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 ---------------------------------------------------------------------------------
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WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT --------------------------------------------------------------------------------------------- Administrative On payment of POLICY YEARS 1 TO 10, Up to 1.05% of Charge/1/ premium up to 0.55% of annual annual target target premium paid premium paid in all Policy years POLICY YEARS 11 AND LATER, up to 1.05% of 0.05% of premiums annual target paid in excess of premium paid annual target premium in all Policy 0.05% on premiums years paid in excess of annual target premium in all Policy years --------------------------------------------------------------------------------------------- Transfer Fee On transfer of cash Not currently $25 per transfer, and value among charged none for transfers investment divisions under Systematic or to or from the Investment Fixed Account Strategies --------------------------------------------------------------------------------------------- Interim Term On payment of first Highest: $13.93 per Highest: $24.65 per Insurance Benefit/3/ premium if rider is $1,000 of term $1,000 of term (applies only if you elected insurance amount insurance amount elected rider at issue) Lowest: $0.03 per Lowest: $0.04 per Highest and Lowest $1,000 of term $1,000 of term Charge Among All insurance amount insurance amount Possible Insureds Charge for male, $0.152 per $1,000 of $0.271 per $1,000 of issue age 47, term insurance term insurance nonsmoker, amount amount Guaranteed Issue underwriting class --------------------------------------------------------------------------------------------- Enhanced Cash On premium 0.25% of each Same as Current Surrender Value payments made premium payment Amount Rider/4/ during the first five made during the first Policy years five Policy years --------------------------------------------------------------------------------------------- Underwriting Charge On face amount Not currently Up to $3 per $1,000 (applies only if you increase charged of increase request an increase in your specified face amount)
-------- /1/ See "Charges and Deductions--Annual Target Premium" for a detailed discussion of the determination of the annual target premium. /2/ For Policies issued with the Refund of Sales Charge Rider, if you request a full cash withdrawal during the first five Policy years, we will refund any sales charges deducted within 365 days prior to the date the request is received at our Designated Office. This rider is not available in New Jersey. /3/ This charge varies based on individual characteristics of the insured or of individuals in the group that the charge was intended to cover, and may not be representative of the charge that you will pay. You can obtain more information about the charges that would apply by contacting your insurance sales representative. If you would like, we will provide you with an illustration of the impact of these and other charges under the Policy based on various assumptions. /4/ For Policies issued with the Enhanced Cash Surrender Value Rider on or after February 1, 2004, if you request a full cash withdrawal during the first ten Policy years, we will refund (a) part of the cumulative charges we have deducted from your premium payments and (b) part of the cost of term insurance we have deducted in the current Policy year, as shown in Table A below. However, we will not pay this refund if the full cash withdrawal is related to an exchange pursuant to Section 1035 of the Internal Revenue Code. This rider is subject to state approval. 10 TABLE A
PORTION OF COST OF TERM INSURANCE CHARGES DEDUCTED PORTION OF DURING POLICY YEAR OF POLICY YEAR OF CUMULATIVE PREMIUM FULL CASH WITHDRAWAL FULL CASH WITHDRAWAL CHARGES TO BE REFUNDED* TO BE REFUNDED ----------------------------------------------------------------------- 1 100% 95% ----------------------------------------------------------------------- 2 95% 85% ----------------------------------------------------------------------- 3 90% 75% ----------------------------------------------------------------------- 4 85% 65% ----------------------------------------------------------------------- 5 80% 55% ----------------------------------------------------------------------- 6 75% 45% ----------------------------------------------------------------------- 7 70% 35% ----------------------------------------------------------------------- 8 65% 25% ----------------------------------------------------------------------- 9 60% 15% ----------------------------------------------------------------------- 10 55% 5% ----------------------------------------------------------------------- 11 and later None None -----------------------------------------------------------------------
* The percent shown is applied to the cumulative sales, tax, and administrative charges deducted from your premium. PERIODIC CHARGES OTHER THAN PORTFOLIO OPERATING EXPENSES These tables describe other fees and expenses that you will pay periodically during the time that you own the Policy not including the fees and expenses of the Portfolios. PERIODIC CHARGES
WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT ----------------------------------------------------------------------------------------------------------- Cost of Term Insurance On each monthly Highest: $35.30 per Highest: $35.30 per for coverage under base anniversary of the Policy $1,000 of term insurance $1,000 of term insurance policy /1, 2/ amount amount Highest and Lowest Charge Among All Possible Lowest: $0.02 per $1,000 Lowest: $0.04 per $1,000 Insureds of term insurance amount of term insurance amount Charge for male, issue $0.152 per $1,000 of term $0.271 per $1,000 of term age 47, nonsmoker, insurance amount insurance amount Guaranteed Issue underwriting class ----------------------------------------------------------------------------------------------------------- Cost of Term Insurance On each monthly Highest: $26.48 per Highest: $35.30 per for coverage under the anniversary of the Policy $1,000 of term insurance $1,000 of term insurance term benefit /1, 2/ amount amount Highest and Lowest Charge Lowest: $0.02 per $1,000 Lowest: $0.04 per $1,000 Among All Possible of term insurance amount of term insurance amount Insureds Charge for male, issue $0.114 per $1,000 of term $0.271 per $1,000 of term age 47, nonsmoker, insurance amount insurance amount Guaranteed Issue underwriting class
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WHEN CHARGE CURRENT AMOUNT MAXIMUM AMOUNT CHARGE IS DEDUCTED DEDUCTED WE CAN DEDUCT ----------------------------------------------------------------------------------------------------------- ----------------------------------------------------------------------------------------------------------- Mortality and Expense On each monthly Effective annual rate of Effective annual rate up Risk Charge /3/ anniversary of the Policy 0.40% of the cash value to 0.90% in the Separate Account. We intend to reduce this charge after Policy year 9 to 0.20% and after Policy year 20 to 0.10%. ----------------------------------------------------------------------------------------------------------- Loan Interest Spread/ 4/ Annually (or on loan Annual rate of 0.25% of Annual rate of 2% of the termination, if earlier) the loan amount loan amount
-------- /1/ The cost of term insurance charge varies based on anticipated variations in our costs or risks associated with the group or individuals in the group that the charge was intended to cover. See "Charges and Deductions--Cost of Term Insurance" for a more detailed discussion of factors affecting this charge. For Policies issued before January 1, 2009, the maximum cost of insurance charge ranges from $0.09 to $30.45 per $1,000 of term insurance amount. /2/ This charge varies based on individual characteristics of the insured or of individuals in the group that the charge was intended to cover, and may not be representative of the charge that you will pay. You can obtain more information about the charges that would apply by contacting your insurance sales representative. If you would like, we will provide you with an illustration of the impact of these and other charges under the Policy, based on various assumptions. /3/ We are waiving the following amounts of the Mortality and Expense Risk Charge: 0.08% for the investment division investing in the BlackRock Large Cap Core Portfolio; and an amount equal to the underlying portfolio expenses that are in excess of 0.91% for the investment division investing in the Pioneer Fund Portfolio (Class A), in excess of 1.34% for the investment division investing in the Met/Artisan Mid Cap Value Portfolio (Class B), 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% -----------------------------------------------------------------------------------
