time that you intend to pay premiums. The schedule
can be: (a) annual; (b) semi-annual; or (c) through another method to which we
agree. After payment of the first planned periodic premium, you do not have to
pay premiums in accordance with your voluntary planned period premium schedule.
UNSCHEDULED PREMIUM PAYMENT OPTION: You also can make other premium payments
at any time.
Premium payments sent by regular U.S. mail should be addressed to: MetLife LB
7369, P.O. Box 8500-7369, Philadelphia, PA 19101-7369. Premium payments sent by
express mail or courier service should be addressed to: Wells Fargo Bank, 101
N. Independence Mall East, MetLife Lock Box# 7369, Philadelphia, PA 19106.
If you send premium payments or transaction requests to an address other than
the one we have designated for receipt of such payments or requests, we may
return the premium payment to you, or there may be a delay in applying the
payment or transaction to your Policy.
MAXIMUM AND MINIMUM PREMIUM PAYMENTS
.. The first premium may not be less than the planned premium unless agreed to
by us.
.. After the first Policy year, your voluntary planned periodic payments must
be at least $100, whether on an annual or semi-annual basis.
.. Unscheduled premium payments must be at least $100 each. We may change this
minimum amount on 90 days notice to you.
.. You may not pay premiums that exceed tax law premium limitations for life
insurance policies. We will return any amounts that exceed these limits,
except that we will keep any amounts that are required to keep the Policy
from terminating. We will let you make premium payments that would turn your
Policy into a modified endowment contract, but we will tell you of this
status in your annual statement, and if possible, we will tell you how to
reverse the status. ("See Tax Matters--Modified Endowment Contracts.")
34
.. We reserve the right not to sell a Policy to any group or individual
associated with such group if the total amount of annual premium that is
expected to be paid in connection with all Policies sold to the group or
individuals associated with such group is less than $250,000.
.. We may require evidence of insurability for premium payments that cause the
minimum death benefit to exceed the death benefit then in effect under the
death benefit option chosen.
ALLOCATING NET PREMIUMS
[SIDEBAR: NET PREMIUMS ARE YOUR PREMIUMS MINUS THE CHARGES DEDUCTED FROM YOUR
PREMIUMS.]
Your allocations of net premiums to the Fixed Account are effective as of the
Investment Start Date. See "Investment Start Date" description below in "Other
Policy Provisions--When Your Requests Become Effective." Your allocations of
net premiums to the investment divisions of the Separate Account are effective
as of the end of the free look period. See "Other Policy Provisions--Free Look
Period." During the free look period, we allocate the net premium payments you
allocated to the investment divisions to the BlackRock Money Market investment
division. At the end of the free look period, we will allocate your cash value
in that investment division among all the Separate Account investment divisions
according to your net premium allocation instructions.
For policies issued in California, we allocate net premiums to the investment
divisions of the Separate Account as of the Investment Start Date. If you are
age 60 or older, and you allocate 100% of your initial net premium to the
BlackRock Money Market investment division in order to receive a refund of
premiums should you cancel the Policy during the free look period, we will not
automatically transfer your cash value or reallocate your future premiums once
the free look period has ended. You must contact us to request a transfer or
reallocation.
You can instruct us to allocate your net premiums among the Fixed Account and
the investment divisions. You can change your allocations (effective after the
end of the free look period) at any time by giving us written notification at
our Designated Office or in any other manner that we permit. If you have cash
value of at least $60,000,000 in the Fixed Account for all Policies you own, we
will have to give prior approval to any allocation of net premium or transfer
of cash value to the Fixed Account.
INSURANCE PROCEEDS
If the Policy is in force, we will pay your beneficiary the insurance proceeds
as of the end of the Valuation Period that includes the insured's date of
death. We will pay this amount after we receive documents that we request as
due proof of the insured's death.
We will pay the proceeds in one sum, including either by check, by placing the
amount in an account that earns interest, or by any other method of payment
that provides the beneficiary with immediate and full access to the proceeds,
or under other settlement options that we may make available. None of these
options vary with the investment performance of the Separate Account. More
detailed information concerning settlement options is provided under "Income
Plans" and on request from our Designated Office. We will pay interest on the
proceeds as required by applicable state law.
Unless otherwise requested and subject to state law, the Policy's death
proceeds will generally be paid to the beneficiary through a settlement option
35
called the Total Control Account. The Total Control Account is an
interest-bearing account through which the beneficiary has immediate and full
access to the proceeds, with unlimited draft writing privileges. We credit
interest to the account at a rate that will not be less than a guaranteed
minimum annual effective rate. You may also elect to have any Policy surrender
proceeds paid into a Total Control Account established for you.
The beneficiary has one year from the date the insurance proceeds are paid to
change the selection from a single sum payment to an income plan, as long as we
have made no payments from the interest-bearing account. If the terms of the
income plan permit the beneficiary to withdraw the entire amount from the plan,
the beneficiary can also name contingent beneficiaries.
The insurance proceeds equal:
.. The death benefit under the death benefit option or minimum death benefit
that is in effect on the date of death; plus
.. Any additional insurance proceeds provided by rider; minus
.. Any unpaid Policy loans and accrued interest thereon, and any due and unpaid
charges accruing during a grace period.
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 Policy'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 Designated Office in order to make a
change to your beneficiary designation. (See "Contacting Us.")
DEATH BENEFIT OPTIONS
[SIDEBAR: THE POLICY GENERALLY OFFERS A CHOICE OF THREE DEATH BENEFIT OPTIONS.]
You can choose among three options. You select which option you want in the
Policy application. The three options are:
.. Option A: The death benefit is a level amount and equals the specified face
amount of the Policy.
.. Option B: The death benefit varies and equals the specified face amount of
the Policy plus the cash value on the date of death.
.. Option C: The death benefit varies and equals the specified face amount of
the Policy plus the amount by which the Policy premiums paid exceed
withdrawals made.
There are issues that you should consider in choosing your death benefit
option. For example, under Options B and C, the cash value or other amounts are
added to the specified face amount. Therefore, the death benefit will generally
be greater under these options than under Option A, for Policies with the same
specified face amount and premium payments. By the same token, the cost of
insurance will generally be greater under Options B and C than under Option A.
36
[SIDEBAR: YOU CAN GENERALLY CHANGE YOUR DEATH BENEFIT OPTION.]
You can change your death benefit option after the first Policy year, provided
that:
.. Your cash surrender value after the change would be enough to pay at least
two monthly deductions.
.. The specified face amount continues to be no less than the minimum we allow
after a decrease.
.. The total premiums you have paid do not exceed the then current maximum
premium limitations permitted under Internal Revenue Service rules.
.. You provide evidence satisfactory to us of the insured's insurability, as we
may require.
Any change will be effective on the monthly anniversary on or immediately
following the Date of Receipt of the request (or following the date we approve
it if we require evidence of insurability). A change in death benefit option
will cause us to automatically increase or decrease your specified face amount
so that the amount of the death benefit is not changed on the effective date of
the new death benefit option.
Before you change your death benefit option you should consider the following:
.. If the term insurance portion of your death benefit changes, as it may with
a change from Option A to B or C and vice versa, the term insurance charge
will also change. This will affect your cash value and, in some cases, the
death benefit levels.
.. If your specified face amount changes because of the change in death benefit
option, consider also the issues presented by changing your specified face
amount that are described under "Specified Face Amount," below. These issues
include the possibility that your Policy would become a modified endowment
contract; that you would receive a taxable distribution; and that the
maximum premium amounts that you can pay would change.
MINIMUM DEATH BENEFIT
In no event will the Policy death benefit (plus the proceeds under any term
rider on the insured's life) be lower than the minimum amount required to
maintain the Policy as life insurance under the federal income tax laws as in
effect on the date your Policy is issued. We determine this minimum by applying
either the:
I. Cash Value Accumulation Test or
II. Guideline Premium/Cash Value Corridor Test.
You choose the Cash Value Accumulation Test or the Guideline Premium/Cash Value
Corridor Test before we issue your Policy, and the election cannot later be
changed. Under the Cash Value Accumulation Test, your death benefit is never
less than the amount of your Policy's cash value at the insured's date of
death, multiplied by a factor set forth in your Policy. This factor varies
depending upon the insured's age at the date of death, and it declines as the
insured grows older.
Under the Guideline Premium/Cash Value Corridor Test, there is a very similar
minimum death benefit based on your Policy's cash value at the date of death.
However, the factors set forth in your Policy are higher for the Guideline
Premium/Cash Value Corridor Test (which results in a higher minimum death
benefit, assuming the same cash value). Also, there are firm limits on the
37
amount of premiums you can pay for the amount of coverage you have in force
under the Guideline Premium/Cash Value Corridor Test, while the tax law imposes
no such firm limits under the Cash Value Accumulation Test.
Before choosing between these two Tests you should consider the following:
.. The Cash Value Accumulation Test may allow you to pay a greater amount in
premiums for the same amount of death benefit under federal income tax laws
and still qualify as life insurance. This is the case because the Policy
will qualify as life insurance even though the Policy owner is paying a
higher level of premium than allowed under the Guideline Premium/Cash Value
Accumulation Test. However, the death benefit under the Cash Value
Accumulation Test (and thus the monthly cost of term insurance) could be
higher. You should ask for an illustration comparing results under both
tests. We reserve the right to return any premium to the extent it would
cause the death benefit to increase above certain limits.
.. Increases in death benefits by operation of the Cash Value Accumulation Test
will result in a higher monthly cost of term insurance. Such increases can
also occur under the Guideline Premium/Cash Value Corridor Test, although
this is less likely.
.. Any advantage of the Cash Value Accumulation Test may be eliminated if
premium payments exceed the 7-pay test limit. The 7-pay test sets a limit on
the amount of premiums which may be paid under a policy during the 7-pay
testing period (usually the first 7 Policy years after issue or after a
material modification of the Policy) without incurring possible adverse tax
consequences. If premiums paid exceed such limit during any 7-pay testing
period, any partial withdrawals, Policy loan and other distributions may be
subject to adverse federal income tax consequences. (See "Federal Tax
Matters--Modified Endowment Contracts" below.)