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----------------------------------------------------------------------------------- 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 ---------------------------------------------------------------------------------------------------------
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--------------------------------------------------------------------------------------------------------- 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 -------------------------------------------------------------------------------------------------------
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-------------------------------------------------------------------------------------------------------- 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 This page is intentionally left blank. METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ -- $ 18,192 $ 1,486 Net realized gains (losses).............................. (1,307,724) (40,514) 8,379 Change in unrealized gains (losses) on investments....... 1,419,031 (1,444,286) 1,480 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 111,307 (1,466,608) 11,345 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 4,561 6,425 1,269 Net transfers (including fixed account).................. (4,345,166) 5,890,970 (20,468) Policy charges........................................... (2,096) (229,188) (2,162) Transfers for policy benefits and terminations........... (445) (27,392) -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (4,343,146) 5,640,815 (21,361) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. (4,231,839) 4,174,207 (10,016) NET ASSETS: Beginning of year........................................ 4,293,695 119,488 129,504 ------------------ ------------------ ------------------ End of year.............................................. $ 61,856 $ 4,293,695 $ 119,488 ================== ================== ================== ALLIANCEBERNSTEIN INTERMEDIATE BOND INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 2,404 $ 2,097 $ 2,177 Net realized gains (losses).............................. 1,787 184 2,172 Change in unrealized gains (losses) on investments....... (188) 563 (1,393) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 4,003 2,844 2,956 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 8,926 2,678 3,570 Net transfers (including fixed account).................. 44,909 -- 9,880 Policy charges........................................... (1,818) (1,493) (1,194) Transfers for policy benefits and terminations........... (6) (8) (255) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 52,011 1,177 12,001 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 56,014 4,021 14,957 NET ASSETS: Beginning of year........................................ 47,286 43,265 28,308 ------------------ ------------------ ------------------ End of year.............................................. $ 103,300 $ 47,286 $ 43,265 ================== ================== ================== ALLIANCEBERNSTEIN INTERNATIONAL VALUE INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 (a) ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 2 $ (160) $ 31 Net realized gains (losses).............................. (1) 175 1 Change in unrealized gains (losses) on investments....... 17 (129) 88 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 18 (114) 120 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. -- 268 -- Net transfers (including fixed account).................. 2 (1,225) 1,252 Policy charges........................................... (5) (24) (15) Transfers for policy benefits and terminations........... -- (121) -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (3) (1,102) 1,237 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 15 (1,216) 1,357 NET ASSETS: Beginning of year........................................ 141 1,357 -- ------------------ ------------------ ------------------ End of year.............................................. $ 156 $ 141 $ 1,357 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 100 The accompanying notes are an integral part of these financial statements. 101 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
AMERICAN CENTURY VP VISTA INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ -- $ -- $ -- Net realized gains (losses)............................... 328 5,995 12,351 Change in unrealized gains (losses) on investments........ 873 (8,184) (1,947) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 1,201 (2,189) 10,404 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. -- 11,044 13,202 Net transfers (including fixed account)................... 870 (72,025) (83,499) Policy charges............................................ (954) (2,331) (3,069) Transfers for policy benefits and terminations............ (5,666) -- (9,338) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (5,750) (63,312) (82,704) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... (4,549) (65,501) (72,300) NET ASSETS: Beginning of year......................................... 8,654 74,155 146,455 ------------------ ------------------ ------------------ End of year............................................... $ 4,105 $ 8,654 $ 74,155 ================== ================== ================== AMERICAN FUNDS BOND INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 123,941 $ 132,520 $ 119,188 Net realized gains (losses)............................... 27,506 10,695 (8,911) Change in unrealized gains (losses) on investments........ 108,693 121,054 122,161 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 260,140 264,269 232,438 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 681,465 678,665 724,857 Net transfers (including fixed account)................... 491,460 53,187 320,665 Policy charges............................................ (388,415) (360,088) (355,054) Transfers for policy benefits and terminations............ (359,799) (265,605) (318,517) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 424,711 106,159 371,951 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 684,851 370,428 604,389 NET ASSETS: Beginning of year......................................... 4,735,459 4,365,031 3,760,642 ------------------ ------------------ ------------------ End of year............................................... $ 5,420,310 $ 4,735,459 $ 4,365,031 ================== ================== ================== AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 681,533 $ 727,300 $ 939,977 Net realized gains (losses)............................... (342,892) (68,423) (386,466) Change in unrealized gains (losses) on investments........ 9,028,936 (13,188,181) 11,810,164 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 9,367,577 (12,529,304) 12,363,675 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 6,754,997 7,605,640 8,529,505 Net transfers (including fixed account)................... (1,743,129) (1,805,503) (976,366) Policy charges............................................ (3,801,507) (4,142,061) (4,451,588) Transfers for policy benefits and terminations............ (3,815,121) (4,059,136) (4,114,157) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (2,604,760) (2,401,060) (1,012,606) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 6,762,817 (14,930,364) 11,351,069 NET ASSETS: Beginning of year......................................... 52,474,989 67,405,353 56,054,284 ------------------ ------------------ ------------------ End of year............................................... $ 59,237,806 $ 52,474,989 $ 67,405,353 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 102 The accompanying notes are an integral part of these financial statements. 103 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