SPECIFIED FACE AMOUNT
CHOOSING YOUR INITIAL SPECIFIED FACE AMOUNT
The specified face amount is the basic amount of insurance specified in your
Policy. The Minimum Initial Specified Face amount is the smallest amount of
specified face amount for which a Policy may be issued. Currently this amount
is $100,000. If the term insurance rider is purchased, the specified face
amount and term rider amount are combined to determine the Minimum Initial
Specified Face Amount. You should consider whether to take all of your coverage
as specified face amount or whether to take some coverage, if available, under
our term insurance benefit.
The term insurance benefit provides coverage on the insured to age 95. You may
purchase this rider, if available, only at the time of Policy issue. By
electing to take part of your coverage under the term insurance rider, you can
reduce the amount of sales charges and current cost of insurance charges that
you otherwise would pay. For details, see "Optional Rider Benefits--Term
Benefit."
[SIDEBAR: YOU CAN GENERALLY INCREASE OR DECREASE YOUR POLICY'S SPECIFIED FACE
AMOUNT.]
CHANGING YOUR SPECIFIED FACE AMOUNT
Generally, you may change your specified face amount at any time after the
first Policy year subject to certain criteria specified below. Any change will
be effective on: the monthly anniversary on or next following the (a) Date of
Receipt of your request; or (b) if we require evidence of insurability, the
date we approve your request.
38
The Specified Face Amount of insurance may not be reduced to less than $100,000
during the first five Policy years or to less than $50,000 after the fifth
Policy year. These minimums also apply to decreases that result from partial
withdrawals or changes in death benefit options. If there have been previous
specified face amount increases, any decreases in specified face amount will be
made in the following order: (i) the specified face amount provided by the most
recent increase; (ii) the next most recent increases successively; and (iii)
the initial specified face amount. You may increase the specified face amount
only if the cash surrender value after the change is large enough to cover at
least two monthly deductions based on your most recent cost of term insurance
charge. Any increase may require that we receive additional evidence of
insurability that is satisfactory to us. We may also impose a one-time
underwriting charge.
Before you change your specified face amount you should consider the following:
.. The term insurance portion of your death benefit will change and so will the
term insurance charge. This will affect the insurance charges, cash value
and, in some cases, death benefit levels.
.. Reducing your specified face amount may result in our returning an amount to
you which, if it occurs during the first 15 Policy years, could then be
taxed on an income first basis.
.. The amount of additional premiums that the tax laws permit you to pay into
your Policy may increase or decrease. The additional amount you can pay
without causing your Policy to be a modified endowment contract for tax
purposes may also increase or decrease. (See "Tax Matters--Modified
Endowment Contracts.")
.. In some circumstances, the Policy could become a modified endowment contract.
.. For Policies issued on or after May 1, 1996 in connection with other than
certain employer sponsored plans that became effective prior to August 1,
2000, the sales charge and the administration charge may change. This is
because an increase or decrease in the specified face amount will result in
an increase or decrease in the annual target premium on which these charges
are based.
INCOME PLANS
[SIDEBAR: GENERALLY YOU CAN RECEIVE THE POLICY'S INSURANCE PROCEEDS, AMOUNTS
PAYABLE AT THE FINAL DATE OR AMOUNTS PAID UPON SURRENDER UNDER AN INCOME PLAN
INSTEAD OF IN A LUMP SUM.]
The insurance proceeds can be paid under a variety of income plans that are
available under the Policy.
Generally, we currently make the following income plans available:
.. Interest income
.. Installment Income for a Stated Period
.. Installment Income of a Stated Amount
.. Single Life Income--Guaranteed Payment Period
.. Single Life Income--Guaranteed Return
.. Joint and Survivor Life Income
Before you choose an income plan you should consider:
.. The tax consequences associated with the Policy proceeds, which can vary
considerably, depending on whether a plan is chosen. You or your beneficiary
should consult with a qualified tax adviser about tax consequences.
.. That your Policy will terminate at the time you commence an income plan and
you will receive a new contract, which describes the terms of the income
plan. You should carefully review the terms of the new contract, because it
contains important information about the terms and conditions of the income
plan.
.. That the rates of return we credit under these plans are not based on the
investment performance of any of the Portfolios.
39
CASH VALUE, TRANSFERS AND WITHDRAWALS
CASH VALUE
[SIDEBAR: YOUR POLICY IS DESIGNED TO ALLOW YOU TO ACCUMULATE CASH VALUE.]
Your Policy's cash value equals:
.. The Fixed Account cash value, plus
.. The Policy Loan Account cash value, plus
.. The Separate Account cash value.
Your Policy's cash surrender value equals your cash value minus any outstanding
Policy loans (plus any accrued and unpaid loan interest).
On your Investment Start Date, the Policy's cash value in an investment
division will equal the portion of any net premium allocated to the investment
division, reduced by the portion of any monthly deductions allocated to the
Policy's cash value in that investment division.
Thereafter, at the end of each Valuation Period the cash value in an investment
division will equal:
.. The cash value in the investment division at the beginning of the Valuation
Period; plus
.. All net premiums, loan repayments and cash value transfers into the
investment division during the Valuation Period; minus
.. All partial cash withdrawals, loans and cash value transfers out of the
investment division during the Valuation Period; minus
.. The portion of any charges and deductions allocated to the cash value in the
investment division during the Valuation Period; plus
.. The net investment return for the Valuation Period on the amount of cash
value in the investment division at the beginning of the Valuation Period.
The net investment return currently equals the rate of increase or decrease
in the net asset value per share of the underlying Fund Portfolio over the
Valuation Period, adjusted upward to take appropriate account of any
dividends and other distributions paid by the Portfolio during the period.
CASH VALUE TRANSFERS
[SIDEBAR: YOU CAN TRANSFER YOUR CASH VALUE AMONG THE INVESTMENT DIVISIONS AND
THE FIXED ACCOUNT AT ANY TIME BEGINNING AFTER THE END OF THE FREE LOOK PERIOD.]
The minimum amount you may transfer is $50 or, if less, the total amount in an
investment option. You may make transfers at any time. The maximum amount that
you may transfer or withdraw from the Fixed Account in any Policy year is the
greater of $50 and 25% of the largest amount in the Fixed Account over the last
four Policy years. Due to this limit, it could take a number of years to fully
transfer or withdraw a current balance from the Fixed Account. You should keep
this in mind when considering whether an allocation of cash value to the Fixed
Account is consistent with your risk tolerance and time horizon. This limit
does not apply to a full surrender, any loans taken, or any transfers under a
systematic investment strategy. We may also limit the number of investment
options to which you may transfer cash value, and, under certain conditions, we
may have to approve transfers to the Fixed Account. (See "Payment and
Allocation of Premiums--Allocating Net Premiums.")
RESTRICTIONS ON FREQUENT TRANSFERS: Frequent requests from Policy owners to
transfer cash value may dilute the value of a Portfolio's shares if
the frequent trading involves an attempt to take advantage of pricing
inefficiencies created by a lag between a change in the value of the securities
40
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 Policy owners and other persons who may have an
interest in the Policies (E.G., beneficiaries).
We have policies and procedures that attempt to detect and deter frequent
transfers in situations where we determine there is a potential for arbitrage
trading. Currently, we believe that such situations may be presented in the
international, small-cap, and high-yield Portfolios (I.E., Baillie Gifford
International Stock Portfolio, Loomis Sayles Small Cap Core Portfolio, MSCI
EAFE(R) Index Portfolio, Neuberger Berman Genesis Portfolio, Oppenheimer Global
Equity Portfolio, Russell 2000(R) Index Portfolio, T. Rowe Price Small Cap
Growth Portfolio, Lord Abbett Bond Debenture Portfolio, Harris Oakmark
International Portfolio, Invesco Small Cap Growth Portfolio, MFS(R) Research
International Portfolio, Third Avenue Small Cap Value Portfolio, Invesco V.I.
Global Real Estate Fund, Invesco V.I. International Growth Fund,
AllianceBernstein Global Thematic Growth Portfolio, AllianceBernstein
International Value Portfolio, American Funds High-Income Bond Fund, American
Funds International Fund, Dreyfus VIF International Value Portfolio,
Fidelity(R) VIP High Income Portfolio, Franklin Templeton Mutual Global
Discovery Securities Fund, Templeton Foreign Securities Fund, Templeton Global
Bond Securities Fund, Janus Aspen Overseas Portfolio, MFS(R) Global Equity
Series, MFS(R) High Income Series, MFS(R) New Discovery Series, Goldman Sachs
Structured Small Cap Equity Fund, Clarion Global Real Estate Portfolio,
JPMorgan Small Cap Value Portfolio, Oppenheimer Main Street Small Cap
Fund(R)/VA, Pioneer Emerging Markets VCT Portfolio, Putnam VT International
Value Fund, Royce Micro-Cap Portfolio, Royce Small-Cap Portfolio, UIF Emerging
Markets Debt Portfolio and UIF Emerging Markets Equity Portfolio) and we
monitor transfer activity in those Funds (the "Monitored Portfolios"). In
addition, as described below, we intend to treat all American Funds Insurance
Series(R) portfolios ("American Funds portfolios") as Monitored Portfolios. We
employ various means to monitor transfer activity, such as examining the
frequency and size of transfers into and out of the Monitored Portfolios within
given periods of time. For example, we currently monitor transfer activity to
determine if, for each category of international, small-cap, and high-yield
Portfolios, in a 12-month period there were, (1) six or more transfers
involving the given category; (2) cumulative gross transfers involving the
given category that exceed the current cash value; and (3) two or more
"round-trips" involving any Monitored Portfolio in the given category. A
round-trip generally is defined as a transfer in followed by a transfer out
within the next seven calendar days or a transfer out followed by a transfer in
within the next seven calendar days, in either case subject to certain other
criteria. WE DO NOT BELIEVE THAT OTHER PORTFOLIOS PRESENT A SIGNIFICANT
OPPORTUNITY TO ENGAGE IN ARBITRAGE TRADING AND THEREFORE DO NOT MONITOR
TRANSFER ACTIVITY IN THOSE PORTFOLIOS. We may change the Monitored Portfolios
at any time without notice in our sole discretion.