AMERICAN FUNDS GROWTH INVESTMENT DIVISION ---------------------------------------------------- 2012 2011 2010 ---------------- ---------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ 879,818 $ 630,009 $ 700,076 Net realized gains (losses)...................................... 1,170,827 658,869 (328,082) Change in unrealized gains (losses) on investments............... 18,556,699 (6,628,058) 19,817,938 ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................................. 20,607,344 (5,339,180) 20,189,932 ---------------- ---------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... 13,860,300 15,130,932 16,677,167 Net transfers (including fixed account).......................... (3,812,042) (1,178,160) (1,005,842) Policy charges................................................... (8,845,036) (9,007,053) (9,003,630) Transfers for policy benefits and terminations................... (9,088,854) (8,844,884) (8,617,264) ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions..................................... (7,885,632) (3,899,165) (1,949,569) ---------------- ---------------- ---------------- Net increase (decrease) in net assets.......................... 12,721,712 (9,238,345) 18,240,363 NET ASSETS: Beginning of year................................................ 118,199,510 127,437,855 109,197,492 ---------------- ---------------- ---------------- End of year...................................................... $ 130,921,222 $ 118,199,510 $ 127,437,855 ================ ================ ================ AMERICAN FUNDS GROWTH-INCOME INVESTMENT DIVISION ---------------------------------------------------- 2012 2011 2010 ---------------- ---------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ 1,175,138 $ 1,070,960 $ 943,129 Net realized gains (losses)...................................... 300,932 (58,726) (336,443) Change in unrealized gains (losses) on investments............... 10,629,027 (2,428,568) 6,948,053 ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................................. 12,105,097 (1,416,334) 7,554,739 ---------------- ---------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... 8,728,377 9,556,841 10,334,758 Net transfers (including fixed account).......................... (1,135,580) (457,407) (240,405) Policy charges................................................... (5,615,768) (5,547,870) (5,606,668) Transfers for policy benefits and terminations................... (5,724,226) (4,739,607) (4,718,644) ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions..................................... (3,747,197) (1,188,043) (230,959) ---------------- ---------------- ---------------- Net increase (decrease) in net assets.......................... 8,357,900 (2,604,377) 7,323,780 NET ASSETS: Beginning of year................................................ 71,256,817 73,861,194 66,537,414 ---------------- ---------------- ---------------- End of year...................................................... $ 79,614,717 $ 71,256,817 $ 73,861,194 ================ ================ ================ AMERICAN FUNDS HIGH-INCOME BOND INVESTMENT DIVISION ------------------- 2012 (b) ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ 3,203 Net realized gains (losses)...................................... 6 Change in unrealized gains (losses) on investments............... (677) ------------------- Net increase (decrease) in net assets resulting from operations.............................................. 2,532 ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... -- Net transfers (including fixed account).......................... 54,888 Policy charges................................................... (181) Transfers for policy benefits and terminations................... (8) ------------------- Net increase (decrease) in net assets resulting from policy transactions..................................... 54,699 ------------------- Net increase (decrease) in net assets.......................... 57,231 NET ASSETS: Beginning of year................................................ -- ------------------- End of year...................................................... $ 57,231 =================== AMERICAN FUNDS INTERNATIONAL INVESTMENT DIVISION ---------------------------------------------------- 2012 2011 2010 ---------------- ---------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ 7,535 $ 10,736 $ 13,328 Net realized gains (losses)...................................... (1,402) (605) (608) Change in unrealized gains (losses) on investments............... 82,398 (108,507) 46,566 ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................................. 88,531 (98,376) 59,286 ---------------- ---------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... 46,649 4,120 196,875 Net transfers (including fixed account).......................... (25,495) (89,752) 113,293 Policy charges................................................... (12,774) (18,135) (17,235) Transfers for policy benefits and terminations................... (69,569) (82,771) (7,938) ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions..................................... (61,189) (186,538) 284,995 ---------------- ---------------- ---------------- Net increase (decrease) in net assets.......................... 27,342 (284,914) 344,281 NET ASSETS: Beginning of year................................................ 524,711 809,625 465,344 ---------------- ---------------- ---------------- End of year...................................................... $ 552,053 $ 524,711 $ 809,625 ================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 104 The accompanying notes are an integral part of these financial statements. 105 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 440 $ 773 $ 683 Net realized gains (losses)............................... 1,510 1,620 643 Change in unrealized gains (losses) on investments........ (1,126) 885 1,804 ------------------ ------------------- ------------------ Net increase (decrease) in net assets resulting from operations....................................... 824 3,278 3,130 ------------------ ------------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 6,275 18,071 7,825 Net transfers (including fixed account)................... -- (2,592) (50,106) Policy charges............................................ (1,867) (9,064) (10,685) Transfers for policy benefits and terminations............ (5,579) (1,984) (2,565) ------------------ ------------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (1,171) 4,431 (55,531) ------------------ ------------------- ------------------ Net increase (decrease) in net assets................... (347) 7,709 (52,401) NET ASSETS: Beginning of year......................................... 45,539 37,830 90,231 ------------------ ------------------- ------------------ End of year............................................... $ 45,192 $ 45,539 $ 37,830 ================== =================== ================== DREYFUS VIF INTERNATIONAL VALUE INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 4,882 $ 4,085 $ 3,367 Net realized gains (losses)............................... (1,011) (960) (14,086) Change in unrealized gains (losses) on investments........ 18,857 (45,726) 19,382 ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 22,728 (42,601) 8,663 ------------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 895 1,458 955 Net transfers (including fixed account)................... 6 (1,532) (65,938) Policy charges............................................ (2,557) (3,962) (3,958) Transfers for policy benefits and terminations............ -- (766) -- ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (1,656) (4,802) (68,941) ------------------- ------------------ ------------------ Net increase (decrease) in net assets................... 21,072 (47,403) (60,278) NET ASSETS: Beginning of year......................................... 184,061 231,464 291,742 ------------------- ------------------ ------------------ End of year............................................... $ 205,133 $ 184,061 $ 231,464 =================== ================== ================== FIDELITY VIP ASSET MANAGER: GROWTH INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 24,972 $ 23,605 $ 19,264 Net realized gains (losses)............................... 35,697 74,260 37,274 Change in unrealized gains (losses) on investments........ 172,026 (205,700) 201,872 ------------------ ------------------- ------------------ Net increase (decrease) in net assets resulting from operations....................................... 232,695 (107,835) 258,410 ------------------ ------------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 122,067 182,388 168,558 Net transfers (including fixed account)................... 249,730 (79,369) (53,668) Policy charges............................................ (68,776) (78,031) (69,353) Transfers for policy benefits and terminations............ -- (392,245) (120,774) ------------------ ------------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 303,021 (367,257) (75,237) ------------------ ------------------- ------------------ Net increase (decrease) in net assets................... 535,716 (475,092) 183,173 NET ASSETS: Beginning of year......................................... 1,430,516 1,905,608 1,722,435 ------------------ ------------------- ------------------ End of year............................................... $ 1,966,232 $ 1,430,516 $ 1,905,608 ================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 106 The accompanying notes are an integral part of these financial statements. 107 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