As a condition to making their portfolios available in our products, American
Funds requires us to treat all American Funds portfolios as Monitored
Portfolios under our current frequent transfer policies and procedures.
Further, American Funds requires us to impose additional specified monitoring
criteria for all American Funds portfolios available under the Policy,
regardless of the potential for arbitrage trading. We are required to monitor
transfer activity in American Funds portfolios to determine if there
41
were two or more transfers in followed by transfers out, in each case of a
certain dollar amount or greater, in any 30-day period. A first violation of
the American Funds monitoring policy will result in a written notice of
violation; each additional violation will result in the imposition of a
six-month restriction, during which period we will require all transfer
requests to or from an American Funds portfolio to be submitted with an
original signature. Further, as Monitored Portfolios, all American Funds
portfolios also will be subject to our current frequent transfer policies,
procedures and restrictions (described below), and transfer restrictions may be
imposed upon a violation of either monitoring policy.
Our policies and procedures may result in transfer restrictions being applied
to deter 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 any Monitored Portfolios under that Policy
to be submitted 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 one of the systematic investment strategies described
below 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 arbitrage trading, or the
determination of the transfer limits. Our ability to detect and/or restrict
such transfer activity may be limited by operational and technological systems,
as well as our ability to predict strategies employed by Policy owners to avoid
such detection. Our ability to restrict such transfer activity may also be
limited by provisions of the Policy. Accordingly, there is no assurance that we
will prevent all transfer activity that may adversely affect Policy owners and
other persons with interests in the Policies. We do not accommodate frequent
transfers in any Portfolios and there are no arrangements in place to permit
any Policy 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
Policy owners, and to execute instructions from the Portfolio to restrict or
prohibit further purchases or transfers by specific Policy owners who violate
the frequent transfer policies established by the Portfolio.
In addition, Policy owners and other persons with interests in the Policies
should be aware that the purchase and redemption orders received by the
Portfolios generally are "omnibus" orders from intermediaries such as
42
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 Policy owners) will not be harmed by
transfer activity relating to the other insurance companies and/or retirement
plans that may invest in the Portfolios. If a Portfolio believes that an
omnibus order reflects one or more transfer requests from Policy owners engaged
in 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 Policy owner). You should read the
Fund 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: You can choose one of four currently
available strategies described below. You can also change or cancel your choice
at any time.
.. EQUITY GENERATOR(R). Allows you to transfer the interest earned on amounts
in the Fixed Account in any Policy month equal to at least $20 to the
MetLife Stock Index investment division or the Frontier Mid Cap Growth
investment division. The transfer will be made at the beginning of the
Policy month following the Policy month in which the interest was earned.
.. EQUALIZER/ SM/. Allows you to periodically equalize amounts in your Fixed
Account and either the MetLife Stock Index investment division or the
Frontier Mid Cap Growth investment division. We currently make equalization
each quarter. We will terminate this strategy if you make a transfer out of
either of the investment divisions or the Fixed Account. You may then
reelect the Equalizer on your next Policy anniversary.
.. REBALANCER(R). Allows you to periodically redistribute amounts in the Fixed
Account and investment divisions in the same proportion that the net
premiums are then being allocated. We currently make the redistribution at
the beginning of each quarter.
43
.. ALLOCATOR/ SM/. Allows you to systematically transfer money from the
BlackRock Money Market investment division to the Fixed Account and/or any
investment division(s). When you elect the Allocator, you must have enough
cash value in the BlackRock Money Market investment division to enable the
election to be in effect for three months. The election can be to transfer
each month:
.. A specific amount, until the cash value in the BlackRock Money Market
investment division is exhausted.
.. A specific amount for a specific number of months.
.. Amounts in equal installments until the total amount you have requested has
been transferred.
These transfer privileges allow you to take advantage of investment
fluctuations, but none assures a profit nor protects against a loss in
declining markets. Because the Allocator involves continuous investment in
securities regardless of the price levels of such securities, you should
consider your financial ability to continue purchases through periods of
fluctuating price levels.
TRANSFERS BY TELEPHONE: Subject to our frequent transfer procedures, we may,
if permitted by state law, decide in the future to allow you to make transfer
requests, changes to Systematic Investment Strategies and changes to
allocations of future net premium by phone. We may also allow you to authorize
your sales representative to make such requests. The following procedures would
apply:
.. We must have received your authorization in writing satisfactory to us, to
act on instructions from any person that claims to be you or your sales
representative, as applicable, as long as that person follows our procedures.
.. We will institute reasonable procedures to confirm that instructions we
receive are genuine. Our procedures will include receiving from the caller
your personalized data. Any telephone instructions that we reasonably
believe to be genuine are your responsibility, including losses arising from
such instructions. Because telephone transactions may be available to anyone
who provides certain information about you and your Policy, you should
protect that information. We may not be able to verify that you are the
person providing telephone instructions, or that you have authorized any
such person to act for you.
.. All telephone calls will be recorded.
.. You will receive a written confirmation of any transaction.
.. Neither the Separate Account nor we will be liable for any loss, expense or
cost arising out of a telephone request if we reasonably believed the
request to be genuine.
Telephone, facsimile, and computer systems may not always be available. Any
telephone, facsimile, or computer system, whether it is yours, your service
provider's, your sales representative's, or ours, can experience outages or
slowdowns for a variety of reasons. These outages or slowdowns may delay or
prevent our processing of your request. Although we have taken precautions to
help our systems handle heavy use, we cannot promise complete reliability under
all circumstances. If you are experiencing problems, you should make your
request by writing to our Designated Office.
SURRENDER AND WITHDRAWAL PRIVILEGES
[SIDEBAR: YOU CAN SURRENDER YOUR POLICY FOR ITS CASH SURRENDER VALUE.]
We may ask you to return the Policy before we honor your request to surrender
your Policy. You can choose to have the proceeds paid in a single sum, or under
an income plan. If the insured dies after you surrender the Policy but before
the end of the Policy month in which you surrendered the Policy, we will pay
your beneficiary an amount equal to the difference between the Policy's death
benefit and its cash value, computed as of the surrender date.
44
You can make partial withdrawals if:
.. the withdrawal would not result in the cash surrender value being less than
sufficient to pay 2 monthly deductions;
.. the withdrawal is at least $250;
.. the withdrawal would not result in total premiums paid exceeding any then
current maximum premium limitation determined by Internal Revenue Code
rules; and
.. the withdrawal would not result in your specified face amount falling below
the minimum allowable amount after a decrease, as described under "Insurance
Proceeds--Specified Amount--Changing Your Specified Face Amount," above.
If you make a request for a partial withdrawal that is not permitted, we will
tell you and you may then ask for a smaller withdrawal or surrender the Policy.
We will deduct your withdrawal from the Fixed Account and the investment
divisions in the same proportion that the Policy's cash value in each such
option bears to the total cash value of the Policy in the Fixed Account and the
investment divisions.
We may withhold payment of surrender, withdrawal or loan proceeds if any
portion of those proceeds would be derived from a check that has not yet
cleared (I.E., that could still be dishonored by your banking institution). We
may use telephone, fax, Internet or other means of communications to verify
that payment from the check has been or will be collected. We will not delay
payment longer than necessary for us to verify that payment has been or will be
collected. You may avoid the possibility of delay in the disbursement of
proceeds coming from a check that has not yet cleared by providing us with a
certified check.
Before surrendering your Policy or requesting a partial withdrawal, you should
consider the following:
.. Amounts received may be taxable as income and, if your Policy is a modified
endowment contract, subject to certain tax penalties. (See "Tax
Matters--Modified Endowment Contracts.")
.. Your Policy could become a modified endowment contract.
.. For partial withdrawals, your death benefit will decrease, generally by the
amount of the withdrawal.
.. For partial withdrawals, your specified face amount may also decrease. For
Option A Policies, your specified face amount will decrease by the amount of
the withdrawal. For Option B Policies, a withdrawal will not decrease the
specified face amount. For Option C Policies, your specified face amount
will decrease by the amount, if any, by which cumulative withdrawals exceed
cumulative premiums paid.
In some cases you may be better off taking a Policy loan, rather than a partial
withdrawal.
BENEFIT AT FINAL DATE
The Final Date is the Policy anniversary on which the insured is Age 95.
Subject to certain conditions, we will allow you to extend that date where
permitted by state law. If the insured is living on the Final Date, we will pay
you the cash surrender value of the Policy. You can receive the cash surrender
value in a single sum, in an account that earns interest, or under an available
income plan.
45
LOAN PRIVILEGES
[SIDEBAR: YOU CAN BORROW FROM US AND USE YOUR POLICY AS SECURITY FOR THE LOAN.]
The amount of each loan must be:
.. At least $250.
.. No more than the greater of the cash surrender value less two monthly
deductions and 75% of the cash surrender value (unless state law requires a
different percentage to be applied, as set forth in your Policy) when added
to all other outstanding Policy loans.
As of your loan request's Date of Receipt, we will:
.. Remove an amount equal to the loan from your cash value in the Fixed Account
and each investment division of the Separate Account in the same proportion
as the Policy's cash value in each such option bears to the total cash value
of the Policy in the Fixed Account and the investment divisions.
.. Transfer such cash value to the Policy loan account, where it will be
credited with interest at a rate equal to the loan rate charged less a
percentage charge, based on expenses associated with Policy loans,
determined by us. This percentage charge will not exceed 2%, and the minimum
rate we will credit to the Policy Loan Account will be 2.5% per year (4% for
Policies issued prior to February 24, 2012). At least once a year, we will
transfer any interest earned in your Policy loan account to the Fixed
Account and the investment divisions, according to the way that we then
allocate your net premiums.
.. Charge you interest, which will accrue daily. We will tell you the initial
interest rate that applies to your loan and mail you advance notices of any
increases applicable to existing loans. The interest rate charged for a
Policy year will never be more than the maximum allowed by law and will
generally be the greater of:
.. The published monthly average for the calendar month ending two months
before the start of such year; and
.. The guaranteed rate used to credit interest to the cash value allocated to
the Fixed Account for the Policy, plus no more than 1%.
The published monthly average means (a) Moody's Corporate Bond Yield Average
Monthly Average Corporates, as published by Moody's Investors Service, Inc. or
any successor service; or (b) If the Moody's average is not published, a
substantially similar average established by regulation issued by the insurance
supervisory official of the state in which your Policy is delivered.
Your interest payments are due at the end of each Policy year and if you don't
pay the amount within 31 days after it is due, we will treat it as a new Policy
loan, which will be taken from the Fixed Account and the investment divisions
by the same method as other loans.
Repaying your loans (plus accrued interest) is done by sending in payments at
least equal to $25. You should designate whether a payment is intended as a
loan repayment or a premium payment, since we will treat any payment for which
no designation is made as a premium payment. We will allocate your repayment to
the Fixed Account and the investment divisions, in the same proportion that net
premiums are then allocated, except that amounts borrowed from the Fixed
Account will be repaid to the Fixed Account first.
Before taking a Policy loan you should consider the following:
.. Interest payments on loans are generally not deductible for tax purposes.
.. Under certain situations, Policy loans could be considered taxable
distributions.
.. Amounts held in your Policy loan account do not participate in the
investment experience of the investment divisions or receive the interest
rate credited to the Fixed Account, either of which may be higher than the
interest rate credited on the amount you borrow.
46
.. If you surrender your Policy or if we terminate your Policy, or at the Final
Date, any outstanding loan amounts (plus accrued interest) will be taxed as
a distribution. (See "Federal Tax Matters--Loans" below.)
.. A Policy loan increases the chances of our terminating your Policy due to
insufficient cash value. We will terminate your Policy with no value if: (a)
on a monthly anniversary your loans (plus accrued interest) exceed your cash
value minus the monthly deduction; and (b) we tell you of the insufficiency
and you do not make a sufficient payment within 61 days of the monthly
anniversary.
.. Your Policy's death proceeds will be reduced by any unpaid loan (plus any
accrued and unpaid loan interest).
OPTIONAL RIDER BENEFITS
You may be eligible for certain benefits provided by rider, subject to certain
underwriting requirements and the payment of additional premiums. We will
deduct any charges for the rider(s) (other than the charge for the interim term
insurance rider) as part of the monthly deduction. Generally, we currently make
the following benefits available by rider:
. Accelerated Death . Term Insurance
Benefit/1/ Benefit/2/
-----------------------------------------------------
. Interim Term Insurance . Enhanced Cash
Benefit Surrender Value
Rider/3/
-----------------------------------------------------
--------
/1/ Payment under this rider may affect eligibility for benefits under state or
federal law. This rider is currently not available in New Jersey.
/2/ This rider is discussed in more detail under "Term Benefit" below.
/3/ This rider may be attached at issue if you request it, but not thereafter.
Each rider contains important information, including limits and conditions that
apply to the benefits. If you decide to purchase any of the riders, you should
carefully review their provisions to be sure the benefit is something that you
want. These riders may not be available in all states.
You should also consider:
.. That the addition of certain riders can restrict your ability to exercise
certain rights under the Policy.
.. That the amount of benefits provided under the rider is not based on
investment performance of a separate account; but, if the Policy terminates
because of poor investment performance or any other reason, the riders
generally will also terminate.
.. That there are tax consequences. You should also consult with your tax
advisor before purchasing one of the riders.
TERM BENEFIT
You have the flexibility to include, at Policy issue, a rider that provides a
term benefit ("Term Rider"). The availability of the Term Rider is also subject
to governmental approval in your state.
The Term Rider is a rider to the Policy that, like the base Policy, provides
coverage on the insured to age 95. You may purchase this rider, if available,
only at Policy issue. Nevertheless, if you purchase the Term Rider, the amount
of coverage under the rider will automatically increase and decrease with any
changes to your specified face amount under the Policy, so that the
47
ratio between the Policy's specified face amount and the amount of Term Rider
coverage will always remain the same as you originally selected.
In almost all respects, coverage taken under the Term Rider has exactly the
same effect as coverage taken as specified face amount under the Policy. An
important difference, however, is that the sales charge depends on the amount
of the coverage provided under the base policy. The amount of Term Rider will
impact the sales charge. Thus, in comparing two Policies with identical total
insurance amounts, the one with the greater portion provided by the Term Rider
will have a lower sales charge. Conversely, the Policy with the higher amount
provided under the base policy will have a higher sales charge.
Additionally, the cost of term insurance rates currently applicable to coverage
provided under the Term Rider are lower than those currently charged for
coverage under the base policy. Therefore, the larger the portion of coverage
provided under the Term Rider, the lower the overall cost of insurance. Again
comparing two Policies with identical total insurance amounts, the cost of
insurance will be lower under the Policy with the higher portion of coverage
provided under the Term Rider.
To summarize, the lower sales charge and lower anticipated current cost of term
insurance rates resulting from a greater portion of total coverage provided by
the Term Rider will result in better overall performance under the Policy. You
may elect to have up to 95% of your total coverage provided by the Term Rider.
We are able to make these favorable terms available under the Term Rider
largely because our costs of selling it (principally the commissions we pay)
are lower than under the base policy. See "Sales of Policies".
CHARGES AND DEDUCTIONS
IMPORTANT INFORMATION APPLICABLE TO ALL POLICY CHARGES AND DEDUCTIONS
[SIDEBAR: CAREFULLY REVIEW THE FEE TABLES IN THIS PROSPECTUS WHICH SET FORTH
THE CHARGES THAT YOU PAY UNDER YOUR POLICY.]
The charges discussed in the paragraphs that follow are all included in the Fee
Tables on pages 9 to 21 of this Prospectus. You should refer to these Fee
Tables for information about the rates and amounts of such charges, as well as
other information that is not covered below.
The Policy charges compensate us for the services and benefits we provide, the
costs and expenses we incur, and the risks we assume.
Services and benefits we . the death benefit, cash, and loan benefits under
provide: the Policy
. investment options, including premium allocations
. administration of elective options
. the distribution of reports to Policy owners
Costs and expenses we incur:. costs associated with processing and
underwriting applications, and with issuing and
administering the Policy (including any riders)
48
. overhead and other expenses for providing
services and benefits
. sales and marketing expenses
. other costs of doing business, such as
collecting premiums, maintaining records,
processing claims, effecting transactions, and
paying federal, state, and local premium and
other taxes and fees
Risks we assume: . that the cost of term insurance charges we may
deduct are insufficient to meet our actual
claims because the insureds die sooner than we
estimate
. that the charges of providing the services and
benefits under the Policies exceed the charges
we deduct
We may profit from the charges, including the cost of term insurance charge and
the mortality and expense risk charge. Any distinctions we make about the
specific purposes of the different charges are imprecise, and we are free to
keep and use our revenues or profits for any other purpose, including paying
any of our costs and expenses in connection with the Policies. Our revenues
from any particular charge may be more or less than any costs or expenses that
charge may be intended primarily to cover. The following sets forth additional
information about Policy charges.
CHARGES DEDUCTED FROM PREMIUMS
ANNUAL TARGET PREMIUM: We use the concept of annual target premium to
determine certain limits on sales and administrative charges (discussed
immediately below). We define the annual target premium to be:
For Policies issued prior to May 1, 1996 or issued in connection with
certain employer sponsored plans that became effective prior to August 1,
2000, 50% of the estimated annual amount which satisfied the 7-Pay test
under federal tax law based on the issue age of the insured and the initial
specified face amount. (See "Federal Tax Matters--Modified Endowment
Contracts".)
For all other Policies, 100% of the estimated annual amount that satisfied
the 7-Pay test based on the issue age of the insured, the specified face
amount of insurance of the base Policy only (excluding the Term Rider) and
standard underwriting class. For such Policies, the annual target premium
amount is increased and decreased proportionately for increases and
decreases in the specified face amount of the Policy. This could, in turn,
increase or decrease sales and administrative charges.
SALES CHARGE: We deduct this charge primarily to help pay the cost of
compensating sales representatives and other direct and indirect expenses of
distributing the Policies. The charge is assessed directly against each
premium. For premiums received in Policy years 1 through 10, the current rate
is up to 6.5% of the premium paid until the total payments in each such year
equal the annual target premium, and for Policy years 11 and later the rate we
charge is up to 3% of each premium until the total payments in the year equal
the annual target premium. No sales charge is or will be assessed
49
against any premiums paid in any Policy year in excess of a total equal to the
annual target premium. The maximum rate we can charge for premiums received up
to a total equal to the annual target premium during Policy years 1 through 10
is 9%, and the maximum for Policy years 11 and later is the same as currently
charged in those years.
ADMINISTRATIVE CHARGE: We incur expenses in the administration of the Policy,
including our underwriting and start-up expenses. We deduct up to 1.05%
(currently, this deduction is .55% in Policy years 1-10) of each premium
payment primarily to cover this expense up to a total of payments in any Policy
year equal to the annual target premium, and .05% on any excess payments in any
Policy year exceeding that total amount. Our charge will never exceed this rate.
CHARGE FOR AVERAGE EXPECTED STATE AND LOCAL TAXES ATTRIBUTABLE TO PREMIUMS: We
make this charge to reimburse us for the state premium taxes that we must pay
on premiums we receive. Premium taxes vary from state to state and currently
range from 0 to 3.5%. Our charge of 2.25% approximates the average tax rate we
expect to pay on premiums we receive from all states.
CHARGE FOR EXPECTED FEDERAL TAXES ATTRIBUTABLE TO PREMIUMS: Federal income tax
law requires us to pay certain amounts of taxes that are related to the amount
of premiums we receive. We deduct 1.2% of each premium payment to offset the
cost to us of those additional taxes, which may be more or less than the amount
we pay in respect of your premiums.
CHARGE FOR INTERIM TERM INSURANCE BENEFIT: This charge is deducted only from
your initial premium payment, and only if you elect the interim term insurance
benefit. The interim term insurance benefit provides temporary initial life
insurance coverage on the insured prior to the time that coverage under the
Policy takes effect. This coverage is provided by adding a "rider" and is
subject to several conditions and limitations. The charge for this benefit is
described in the rider form. This charge is primarily to compensate us for the
risk that the insured will die while coverage under this rider is in force.