FIDELITY VIP CONTRAFUND INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 28,837 $ 20,916 $ 27,427 Net realized gains (losses).............................. 38,806 12,745 (217,628) Change in unrealized gains (losses) on investments....... 288,092 (98,141) 648,547 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 355,735 (64,480) 458,346 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 127,751 206,289 166,923 Net transfers (including fixed account).................. (78,043) (243,464) (1,821,221) Policy charges........................................... (99,800) (104,834) (104,054) Transfers for policy benefits and terminations........... (114,270) (319,235) (10,806) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (164,362) (461,244) (1,769,158) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 191,373 (525,724) (1,310,812) NET ASSETS: Beginning of year........................................ 2,151,649 2,677,373 3,988,185 ------------------ ------------------ ------------------ End of year.............................................. $ 2,343,022 $ 2,151,649 $ 2,677,373 ================== ================== ================== FIDELITY VIP EQUITY-INCOME INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 1,836 $ 637 $ 3,327 Net realized gains (losses).............................. 3,239 2,625 (5,418) Change in unrealized gains (losses) on investments....... (1,146) (8,921) 31,745 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 3,929 (5,659) 29,654 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 1,366 26,285 37,251 Net transfers (including fixed account).................. 39,024 (55,376) (103,500) Policy charges........................................... (617) (4,868) (6,481) Transfers for policy benefits and terminations........... -- (144,483) -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 39,773 (178,442) (72,730) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 43,702 (184,101) (43,076) NET ASSETS: Beginning of year........................................ 18,589 202,690 245,766 ------------------ ------------------ ------------------ End of year.............................................. $ 62,291 $ 18,589 $ 202,690 ================== ================== ================== FIDELITY VIP FREEDOM 2010 INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ----------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 564 $ 576 $ 545 Net realized gains (losses).............................. 633 1,481 537 Change in unrealized gains (losses) on investments....... 2,707 (2,344) 2,036 ----------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 3,904 (287) 3,118 ----------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 2,629 2,823 2,793 Net transfers (including fixed account).................. 210 884 12,520 Policy charges........................................... -- -- -- Transfers for policy benefits and terminations........... (1,249) (1,136) (1,119) ----------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 1,590 2,571 14,194 ----------------- ------------------ ------------------ Net increase (decrease) in net assets.................. 5,494 2,284 17,312 NET ASSETS: Beginning of year........................................ 34,144 31,860 14,548 ----------------- ------------------ ------------------ End of year.............................................. $ 39,638 $ 34,144 $ 31,860 ================= ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 108 The accompanying notes are an integral part of these financial statements. 109 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
FIDELITY VIP FREEDOM 2020 INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ----------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 14,905 $ 15,048 $ 14,881 Net realized gains (losses).............................. 14,637 12,805 8,278 Change in unrealized gains (losses) on investments....... 62,352 (33,543) 70,032 ----------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 91,894 (5,690) 93,191 ----------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 13,429 12,681 10,953 Net transfers (including fixed account).................. (20,603) 33,211 1,108 Policy charges........................................... (10,886) (10,197) (9,499) Transfers for policy benefits and terminations........... (8,824) (68,993) (5,562) ----------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (26,884) (33,298) (3,000) ----------------- ------------------ ------------------ Net increase (decrease) in net assets.................. 65,010 (38,988) 90,191 NET ASSETS: Beginning of year........................................ 699,714 738,702 648,511 ----------------- ------------------ ------------------ End of year.............................................. $ 764,724 $ 699,714 $ 738,702 ================= ================== ================== FIDELITY VIP FREEDOM 2030 INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 665 $ 1,018 $ 1,885 Net realized gains (losses).............................. 3,280 11,923 1,390 Change in unrealized gains (losses) on investments....... 3,591 (12,843) 11,839 ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from operations...................................... 7,536 98 15,114 ------------------ ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............. 1,320 2,634 3,169 Net transfers (including fixed account).................. (21,760) (51,129) 62,506 Policy charges........................................... -- (455) (1,273) Transfers for policy benefits and terminations........... (1,232) (2,369) (3,063) ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................. (21,672) (51,319) 61,339 ------------------ ------------------ ----------------- Net increase (decrease) in net assets.................. (14,136) (51,221) 76,453 NET ASSETS: Beginning of year........................................ 56,970 108,191 31,738 ------------------ ------------------ ----------------- End of year.............................................. $ 42,834 $ 56,970 $ 108,191 ================== ================== ================= FIDELITY VIP FREEDOM 2050 INVESTMENT DIVISION ---------------------------------------- 2012 2011 (c) ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 283 $ 228 Net realized gains (losses).............................. 2,160 (3,654) Change in unrealized gains (losses) on investments....... 199 1,450 ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 2,642 (1,976) ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. -- -- Net transfers (including fixed account).................. -- 17,414 Policy charges........................................... -- -- Transfers for policy benefits and terminations........... (281) -- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (281) 17,414 ------------------ ------------------ Net increase (decrease) in net assets.................. 2,361 15,438 NET ASSETS: Beginning of year........................................ 15,438 -- ------------------ ------------------ End of year.............................................. $ 17,799 $ 15,438 ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 110 The accompanying notes are an integral part of these financial statements. 111 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