LOAN INTEREST SPREAD: We charge interest on Policy loans but credit you with
interest on the amount of the cash value we hold as collateral for the loan.
The loan interest spread is the excess of the interest rate we charge over the
interest rate we credit. This charge is primarily to cover our expense in
providing the loan. The charge is guaranteed to never exceed 2%.
CHARGES INCLUDED IN THE MONTHLY DEDUCTION
We allocate the monthly deduction (except for the monthly mortality and expense
risk charge) among the Fixed Account and each investment division of the
Separate Account in the same proportion as the Policy's cash value in each such
option bears to the total cash value of the Policy in the Fixed Account and the
investment divisions. We deduct the monthly deductions as of each monthly
anniversary, commencing with the Date of Policy.
.. COST OF TERM INSURANCE. This charge varies monthly based on many factors.
Each month, we determine the charge by multiplying your cost of insurance
rates by the term insurance amount. This is the amount that we are at risk
if the insured dies.
The term insurance amount is the death benefit at the beginning of the Policy
month divided by a discount factor to account for an assumed return
50
during the month; minus the cash value at the beginning of the Policy month
after deduction of all other applicable charges. Factors that affect the term
insurance amount include the specified face amount, the cash value and the
death benefit option you choose (generally, the term insurance amount will be
higher for Options B and C).
The term insurance rate is based on our expectations as to future experience,
taking into account the insured's sex (if permitted by law and applicable
under your Policy), age, underwriting class and rate class. The rates will
never exceed the guaranteed rates. The guaranteed rates are based on certain
2001 Commissioners Standard Ordinary Mortality Tables. For Policies issued
prior to January 1, 2009, the guaranteed rates are based on the corresponding
1980 Commissioners Standard Ordinary Mortality Tables. Our current rates are
lower than the maximums in most cases. We review our rates periodically and
may adjust them, but we will apply the same rates to everyone who has had
their Policy for the same amount of time and who is the same age, sex and
rate class. As a general rule, the cost of insurance rate increases each year
you own your Policy, as the insured's age increases.
Rate class relates to the level of mortality risk we assume with respect to
an insured. It can be the standard rate class, or one that is higher (and may
be divided by smoking status). The insured's rate class will affect your cost
of term insurance.
You can also have more than one rate class in effect, if the insured's rate
class has changed and you change your specified face amount. A better rate
class will lower the cost of term insurance on your entire Policy and a worse
rate class will affect the portion of your cost of term insurance charge
attributable to the specified face amount increase.
.. MORTALITY AND EXPENSE RISK CHARGE. We make this monthly charge primarily to
compensate us for mortality risks that insureds may live for a shorter
period than we expect; and expense risks that our issuing and administrative
expenses may be higher than we expect. This monthly charge is allocated
proportionately to the cash value in each investment division of the
Separate Account. The maximum rate we may charge is equivalent to an
effective annual rate of .90% of the cash value in the Separate Account.
CHARGES FOR CERTAIN OPTIONAL RIDER BENEFITS
The charge for an optional benefit that you add by rider to your Policy will
generally be deducted as part of the monthly deduction. This includes the
charge for the following rider:
.. Term Benefit
The purpose of the charge for each rider is primarily to compensate us for our
direct and indirect costs and risks in providing that rider. The charge we
deduct for any such additional benefits you can add by rider is described in
the rider form.
VARIATIONS IN CHARGES
We may vary a charge by group, based on anticipated variations in our costs or
risks associated with the group or individuals in the group that the charge was
intended to cover. Our variations in the charges will be made in
51
accordance with our established and uniformly applied administrative
procedures. We consider a variety of factors in determining charges, including
but not limited to:
.. The nature of the group and its organizational framework
.. The method by which sales will be made to the individuals associated with
the group
.. The facility by which premiums will be paid
.. The group's capabilities with respect to administrative tasks
.. Our anticipated persistency of the Policies
.. The size of the group and the number or years it has been in existence
.. The aggregate amount of premiums we expect to be paid on the Policies owned
by the group or by individuals associated with the group
Any variations in charges will be reasonable and will not be unfairly
discriminatory to the interests of any Policy owner.
PORTFOLIO COMPANY CHARGES
Each of the Portfolios pays an investment management fee to its investment
manager. Each Portfolio also incurs other direct expenses. See the fuller
description contained in the Fee Table section of this Prospectus (also see the
Fund Prospectus and Statement of Additional Information referred to therein for
each Fund). You bear indirectly your proportionate share of the fees and
expenses of the Portfolios of each Fund that correspond to the Separate Account
investment divisions you are using.
OTHER CHARGES
ADDITIONAL TAXES. In general, we don't expect to incur federal, state or local
taxes upon the earnings or realized capital gains attributable to the assets in
the Separate Account relating to the cash surrender value of the Policies. If
we do incur such taxes, we reserve the right to charge cash value allocated to
the Separate Account for these taxes.
CASH VALUE TRANSFERS. We do not currently charge for any transfer amounts.
Except for transfers under Systematic Investment Strategies, we reserve the
right to assess up to a $25 charge in the future against all transfers.
Currently, transfers are not taxable transactions.
POLICY TERMINATION AND REINSTATEMENT
TERMINATION: We will terminate your Policy without any cash surrender value if:
.. The cash surrender value is less than the monthly deduction; and
.. We do not receive a sufficient premium payment within the 61-day grace
period to cover the monthly deduction. We will mail you notice if any grace
period starts.
REINSTATEMENT: Upon your request, we will reinstate your Policy (without
reinstating any amounts in a Policy loan account), subject to certain terms and
conditions that the Policy provides. We must receive your request within 3
years (or any longer period required by state law) after the end of the grace
period and before the Final Date. You also must provide us:
.. A written application for reinstatement (the date we approve the application
will be the effective date of the reinstatement).
52
.. Evidence of insurability that we find satisfactory.
.. An additional premium amount that the Policy prescribes for this purpose.
FEDERAL TAX MATTERS
[SIDEBAR: YOU SHOULD CONSULT WITH YOUR OWN TAX ADVISOR TO FIND OUT HOW TAXES
CAN AFFECT YOUR BENEFITS AND RIGHTS UNDER YOUR POLICY.]
The following is a brief summary of some tax rules that may apply to your
Policy. Such discussion does not purport to be complete or to cover every
situation. You must consult with and rely on the advice of your own tax or
ERISA counsel, especially where the Policy is being purchased in connection
with an employee benefit plan, such as a death benefit or deferred compensation
plan, or is being purchased for estate, tax planning or similar purposes. You
should also consult with your own tax advisor to find out how taxes can affect
your benefits and rights under your Policy. Such consultation is especially
important before you make unscheduled premium payments, change your specified
face amount, change your death benefit option, change coverage provided by
riders, take a loan or withdrawal, or assign or surrender the Policy. Under
current federal income tax law, the taxable portion of
distributions from variable life policies is taxed at ordinary income tax rates
and does not qualify for the reduced tax rate applicable to long-term capital
gains and dividends.
IRS CIRCULAR 230 NOTICE: The tax information contained herein is not intended
to (and cannot) be used by anyone to avoid IRS penalties. It is intended to
support the sale of the Policy. The Policy owner should seek tax advice based
on the Policy owner's particular circumstances from an independent tax adviser.
INSURANCE PROCEEDS
.. Insurance proceeds are generally excludable from your beneficiary's gross
income to the extent provided in Section 101 of the Internal Revenue Code.
.. In the case of employer-owned life insurance as defined in Section 101(j),
the amount of the death benefit excludable from gross income is limited to
premiums paid unless the Policy falls within certain specified exceptions
and a notice and consent requirement is satisfied before the Policy is
issued. Certain specified exceptions are based on the status of an employee
as highly compensated or recently employed. There are also exceptions for
Policy proceeds paid to an employee's heirs. These exceptions only apply if
proper notice is given to the insured employee and consent is received from
the insured employee before the issuance of the Policy. These rules apply to
Policies issued August 18, 2006 and later and also apply to policies issued
before August 18, 2006 after a material increase in the death benefit or
other material change. An IRS reporting requirement applies to
employer-owned life insurance subject to these rules. Because these rules
are complex and will affect the tax treatment of death benefits, it is
advisable to consult tax counsel. The death benefit will also be taxable in
the case of a transfer-for-value unless certain exceptions apply.
.. The death proceeds may be subject to federal estate tax: (i) if paid to the
insured's estate or (ii) if paid to a different beneficiary if the insured
possessed incidents of ownership at or within three years before death.
.. If you die before the insured, the value of your Policy (determined under
IRS rules) is included in your estate and may be subject to federal estate
tax.
.. Whether or not any federal estate tax is due is based on a number of factors
including the estate size. Please consult your tax adviser for the
applicable estate tax rates.
.. The insurance proceeds payable upon death of the insured will never be less
than the minimum amount required for the Policy issued on a standard risk
basis to be
53
treated as life insurance under Section 7702 of the Internal Revenue Code, as
in effect on the date the Policy was issued. The rules with respect to
Policies issued on a substandard risk basis are not entirely clear.
CASH VALUE (IF YOUR POLICY IS NOT A MODIFIED ENDOWMENT CONTRACT)
.. You are generally not taxed on your cash value until you withdraw it or
surrender your Policy or receive a distribution (such as on the Final Date).
In these cases, you are generally permitted to take withdrawals and receive
other distributions up to the amount of premiums paid without any tax
consequences. However, withdrawals and other distributions will be subject
to income tax after you have received amounts equal to the total premiums
you paid. Somewhat different rules may apply if there is a death benefit
reduction in the first 15 Policy years, when a distribution may be subject
to tax on an income-out-first basis if there is a gain in your Policy (which
is generally when your cash value exceeds the cumulative premiums you paid).
Finally, if your Policy is part of an equity split dollar arrangement taxed
under the economic benefit regime, you should consult a tax adviser to see
whether any portion of the cash value will be taxed prior to any Policy
distribution.
LOANS
.. Loan amounts you receive will generally not be subject to income tax, unless
your Policy is or becomes a modified endowment contract, is exchanged or
terminates.
.. Interest on loans is generally not deductible. For businesses that own a
Policy, at least part of the interest deduction unrelated to the Policy may
be disallowed unless the insured is a 20% owner, officer, director or
employee of the business.
.. If your Policy terminates (upon surrender, cancellation, lapse, the Final
Date or, in most cases, exchanges) while any Policy loan is outstanding, the
amount of the loan plus accrued interest thereon will be deemed to be a
"distribution" to you. Any such distribution will have the same tax
consequences as any other Policy distribution. Thus, there will generally be
federal income tax payable on the amount by which withdrawals and loans
exceed your remaining basis in the Policy. In the case of an exchange, any
outstanding Policy loan will generally be taxed to the extent of any Policy
gain. Please be advised that amounts borrowed and withdrawn reduce the
Policy's cash value and any remaining Policy cash value may be insufficient
to pay the income tax on your gains.
MODIFIED ENDOWMENT CONTRACTS
These contracts are life insurance contracts where the premiums paid during the
first 7 years after the Policy is issued, or after a material change in the
Policy, exceed tax law limits referred to as the "7-pay test." Material changes
in the Policy include changes in the level of benefits and certain other
changes to your Policy after the issue date. Reductions in benefits during a
7-pay period also may cause your Policy to become a modified endowment
contract. Generally, a life insurance policy that is received in exchange for a
modified endowment contract will also be considered a modified endowment
contract. The IRS has promulgated a procedure for the correction of inadvertent
modified endowment contracts.
Due to the flexibility of the Policies as to premiums and benefits, the
individual circumstances of each Policy will determine whether it is classified
as a MEC.
If your Policy is considered a modified endowment contract the following
applies:
.. The death benefit will still generally be income tax free to your
beneficiary, to the extent discussed above.
54
.. Amounts withdrawn or distributed before the insured's death, including
(without limitation) loans, assignments and pledges, are treated as income
first and subject to income tax (to the extent of any gain in your Policy).
All modified endowment contracts you purchase from us and our affiliates
during the same calendar year are treated as a single contract for purposes
of determining the amount of any such income.
.. An additional 10% income tax generally applies to the taxable portion of the
amounts received before age 591/2 except generally if you are disabled or if
the distribution is part of a series of substantially equal periodic
payments made over life expectancy. The foregoing exceptions to the 10% MEC
additional tax generally does not apply to a corporate owned Policy.
.. If a Policy becomes a modified endowment contract, distributions that occur
during the Policy year will be taxed as distributions from a modified
endowment contract. In addition, distributions from a Policy within two
years before it becomes a modified endowment contract will be taxed in this
manner. This means that a distribution made from a Policy that is not a
modified endowment contract could later become taxable as a distribution
from a modified endowment contract.
DIVERSIFICATION
In order for your Policy to qualify as life insurance, we must comply with
certain diversification standards with respect to the investments underlying
the Policy. We believe that we satisfy and will continue to satisfy these
diversification standards. Inadvertent failure to meet these standards may be
able to be corrected. Failure to meet these standards would result in immediate
taxation to Policy owners of gains under their Policies. If Portfolio shares
are sold directly to tax-qualified retirement plans that later lose their
tax-qualified status, or to non-qualified plans, there could be adverse
consequences under the diversification rules.
INVESTOR CONTROL
In some circumstances, owners of variable policies who retain excessive control
over the investment of the underlying Separate Account assets may be treated as
the owners of those assets and may be subject to tax on income produced by
those assets. Although published guidance in this area does not address certain
aspects of the Policies, we believe that the Owner of a Policy should not be
treated as an owner of the assets in our Separate Account. We reserve the right
to modify the Policies to bring them into conformity with applicable standards
should such modification be necessary to prevent Owners of the Policies from
being treated as the owners of the underlying Separate Account assets.
ESTATE, GIFT AND GENERATION-SKIPPING TRANSFER TAXES
The transfer of the Policy or the designation of a beneficiary may have
Federal, state, and/or local transfer and inheritance tax consequences,
including the imposition of gift, estate, and generation-skipping transfer
taxes. When the insured dies, the death proceeds will generally be includable
in the Policy owner's estate for purposes of the Federal estate tax if the
Policy owner was the insured. If the Policy owner was not the insured, the fair
market value of the Policy would be included in the Policy owner's estate upon
the Policy owner's death. The Policy would not be includable in the insured's
estate if the insured neither retained incidents of ownership at death nor had
given up ownership within three years before death.
Moreover, under certain circumstances, the Internal Revenue Code may impose a
"generation-skipping transfer tax" when all or part of a life insurance policy
is transferred to, or a death benefit is paid to, an individual two or more
generations younger than the Policy owner. Regulations issued under the
Internal Revenue Code may require us to deduct the tax from your Policy, or
from any applicable payment, and pay it directly to the IRS.
55
Qualified tax advisers should be consulted concerning the estate and gift tax
consequences of Policy ownership and distributions under Federal, state and
local law. The individual situation of each Policy owner or beneficiary will
determine the extent, if any, to which Federal, state, and local transfer and
inheritance taxes may be imposed and how ownership or receipt of Policy
proceeds will be treated for purposes of Federal, state and local estate,
inheritance, generation-skipping and other taxes.
In general, current rules provide for a $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 Policy distributions are taxable, they are generally subject
to withholding for the recipient's Federal income tax liability. Recipients can
generally elect however, not to have tax withheld from distributions.
LIFE INSURANCE PURCHASES BY NONRESIDENT ALIENS AND FOREIGN CORPORATIONS
Policy Owners that are not U.S. citizens or residents will generally be subject
to U.S. federal withholding tax on taxable distributions from life insurance
policies at a 30% rate, unless a lower treaty rate applies. In addition, Policy
Owners may be subject to state and/or municipal taxes and taxes that may be
imposed by the Policy Owner's country of citizenship or residence. Prospective
purchasers are advised to consult with a qualified tax adviser regarding
taxation with respect to a Policy purchase.
BUSINESS USES OF POLICY
Businesses can use the Policies in various arrangements, including nonqualified
deferred compensation or salary continuation plans, split dollar insurance
plans, executive bonus plans, tax exempt and nonexempt welfare benefit plans,
retiree medical benefit plans and others. The tax consequences of such plans
may vary depending on the particular facts and circumstances. If you are
purchasing the Policy for any arrangement the value of which depends in part on
its tax consequences, you should consult a qualified tax adviser.
There may be an indirect tax upon the income in the Policy or the proceeds of a
Policy under the Federal corporate alternative minimum tax, if you are subject
to that tax.
The IRS has issued guidance on split dollar insurance plans. A tax adviser
should be consulted with respect to this guidance if you have purchased or are
considering the purchase of a Policy for a split dollar insurance plan.
The Sarbanes-Oxley Act of 2002 (the "Act"), which was signed into law on July
30, 2002, prohibits, with limited exceptions, publicly-traded companies,
including non-U.S. companies that have securities listed on exchanges in the
United States, from extending, directly or indirectly or through a subsidiary,
many types of personal loans to their directors or executive officers. It is
possible that this prohibition may be interpreted as applying to split-dollar
life insurance policies for directors and executive officers of such companies,
since
56
at least some such arrangements can arguably be viewed as involving a loan from
the employer for at least some purposes.
Any affected business contemplating the payment of a premium on an existing
policy, or the purchase of a new policy in connection with a split dollar life
insurance arrangement should consult legal counsel.
Split dollar insurance plans that provide deferred compensation may be subject
to rules governing deferred compensation arrangements. Failure to adhere to
these rules will result in adverse tax consequences. A tax adviser should be
consulted with respect to such plans.
In the case of a business-owned Policy, the provisions of Section 101(j) of the
Code may limit the amount of the death benefit excludable from gross income
unless a specified exception applies and a notice and consent requirement is
satisfied, as discussed above.
CHANGES TO TAX RULES AND INTERPRETATIONS
Changes in applicable tax rules and interpretations can adversely affect the
tax treatment of your Policy. These changes may take effect retroactively. We
reserve the right to amend the Policy in any way necessary to avoid any adverse
tax treatment. Examples of changes that could create adverse tax consequences
include:
.. Possible taxation of cash value transfers between investment funds.
.. Possible taxation as if you were the owner of your allocable portion of the
Separate Account's assets.
.. Possible limits on the number of investment funds available or the frequency
of transfers among them.
.. Possible changes in the tax treatment of Policy benefits and rights.
To the extent permitted under the federal tax law, we may claim the benefit of
certain foreign tax credits attributable to taxes paid by certain Funds to
foreign jurisdictions.
THE COMPANY'S INCOME TAXES
Under current federal income tax law we are not taxed on the Separate Account's
operations. Thus, currently we do not deduct a charge from the Separate Account
for company federal income taxes. (We do deduct a charge for federal taxes from
premiums.) We reserve the right to charge the Separate Account for any future
federal income taxes we may incur. Under current laws we may incur state and
local taxes (in addition to premium taxes). These taxes are not now significant
and we are not currently charging for them. If they increase, we may deduct
charges for such taxes.
We may be entitled to certain tax benefits related to the assets of the
Separate Account. These tax benefits which may include foreign tax credits and
corporate dividends received deductions, are not passed back to the Separate
Account or to Policy owners since we are the owner of the assets from which the
tax benefits are derived.
RIGHTS WE RESERVE
We reserve the right to make certain changes if we believe the changes are in
the best interest of our Policy owners or would help carry out the purposes of
the Policy. We will make these changes in the manner permitted by applicable
57
law and only after getting any necessary owner and regulatory approval. We will
notify you of any changes that result in a material change in the underlying
investments in the investment divisions, and you will have a chance to transfer
out of the affected division (without charge). Some of the changes we may make
include:
.. Operating the Separate Account in any other form that is permitted by
applicable law.
.. Changes to obtain or continue exemptions from the 1940 Act.
.. Transferring assets among investment divisions or to other separate
accounts, or our general account or combining or removing investment
divisions from the Separate Account.
.. Substituting Fund shares in an investment division for shares of another
portfolio of a Fund or another fund or investment permitted by law.