FIDELITY VIP HIGH INCOME INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 9,229 $ 2,953 $ 340 Net realized gains (losses)............................. 67 13 (227) Change in unrealized gains (losses) on investments...... (1,277) (1,768) 801 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 8,019 1,198 914 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 1,301 3,335 -- Net transfers (including fixed account)................. 115,054 34,562 (36,834) Policy charges.......................................... (2,451) (357) (282) Transfers for policy benefits and terminations.......... -- (80) (148) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 113,904 37,460 (37,264) ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 121,923 38,658 (36,350) NET ASSETS: Beginning of year....................................... 43,223 4,565 40,915 ------------------ ----------------- ------------------ End of year............................................. $ 165,146 $ 43,223 $ 4,565 ================== ================= ================== FIDELITY VIP INVESTMENT GRADE BOND INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 37,562 $ 54,637 $ 18,206 Net realized gains (losses)............................. 81,674 21,189 23,465 Change in unrealized gains (losses) on investments...... (8,975) 1,742 (13,312) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations..................................... 110,261 77,568 28,359 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 829 1,122 829 Net transfers (including fixed account)................. 464,291 1,150,764 281,430 Policy charges.......................................... (27,932) (16,946) (9,224) Transfers for policy benefits and terminations.......... (9,509) -- -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 427,679 1,134,940 273,035 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................. 537,940 1,212,508 301,394 NET ASSETS: Beginning of year....................................... 1,747,852 535,344 233,950 ------------------ ------------------ ------------------ End of year............................................. $ 2,285,792 $ 1,747,852 $ 535,344 ================== ================== ================== FIDELITY VIP MID CAP INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 2,865 $ 150 $ 502 Net realized gains (losses)............................. 67,641 12,027 3,104 Change in unrealized gains (losses) on investments...... 20,392 (60,535) 83,723 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations..................................... 90,898 (48,358) 87,329 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 78,618 5,952 95,232 Net transfers (including fixed account)................. 25,075 253,173 77,140 Policy charges.......................................... (15,222) (11,223) (9,033) Transfers for policy benefits and terminations.......... (44,408) (47,617) (4,506) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 44,063 200,285 158,833 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................. 134,961 151,927 246,162 NET ASSETS: Beginning of year....................................... 613,958 462,031 215,869 ------------------ ------------------ ------------------ End of year............................................. $ 748,919 $ 613,958 $ 462,031 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 112 The accompanying notes are an integral part of these financial statements. 113 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 21,682 $ 22,691 $ 10,103 Net realized gains (losses).............................. 49,608 1,929 (4,189) Change in unrealized gains (losses) on investments....... 33,439 (59,670) 81,592 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 104,729 (35,050) 87,506 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 83,607 53,641 97,464 Net transfers (including fixed account).................. (97,388) 113,146 (79,267) Policy charges........................................... (22,528) (24,225) (20,745) Transfers for policy benefits and terminations........... (49,079) (291,009) (141) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (85,388) (148,447) (2,689) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 19,341 (183,497) 84,817 NET ASSETS: Beginning of year........................................ 783,835 967,332 882,515 ------------------ ------------------ ------------------ End of year.............................................. $ 803,176 $ 783,835 $ 967,332 ================== ================== ================== FTVIPT TEMPLETON FOREIGN SECURITIES INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 115,174 $ 89,150 $ 164,170 Net realized gains (losses).............................. (16,852) 253,750 (50,450) Change in unrealized gains (losses) on investments....... 501,451 (552,735) 614,425 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 599,773 (209,835) 728,145 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 303,212 379,032 834,212 Net transfers (including fixed account).................. 178,098 (5,636,582) 220,184 Policy charges........................................... (140,398) (243,478) (404,941) Transfers for policy benefits and terminations........... -- (512,046) (68,047) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 340,912 (6,013,074) 581,408 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 940,685 (6,222,909) 1,309,553 NET ASSETS: Beginning of year........................................ 3,021,785 9,244,694 7,935,141 ------------------ ------------------ ------------------ End of year.............................................. $ 3,962,470 $ 3,021,785 $ 9,244,694 ================== ================== ================== FTVIPT TEMPLETON GLOBAL BOND SECURITIES INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 24,244 $ 10,824 $ 60 Net realized gains (losses).............................. 352 (11,299) 4,601 Change in unrealized gains (losses) on investments....... 26,566 (11,949) (171) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 51,162 (12,424) 4,490 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 41,308 38,191 9,303 Net transfers (including fixed account).................. 73,730 482,861 (9,428) Policy charges........................................... (10,633) (7,628) (825) Transfers for policy benefits and terminations........... (2,811) (215,383) (3,516) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 101,594 298,041 (4,466) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 152,756 285,617 24 NET ASSETS: Beginning of year........................................ 289,345 3,728 3,704 ------------------ ------------------ ------------------ End of year.............................................. $ 442,101 $ 289,345 $ 3,728 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 114 The accompanying notes are an integral part of these financial statements. 115 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
GOLDMAN SACHS MID-CAP VALUE INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 2,932 $ 2,221 $ 2,264 Net realized gains (losses)............................... (683) (27,627) (13,608) Change in unrealized gains (losses) on investments........ 45,178 1,030 84,633 ------------------- ------------------- ------------------ Net increase (decrease) in net assets resulting from operations....................................... 47,427 (24,376) 73,289 ------------------- ------------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. -- -- -- Net transfers (including fixed account)................... -- -- (23,223) Policy charges............................................ (8,787) (9,130) (9,204) Transfers for policy benefits and terminations............ (48,734) (65,335) (2,114) ------------------- ------------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (57,521) (74,465) (34,541) ------------------- ------------------- ------------------ Net increase (decrease) in net assets................... (10,094) (98,841) 38,748 NET ASSETS: Beginning of year......................................... 268,248 367,089 328,341 ------------------- ------------------- ------------------ End of year............................................... $ 258,154 $ 268,248 $ 367,089 =================== =================== ================== GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 308 $ 424 $ 254 Net realized gains (losses)............................... 5,427 175 (7,335) Change in unrealized gains (losses) on investments........ (629) (255) 18,632 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 5,106 344 11,551 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 4,965 468 4,077 Net transfers (including fixed account)................... (32,037) -- (33,283) Policy charges............................................ (1,976) (1,804) (1,601) Transfers for policy benefits and terminations............ -- (1) -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (29,048) (1,337) (30,807) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... (23,942) (993) (19,256) NET ASSETS: Beginning of year......................................... 50,259 51,252 70,508 ------------------ ------------------ ------------------ End of year............................................... $ 26,317 $ 50,259 $ 51,252 ================== ================== ================== INVESCO V.I. GLOBAL REAL ESTATE INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 10,832 $ 72,431 $ 71,976 Net realized gains (losses)............................... (24,321) (158,339) (130,047) Change in unrealized gains (losses) on investments........ 481,388 (44,519) 289,353 ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 467,899 (130,427) 231,282 ------------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 92,394 18,821 3,708 Net transfers (including fixed account)................... 676,565 131,727 (63,773) Policy charges............................................ (68,963) (66,134) (53,968) Transfers for policy benefits and terminations............ (43,803) (60,454) (26,660) ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 656,193 23,960 (140,693) ------------------- ------------------ ------------------ Net increase (decrease) in net assets................... 1,124,092 (106,467) 90,589 NET ASSETS: Beginning of year......................................... 1,490,644 1,597,111 1,506,522 ------------------- ------------------ ------------------ End of year............................................... $ 2,614,736 $ 1,490,644 $ 1,597,111 =================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 116 The accompanying notes are an integral part of these financial statements. 117 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