.. Changing the way we assess charges without exceeding the aggregate amount of
the Policy's guaranteed maximum charges.
.. Making any necessary technical changes to the Policy to conform it to the
changes we have made.
Some such changes might require us to obtain regulatory or Policy owner
approval. Whether regulatory or Policy owner approval is required would depend
on the nature of the change and, in many cases, the manner in which the change
is implemented. You should not assume, therefore, that you necessarily will
have an opportunity to approve or disapprove any such changes. Circumstances
that could influence our determination to make any change might include changes
in law or interpretations thereof; changes in financial or investment market
conditions; changes in accepted methods of conducting operations in the
relevant market; or a desire to achieve material operating economies or
efficiencies.
OTHER POLICY PROVISIONS
[SIDEBAR: CAREFULLY REVIEW YOUR POLICY, WHICH CONTAINS A FULL DISCUSSION OF ALL
ITS PROVISIONS.]
FREE LOOK PERIOD
You can return the Policy during this period. The period ends on the later of:
.. 10 days after you receive the Policy (unless state law requires a longer
period); and
.. the date we receive a receipt signed by you.
If you return your Policy, we will send you a complete refund of any premiums
paid (or cash value plus any charges deducted if state law requires) within
seven days.
FOR POLICIES ISSUED IN CALIFORNIA: If you are age 60 or older, you may cancel
the Policy within 30 days after you receive it. If you elected on the Policy
application to allocate 100% of your initial net premium to the BlackRock Money
Market investment division, we will refund the premiums you paid; if you
elected to allocate your initial net premium to the other investment divisions
and/or the Fixed Account, we will refund the Policy's cash value.
SUICIDE
If the insured commits suicide within the first two Policy years (or any other
period required by state law), your beneficiary will receive all premiums paid
(without interest), less any outstanding loans (plus accrued interest) and
withdrawals taken. Similarly, we will pay the beneficiary only the cost of any
increase in specified face amount if the insured commits suicide within two
years of such increase.
58
ASSIGNMENT AND CHANGE IN OWNERSHIP
You can assign your Policy as collateral if you notify us in writing. The
assignment or release of the assignment is effective when it is recorded at
the Designated Office. We are not responsible for determining the validity of
the assignment or its release. Also, there could be serious adverse tax
consequences to you or your beneficiary, so you should consult with your tax
adviser before making any change of ownership or other assignment.
REPORTS
Generally, you will promptly receive statements confirming your significant
transactions such as:
.. Change in specified face amount.
.. Change in death benefit option.
.. Transfers among investment divisions (including those through Systematic
Investment Strategies, which are confirmed quarterly).
.. Partial withdrawals.
.. Loan amounts you request.
.. Loan repayments and premium payments.
If your premium payments are made through a systematic payment method, we will
not send you any confirmation in addition to the one you receive from your
employer.
We will also send you an annual statement within 30 days after a Policy year.
That statement will summarize the year's transactions and include information
on:
.. Deductions and charges.
.. Status of the death benefit.
.. Cash and cash surrender values.
.. Amounts in the investment divisions and Fixed Account.
.. Status of Policy loans.
.. Automatic loans to pay interest.
.. Information on your modified endowment contract status (if applicable).
We will also send you a Fund's annual and semi-annual reports to shareholders.
WHEN YOUR REQUESTS BECOME EFFECTIVE
Generally, requests, premium payments and other instructions and notifications
are effective on the Date of Receipt. In those cases, the effective time is at
the end of the Valuation Period during which we receive them at our Designated
Office. (Some exceptions to this general rule are noted below and elsewhere in
this Prospectus.)
A Valuation Period is the period between two successive Valuation Dates. It
begins at the close of regular trading on the New York Stock Exchange on a
Valuation Date and ends at the close of regular trading on the New York Stock
Exchange on the next succeeding Valuation Date. The close of regular trading is
4:00 p.m., Eastern Time on most days.
Valuation Date is each day on which the New York Stock Exchange is open for
trading.
Accordingly, if we receive your request, premium, or instructions after the
close of regular trading on the New York Stock Exchange, or if the New York
Stock Exchange is not open that day, then we will treat it as received on the
59
next day when the New York Stock Exchange is open. These rules apply regardless
of the reason we did not receive your request, premium, or instructions by the
close of regular trading on the New York Stock Exchange, even if due to our
delay (such as a delay in answering your telephone call).
The end of the free look period is the effective time of the premium allocation
instructions you make in your Policy application (and any changes in allocation
or transfer requests you make on or before the end of the free look period).
Your Investment Start Date is the date the first net premium is applied to the
Fixed Account and/or the Separate Account and is the later of (1) the Date of
Policy and (2) the Date of Receipt of your first premium payment.
The effective date of your Systematic Investment Strategies will be that set
forth in the strategy chosen.
THIRD PARTY REQUESTS
Generally, we accept requests for transactions or information only from you.
Therefore, we reserve the right not to process transactions requested on your
behalf by your agent with a power of attorney or any other authorization. This
includes processing transactions by an agent you designate, through a power of
attorney or other authorization, who has the ability to control the amount and
timing of transfers for a number of other Policy owners, and who simultaneously
makes the same request or series of requests on behalf of other Policy owners.
EXCHANGE PRIVILEGE
If you decide that you no longer want to take advantage of the investment
divisions in the Separate Account, you may transfer all of your money into the
Fixed Account. No charge will be imposed on a transfer of your entire cash
value (or the cash value attributable to a specified face amount increase) to
the Fixed Account within the first 24 Policy months (or within 24 Policy months
after a specified face amount increase you have requested, as applicable). In
some states, in order to exercise your exchange privilege, you must transfer,
without charge, the Policy cash value (or the portion attributable to a
specified face amount increase) to a flexible premium fixed benefit life
insurance policy that we make available.
SALES OF POLICIES
MetLife Investors Distribution Company ("MLIDC") is the principal underwriter
and distributor of the Policies. MLIDC, which is our affiliate, is registered
under the Securities Exchange Act of 1934 (the "'34 Act") as a broker-dealer
and is a member of the Financial Industry Regulatory Authority ("FINRA"). FINRA
provides background information about broker-dealers and their registered
representatives through FINRA BrokerCheck. You may contact the FINRA
BrokerCheck Hotline at 1-800-289-9999, or log on to www.finra.org. An investor
brochure that includes information describing FINRA BrokerCheck is available
through the Hotline or on-line.
The Policies are sold through licensed life insurance sales representatives who
are associated with MetLife Securities, Inc. ("MSI"), our affiliate, or with
our other affiliated broker-dealers, New England Securities Corporation, Walnut
Street Securities, Inc. and Tower Square Securities, Inc. MSI and our other
affiliated broker-dealers are registered with the SEC as broker-dealers under
60
the '34 Act and are also members of FINRA. The Policies may also be sold
through licensed life insurance sales representatives associated with
unaffiliated broker-dealers with which MLIDC enters into a selling agreement.
We reimburse MLIDC for expenses MLIDC incurs in distributing the Policies,
e.g., commissions payable to broker-dealers who sell the Policies, including
our affiliated broker-dealers. The payments described below do not result in a
charge against the Policy in addition to the charges already described
elsewhere in this prospectus. We may require all or part of the compensation to
be returned to us if you do not continue the Policy for at least five years.
MetLife sales representatives are sales representatives registered through MSI.
MetLife sales representatives may be career sales representatives who are
employees of MetLife or brokers who are not employees of MetLife. A MetLife
sales representative, or a sales representative of our affiliate New England
Securities Corporation ("NES"), receives cash payments for the products the
representative sells and services based on a "gross dealer concession" model.
The gross dealer concession for the Policies varies based on the Policy year
and on whether the amount of premiums paid in a Policy year is greater or less
than the Policy's Target Premium. The Target Premium is shown in your Policy.
In the first Policy year, the gross dealer concession is 28% of premiums paid
up to the amount of the Target Premium, and 2.5% of premiums paid in excess of
the Target Premium; in Policy years 2 through 4, the gross dealer concession is
8.25% of premiums paid up to the amount of the Target Premium and 2.5% of any
excess; in Policy year 5 and later, the gross dealer concession is 2.5% of all
premiums paid; and in Policy year 8 and thereafter a gross dealer concession of
0.1% is paid on the Policy's cash value. Under alternative schedules that are
available, the gross dealer concession in the first Policy year ranges from 10%
to 21% premiums paid up to the Target Premium and 2% of any excess; in Policy
years 2 through 10, it ranges from 8.5% to 10% of premiums paid up to the
Target Premium and 1.5% of any excess; in Policy years 11 and later, it is 3%
of premiums paid up to the Target Premium and 1.5% of any excess; and in Policy
years 8 and thereafter, a gross dealer concession ranging from 0.1% to 0.15% is
paid on the Policy's cash value. A sales representative may be entitled to all
or a portion of the gross dealer concession for selling and servicing the
Policy based on a formula that takes into consideration the amount of
proprietary products that the sales representative sells and services.
Proprietary products are products issued by us and our affiliates. Because
sales of proprietary products are a factor in determining the percentage of
gross dealer concession to which a sales representative is entitled, sales
representatives have an incentive to favor the sale of the Policies over other
similar products issued by non-affiliates.
For Policies sold by representatives of other affiliated and unaffiliated
broker dealers, MLIDC pays commissions to the broker-dealer with which the
representative is registered. The commissions paid to the broker-dealer are
generally not expected to exceed, on a present value basis, the aggregate
amount of compensation that is paid with respect to sales made through our
sales representatives. (Total compensation includes payments that we make to
our business unit or the business unit of our affiliate that is responsible for
the operation of the distribution systems though which the Policy is sold.)
Broker-dealers pay their sales representatives all or a portion of the
commissions received for their sales of the Policies. The portion of the
commissions that the broker-dealer passes through to its sales representatives
is determined in accordance with the broker-dealer's internal compensation
program.
61
MetLife sales representatives and their managers (and the sales representatives
and managers of our affiliates) may also be eligible for cash compensation such
as bonuses, equity awards (for example, stock options), training allowances,
supplemental salary, financing arrangements, marketing support, medical and
other insurance benefits, retirement benefits, non-qualified deferred
compensation plans and other benefits. The amount of this additional cash
compensation is based primarily on the amount of proprietary products sold.
Sales representatives must meet a minimum level of sales of proprietary
products in order to maintain their employment status with us and in order to
be eligible for most of the cash compensation listed above. Managers may be
eligible for additional cash compensation based on the performance (with
emphasis on the sale of proprietary products) of the sales representatives that
the manager supervises. Receipt of this additional cash compensation may
provide sales representatives and their managers with an incentive to favor the
sale of proprietary products over similar products issued by non-affiliates.
MetLife sales representatives and their managers (and the sales representatives
and managers of our affiliates) are also eligible for various non-cash
compensation programs that we offer such as conferences, trips, prizes, and
awards. Other payments may be made for other services that do not directly
involve the sale of products. These services may include the recruitment and
training of personnel, production of promotional literature, and similar
services.
MLIDC also enters into selling agreements with other unaffiliated
broker-dealers for the sale of the Policies and other variable insurance
products, i.e., annuity contracts and life insurance policies, that we and our
affiliates issue. MLIDC may pay additional compensation to certain of these
broker-dealers, including marketing allowances, introduction fees, persistency
payments, preferred status fees and industry conference fees. Marketing
allowances are periodic payments to certain broker-dealers, the amount of which
depends on cumulative periodic (usually quarterly) sales of our insurance
products (including the Policies) and may also depend on meeting thresholds in
the sale of certain of our insurance products (other than the Policies). They
may also include payments we make to cover the cost of marketing or other
support services provided for or by registered representatives who may sell our
products. Introduction fees are payments to broker-dealers in connection with
the addition of these variable products to the broker-dealer's line of
investment products, including expenses relating to establishing the data
communications systems necessary for the broker-dealer to offer, sell and
administer these products. Persistency payments are periodic payments based on
account and/or cash values of these variable insurance products. Preferred
status fees are paid to obtain preferred treatment of these products in
broker-dealers' marketing programs, which may include marketing services,
participation in marketing meetings, listings in data resources and increased
access to their sales representatives. Industry conference fees are amounts
paid to cover in part the costs associated with sales conferences and
educational seminars for broker-dealers' sales representatives.
The additional types of compensation discussed above are not offered to all
broker-dealers. The terms of any particular agreement governing compensation
may vary among broker-dealers and the amounts may be significant. We and MLIDC
may enter into similar arrangements with our affiliates MSI, New England
Securities Corporation, Walnut Street Securities, Inc. and Tower Square
Securities, Inc. The prospect of receiving, or the receipt of, additional
compensation as described above may provide broker-dealers or their
representatives with an incentive to favor sales of the Policies over other
62
variable insurance policies (or other investments) with respect to which the
broker-dealer does not receive additional compensation, or lower levels of
additional compensation. You may wish to take such payment arrangements into
account when considering and evaluating any recommendation relating to the
Policies. For more information about any such arrangements, ask your sales
representative for further information about what your sales representative and
the broker-dealer for which he or she works may receive in connection with your
purchase of a Policy.
We retain consultants who provide technical training and sales support to
MetLife and our other affiliated sales representatives with respect to certain
business planning strategies that may involve the sale of life insurance. We
pay these consultants fees that are not conditioned on the sale of any
insurance products. These consultants may also provide services directly to our
clients for a fee.
We pay American Funds Distributors, Inc., the principal underwriter for the
American Funds Insurance Series, a percentage of all premiums allocated to the
American Funds Growth Fund, the American Funds International Fund, the American
Funds High-Income Bond Fund and the American Funds U.S. Government/AAA Rated
Securities Fund for the services it provides in marketing the Portfolios'
shares in connection with the Policies.
LEGAL PROCEEDINGS
In the ordinary course of business, MetLife, similar to other life insurance
companies, is involved in lawsuits (including class action lawsuits),
arbitrations and other legal proceedings. Also, from time to time, state and
federal regulators or other officials conduct formal and informal examinations
or undertake other actions dealing with various aspects of the financial
services and insurance industries. In some legal proceedings involving
insurers, substantial damages have been sought and/or material settlement
payments have been made.
It is not possible to predict with certainty the ultimate outcome of any
pending legal proceeding or regulatory action. However, MetLife does not
believe any such action or proceeding will have a material adverse effect upon
the Separate Account or upon the ability of MetLife Investors Distribution
Company to perform its contract with the Separate Account or of MetLife to meet
its obligations under the Policies.
RESTRICTIONS ON FINANCIAL TRANSACTIONS
Applicable laws designed to counter terrorism and prevent money laundering
might, in certain circumstances, require us to reject a premium payment and/ or
block or "freeze" your Policy. If these laws apply in a particular situation,
we would not be allowed to process any request for withdrawals, surrenders, or
death benefits, make transfers, or continue making payments under your death
benefit option until instructions are received from the appropriate regulator.
We also may be required to provide additional information about you or your
Policy to government regulators.
63
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The financial statements and financial highlights comprising each of the
Investment Divisions of Metropolitan Life Separate Account UL (the "Separate
Account") included in this Prospectus, 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 principal business address of Deloitte & Touche LLP is Two World Financial
Center, New York, New York 10281-1414.
FINANCIAL STATEMENTS
The financial statements comprising each of the Investment Divisions of the
Separate Account are attached to this Prospectus. You can find the financial
statements of MetLife in the Statement of Additional Information. Our financial
statements should be considered only as bearing upon our ability to meet our
obligations under the Policy.
64
APPENDIX A
ADDITIONAL INFORMATION REGARDING THE FUNDS
Certain Portfolios were subject to a name change or merger. The chart below
identifies the former name and new name of these Portfolios, and where
applicable, the former name and new name of the Fund of which the Portfolio is
a part.
PORTFOLIO NAME CHANGES
FORMER NAME NEW NAME
------------------------------------- -------------------------------------
AIM VARIABLE INSURANCE FUNDS AIM VARIABLE INSURANCE FUNDS
(INVESCO VARIABLE INSURANCE FUNDS) (INVESCO VARIABLE INSURANCE FUNDS)
Invesco Van Kampen V.I. Comstock Invesco V.I. Comstock Fund
Fund
MET INVESTORS SERIES TRUST MET INVESTORS SERIES TRUST
Dreman Small Cap Value Portfolio JPMorgan Small Cap Value Portfolio
Lazard Mid Cap Portfolio MLA Mid Cap Portfolio
Legg Mason ClearBridge Aggressive ClearBridge Aggressive Growth
Growth Portfolio Portfolio
METROPOLITAN SERIES FUND METROPOLITAN SERIES FUND
Barclays Capital Aggregate Bond Barclays Aggregate Bond Index
Index Portfolio Portfolio
BlackRock Aggressive Growth Frontier Mid Cap Growth Portfolio
Portfolio
BlackRock Legacy Large Cap Growth BlackRock Capital Appreciation
Portfolio Portfolio
OPPENHEIMER VARIABLE ACCOUNT FUNDS OPPENHEIMER VARIABLE ACCOUNT FUNDS
Oppenheimer Main Street Small- & Oppenheimer Main Street Small Cap
Mid-Cap Fund(R)/VA Fund(R)/VA
PORTFOLIO MERGERS
FORMER PORTFOLIO/FUND NEW PORTFOLIO/FUND
-------------------------------------- -------------------------------------
MET INVESTORS SERIES TRUST METROPOLITAN SERIES FUND
MLA Mid Cap Portfolio Neuberger Berman Genesis Portfolio
METROPOLITAN SERIES FUND METROPOLITAN SERIES FUND
FI Value Leaders Portfolio MFS(R) Value Portfolio
METROPOLITAN SERIES FUND MET INVESTORS SERIES TRUST
Oppenheimer Global Equity Portfolio Oppenheimer Global Equity
Portfolio (formerly
Met/Templeton Growth Portfolio)
65
In order to help you understand how the Policy's values would vary over time
under different sets of assumptions, we will provide you with personalized
illustrations of death benefits, cash surrender values and cash values upon
request. These will be based on the age and insurance risk characteristics of
the person insured under the Policy and such factors as the specified face
amount, premium payment amounts and rates of return (within limits) that you
request. You can request such illustrations at any time without charge. We have
filed an example of such an illustration as an exhibit to the registration
statement referred to below.
Additional information about the Policy and the Separate Account can be found
in the Statement of Additional Information. This Prospectus incorporates by
reference all of the information contained in the Statement of Additional
Information, which is legally part of this Prospectus. You may obtain, without
charge, a copy of the Statement of Additional Information or a personalized
illustration of death benefits, cash surrender values and cash values, by
calling us at 1-908-253-1400 or contacting us through our website at
www.metlife.com/sbr.
Information about the Policy and the Separate Account, including the Statement
of Additional Information, is available for viewing and copying at the SEC's
Public Reference Room in Washington, D.C. Information about the operation of
the public reference room may be obtained by calling the SEC at 202-942-8090.
The Statement of Additional Information, reports and other information about
the Separate Account are available on the SEC Internet site as www.sec.gov.
Copies of this information may be obtained upon payment of a duplicating fee,
by writing to the SEC's Public Reference Section at 100 F Street, NE,
Washington, DC 20549.
811-06025
66
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Policy Owners of
Metropolitan Life Separate Account UL
and Board of Directors of
Metropolitan Life Insurance Company
We have audited the accompanying statements of assets and liabilities of
Metropolitan Life Separate Account UL (the "Separate Account") of Metropolitan
Life Insurance Company (the "Company") comprising each of the individual
Investment Divisions listed in Note 2.A. as of December 31, 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
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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
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2012 2011 (d) 2012 (g)
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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)
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Net increase (decrease) in net assets resulting
from operations..................................... 15,323 1,620 265
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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) -- --
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Net increase (decrease) in net assets resulting
from policy transactions............................ 20,458 94,518 29,843
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Net increase (decrease) in net assets................. 35,781 96,138 30,108
NET ASSETS:
Beginning of year....................................... 96,138 -- --
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End of year............................................. $ 131,919 $ 96,138 $ 30,108
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PIMCO VIT LOW DURATION
INVESTMENT DIVISION
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2012 2011 2010
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