INVESCO V.I. GOVERNMENT SECURITIES INVESTMENT DIVISION --------------------------------------- 2012 2011 (d) ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)...................................... $ -- $ -- Net realized gains (losses)....................................... 1,308 1,389 Change in unrealized gains (losses) on investments................ (1,335) 1,336 ------------------ ----------------- Net increase (decrease) in net assets resulting from operations............................................... (27) 2,725 ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners...................... -- -- Net transfers (including fixed account)........................... (21,034) 19,885 Policy charges.................................................... (119) (1,119) Transfers for policy benefits and terminations.................... -- -- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions...................................... (21,153) 18,766 ------------------ ----------------- Net increase (decrease) in net assets........................... (21,180) 21,491 NET ASSETS: Beginning of year................................................. 21,491 -- ------------------ ----------------- End of year....................................................... $ 311 $ 21,491 ================== ================= INVESCO V.I. INTERNATIONAL GROWTH INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)...................................... $ 90,329 $ 3,660 $ 4,364 Net realized gains (losses)....................................... 18,589 3,888 1,465 Change in unrealized gains (losses) on investments................ 685,032 (28,330) 26,537 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations............................................... 793,950 (20,782) 32,366 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners...................... 1,064,864 3,175 43,890 Net transfers (including fixed account)........................... 4,933,992 (26,489) 184,805 Policy charges.................................................... (310,061) (6,987) (5,205) Transfers for policy benefits and terminations.................... -- (197,921) (1,805) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions...................................... 5,688,795 (228,222) 221,685 ------------------ ----------------- ------------------ Net increase (decrease) in net assets........................... 6,482,745 (249,004) 254,051 NET ASSETS: Beginning of year................................................. 23,407 272,411 18,360 ------------------ ----------------- ------------------ End of year....................................................... $ 6,506,152 $ 23,407 $ 272,411 ================== ================= ================== INVESCO V.I. VAN KAMPEN COMSTOCK INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 (e) ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)...................................... $ 3,483 $ 489 $ -- Net realized gains (losses)....................................... 1,338 (127) 53 Change in unrealized gains (losses) on investments................ 32,459 (6,181) 45 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations............................................... 37,280 (5,819) 98 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners...................... 26,415 18,211 -- Net transfers (including fixed account)........................... (11,358) 148,276 31,986 Policy charges.................................................... (5,093) (2,690) -- Transfers for policy benefits and terminations.................... -- -- -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions...................................... 9,964 163,797 31,986 ------------------ ------------------ ------------------ Net increase (decrease) in net assets........................... 47,244 157,978 32,084 NET ASSETS: Beginning of year................................................. 190,062 32,084 -- ------------------ ------------------ ------------------ End of year....................................................... $ 237,306 $ 190,062 $ 32,084 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 118 The accompanying notes are an integral part of these financial statements. 119 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
JANUS ASPEN BALANCED INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 27,163 $ 44,376 $ 54,166 Net realized gains (losses).............................. 115,247 137,912 26,581 Change in unrealized gains (losses) on investments....... 25,664 (161,867) 90,252 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 168,074 20,421 170,999 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 153,325 105,004 500,783 Net transfers (including fixed account).................. (463,753) (679,101) 426,734 Policy charges........................................... (37,906) (57,528) (54,051) Transfers for policy benefits and terminations........... (58,979) (575,867) (8,070) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (407,313) (1,207,492) 865,396 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. (239,239) (1,187,071) 1,036,395 NET ASSETS: Beginning of year........................................ 1,339,788 2,526,859 1,490,464 ------------------ ------------------ ------------------ End of year.............................................. $ 1,100,549 $ 1,339,788 $ 2,526,859 ================== ================== ================== JANUS ASPEN FORTY INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 5,152 $ 2,325 $ 2,433 Net realized gains (losses).............................. 38,660 43,353 14,051 Change in unrealized gains (losses) on investments....... 126,343 (117,114) 47,707 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 170,155 (71,436) 64,191 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 86,108 58,591 190,160 Net transfers (including fixed account).................. (41,907) (237,596) 46,953 Policy charges........................................... (29,645) (30,157) (32,843) Transfers for policy benefits and terminations........... -- (229,034) (6,634) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 14,556 (438,196) 197,636 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 184,711 (509,632) 261,827 NET ASSETS: Beginning of year........................................ 703,136 1,212,768 950,941 ------------------ ------------------ ------------------ End of year.............................................. $ 887,847 $ 703,136 $ 1,212,768 ================== ================== ================== JANUS ASPEN JANUS INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 5,213 $ 5,397 $ 73,809 Net realized gains (losses).............................. 29,069 1,561,413 52,158 Change in unrealized gains (losses) on investments....... 122,884 (1,416,036) 848,330 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 157,166 150,774 974,297 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 19,037 6,403 635,005 Net transfers (including fixed account).................. (14,200) (6,850,158) (58,773) Policy charges........................................... (41,868) (89,176) (348,978) Transfers for policy benefits and terminations........... (6,552) (191,751) -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (43,583) (7,124,682) 227,254 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 113,583 (6,973,908) 1,201,551 NET ASSETS: Beginning of year........................................ 858,094 7,832,002 6,630,451 ------------------ ------------------ ------------------ End of year.............................................. $ 971,677 $ 858,094 $ 7,832,002 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 120 The accompanying notes are an integral part of these financial statements. 121 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
JANUS ASPEN OVERSEAS INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 2,519 $ 1,291 $ 1,609 Net realized gains (losses)............................. 36,365 (90,371) 4,218 Change in unrealized gains (losses) on investments...... 8,927 (214,175) 62,994 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations..................................... 47,811 (303,255) 68,821 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 72,495 17,337 61,601 Net transfers (including fixed account)................. (60) 362,799 175,192 Policy charges.......................................... (20,490) (57,215) (7,851) Transfers for policy benefits and terminations.......... (1,949) (51,382) (4,005) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 49,996 271,539 224,937 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................. 97,807 (31,716) 293,758 NET ASSETS: Beginning of year....................................... 344,135 375,851 82,093 ------------------ ------------------ ------------------ End of year............................................. $ 441,942 $ 344,135 $ 375,851 ================== ================== ================== MFS VIT GLOBAL EQUITY INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 61 $ 575 $ 1,232 Net realized gains (losses)............................. 428 12,787 183 Change in unrealized gains (losses) on investments...... 6,795 (16,173) 19,523 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 7,284 (2,811) 20,938 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 2,223 10,718 28,453 Net transfers (including fixed account)................. 121,236 (180,476) 103,015 Policy charges.......................................... (579) (1,554) (2,958) Transfers for policy benefits and terminations.......... (150) (47,257) (1,538) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 122,730 (218,569) 126,972 ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 130,014 (221,380) 147,910 NET ASSETS: Beginning of year....................................... 5,414 226,794 78,884 ------------------ ----------------- ------------------ End of year............................................. $ 135,428 $ 5,414 $ 226,794 ================== ================= ================== MFS VIT HIGH INCOME INVESTMENT DIVISION ------------------------------------------------------------ 2012 2011 2010 ----------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 10,779 $ 12,069 $ 8,657 Net realized gains (losses)............................. 2,215 361 680 Change in unrealized gains (losses) on investments...... 6,400 (7,343) 7,331 ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations..................................... 19,394 5,087 16,668 ----------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............ -- -- -- Net transfers (including fixed account)................. 9,417 -- (706) Policy charges.......................................... (2,141) (1,863) (1,750) Transfers for policy benefits and terminations.......... (714) (22) -- ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................ 6,562 (1,885) (2,456) ----------------- ------------------ ----------------- Net increase (decrease) in net assets................. 25,956 3,202 14,212 NET ASSETS: Beginning of year....................................... 135,311 132,109 117,897 ----------------- ------------------ ----------------- End of year............................................. $ 161,267 $ 135,311 $ 132,109 ================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 122 The accompanying notes are an integral part of these financial statements. 123 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MFS VIT NEW DISCOVERY INVESTMENT DIVISION ---------------------------------------------------- 2012 2011 2010 ---------------- ---------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ -- $ -- $ -- Net realized gains (losses)...................................... 16,176 18,098 544 Change in unrealized gains (losses) on investments............... 11,186 (32,906) 28,843 ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................................. 27,362 (14,808) 29,387 ---------------- ---------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... 25,604 6,694 8,926 Net transfers (including fixed account).......................... 1,556 5 94,362 Policy charges................................................... (4,934) (4,419) (2,781) Transfers for policy benefits and terminations................... -- -- -- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions..................................... 22,226 2,280 100,507 ---------------- ---------------- ---------------- Net increase (decrease) in net assets.......................... 49,588 (12,528) 129,894 NET ASSETS: Beginning of year................................................ 122,395 134,923 5,029 ---------------- ---------------- ---------------- End of year...................................................... $ 171,983 $ 122,395 $ 134,923 ================ ================ ================ MFS VIT VALUE INVESTMENT DIVISION ---------------------------------------------------- 2012 2011 2010 ---------------- ---------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ 668 $ 999 $ 969 Net realized gains (losses)...................................... 3,543 (9,686) (552) Change in unrealized gains (losses) on investments............... 2,241 6,173 7,585 ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................................. 6,452 (2,514) 8,002 ---------------- ---------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... -- -- -- Net transfers (including fixed account).......................... -- -- -- Policy charges................................................... (2,417) (2,722) (2,906) Transfers for policy benefits and terminations................... (31,172) (29,560) (2) ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions..................................... (33,589) (32,282) (2,908) ---------------- ---------------- ---------------- Net increase (decrease) in net assets.......................... (27,137) (34,796) 5,094 NET ASSETS: Beginning of year................................................ 44,299 79,095 74,001 ---------------- ---------------- ---------------- End of year...................................................... $ 17,162 $ 44,299 $ 79,095 ================ ================ ================ MIST ALLIANCEBERNSTEIN GLOBAL DYNAMIC ALLOCATION INVESTMENT DIVISION ------------------- 2012 (f) ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ -- Net realized gains (losses)...................................... -- Change in unrealized gains (losses) on investments............... 163 ------------------- Net increase (decrease) in net assets resulting from operations.............................................. 163 ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... 1,541 Net transfers (including fixed account).......................... 5,907 Policy charges................................................... (513) Transfers for policy benefits and terminations................... -- ------------------- Net increase (decrease) in net assets resulting from policy transactions..................................... 6,935 ------------------- Net increase (decrease) in net assets.......................... 7,098 NET ASSETS: Beginning of year................................................ -- ------------------- End of year...................................................... $ 7,098 =================== MIST AMERICAN FUNDS BALANCED ALLOCATION INVESTMENT DIVISION ---------------------------------------------------- 2012 2011 2010 ---------------- ---------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)..................................... $ 10,680 $ 6,635 $ 3,146 Net realized gains (losses)...................................... 9,312 6,294 1,822 Change in unrealized gains (losses) on investments............... 50,640 (23,258) 26,193 ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations.............................................. 70,632 (10,329) 31,161 ---------------- ---------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners..................... 95,603 100,111 105,391 Net transfers (including fixed account).......................... 9,483 36,239 89,836 Policy charges................................................... (41,140) (32,003) (11,710) Transfers for policy benefits and terminations................... (19,150) (5,429) -- ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions..................................... 44,796 98,918 183,517 ---------------- ---------------- ---------------- Net increase (decrease) in net assets.......................... 115,428 88,589 214,678 NET ASSETS: Beginning of year................................................ 515,995 427,406 212,728 ---------------- ---------------- ---------------- End of year...................................................... $ 631,423 $ 515,995 $ 427,406 ================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 124 The accompanying notes are an integral part of these financial statements. 125 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST AMERICAN FUNDS GROWTH ALLOCATION INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 13,384 $ 10,815 $ 2,434 Net realized gains (losses).............................. 16,384 9,254 5,990 Change in unrealized gains (losses) on investments....... 96,877 (58,738) 79,550 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 126,645 (38,669) 87,974 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 256,426 267,061 355,048 Net transfers (including fixed account).................. 39,236 31,086 223,657 Policy charges........................................... (109,463) (124,905) (93,195) Transfers for policy benefits and terminations........... (167,111) (59,628) (2,170) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 19,088 113,614 483,340 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 145,733 74,945 571,314 NET ASSETS: Beginning of year........................................ 781,245 706,300 134,986 ------------------ ------------------ ------------------ End of year.............................................. $ 926,978 $ 781,245 $ 706,300 ================== ================== ================== MIST AMERICAN FUNDS MODERATE ALLOCATION INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 10,434 $ 5,453 $ 2,501 Net realized gains (losses).............................. 11,099 3,384 646 Change in unrealized gains (losses) on investments....... 29,635 (7,233) 16,902 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 51,168 1,604 20,049 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 224,194 153,402 103,657 Net transfers (including fixed account).................. 22,347 57,534 70,020 Policy charges........................................... (81,784) (55,936) (37,265) Transfers for policy benefits and terminations........... (29,845) (5,092) (2,260) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 134,912 149,908 134,152 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 186,080 151,512 154,201 NET ASSETS: Beginning of year........................................ 401,606 250,094 95,893 ------------------ ------------------ ------------------ End of year.............................................. $ 587,686 $ 401,606 $ 250,094 ================== ================== ================== MIST AQR MIST BLACKROCK GLOBAL RISK GLOBAL TACTICAL BALANCED STRATEGIES INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------- 2012 (f) 2012 (f) ------------------- ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ -- $ -- Net realized gains (losses).............................. (28) 51 Change in unrealized gains (losses) on investments....... 375 878 ------------------- ------------------- Net increase (decrease) in net assets resulting from operations...................................... 347 929 ------------------- ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners............. 2,706 5,304 Net transfers (including fixed account).................. 22,769 34,552 Policy charges........................................... (1,026) (1,705) Transfers for policy benefits and terminations........... (12) (2) ------------------- ------------------- Net increase (decrease) in net assets resulting from policy transactions............................. 24,437 38,149 ------------------- ------------------- Net increase (decrease) in net assets.................. 24,784 39,078 NET ASSETS: Beginning of year........................................ -- -- ------------------- ------------------- End of year.............................................. $ 24,784 $ 39,078 =================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 126 The accompanying notes are an integral part of these financial statements. 127 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST BLACKROCK LARGE CAP CORE INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 2,105,871 $ 1,842,952 $ 2,318,294 Net realized gains (losses).............................. (3,353,915) (4,542,808) (7,248,214) Change in unrealized gains (losses) on investments....... 38,395,441 3,050,880 38,497,976 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations...................................... 37,147,397 351,024 33,568,056 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 30,263,186 32,085,988 34,809,861 Net transfers (including fixed account).................. (3,536,610) (2,768,320) (2,767,361) Policy charges........................................... (25,681,797) (26,055,182) (26,462,547) Transfers for policy benefits and terminations........... (22,249,090) (21,487,307) (21,236,249) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (21,204,311) (18,224,821) (15,656,296) ------------------ ----------------- ------------------ Net increase (decrease) in net assets.................. 15,943,086 (17,873,797) 17,911,760 NET ASSETS: Beginning of year........................................ 291,615,739 309,489,536 291,577,776 ------------------ ----------------- ------------------ End of year.............................................. $ 307,558,825 $ 291,615,739 $ 309,489,536 ================== ================= ================== MIST CLARION GLOBAL REAL ESTATE INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 469,650 $ 822,247 $ 1,533,638 Net realized gains (losses).............................. (282,095) (421,589) (571,095) Change in unrealized gains (losses) on investments....... 4,988,577 (1,500,208) 1,969,823 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations...................................... 5,176,132 (1,099,550) 2,932,366 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 2,592,509 2,829,699 3,115,895 Net transfers (including fixed account).................. 1,803,836 (266,335) (6,843) Policy charges........................................... (1,523,067) (1,472,266) (1,472,706) Transfers for policy benefits and terminations........... (1,526,479) (1,591,725) (1,474,613) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 1,346,799 (500,627) 161,733 ------------------ ----------------- ------------------ Net increase (decrease) in net assets.................. 6,522,931 (1,600,177) 3,094,099 NET ASSETS: Beginning of year........................................ 19,560,387 21,160,564 18,066,465 ------------------ ----------------- ------------------ End of year.............................................. $ 26,083,318 $ 19,560,387 $ 21,160,564 ================== ================= ================== MIST DREMAN SMALL CAP VALUE INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 358 $ 472 $ 172 Net realized gains (losses).............................. 3,130 1,124 403 Change in unrealized gains (losses) on investments....... 1,696 (4,058) 3,392 ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from operations...................................... 5,184 (2,462) 3,967 ------------------ ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............. 11,572 8,977 2,082 Net transfers (including fixed account).................. (1,795) 6,064 6,849 Policy charges........................................... (6,279) (4,130) (2,545) Transfers for policy benefits and terminations........... (6,067) -- -- ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................. (2,569) 10,911 6,386 ------------------ ------------------ ----------------- Net increase (decrease) in net assets.................. 2,615 8,449 10,353 NET ASSETS: Beginning of year........................................ 35,938 27,489 17,136 ------------------ ------------------ ----------------- End of year.............................................. $ 38,553 $ 35,938 $ 27,489 ================== ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 128 The accompanying notes are an integral part of these financial statements. 129 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST HARRIS OAKMARK INTERNATIONAL INVESTMENT DIVISION ----------------------------------------------------- 2012 2011 2010 ---------------- ----------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)....................................... $ 497,722 $ (38,360) $ 531,826 Net realized gains (losses)........................................ (140,345) (114,036) (312,283) Change in unrealized gains (losses) on investments................. 7,474,599 (4,256,535) 4,235,035 ---------------- ----------------- ---------------- Net increase (decrease) in net assets resulting from operations................................................ 7,831,976 (4,408,931) 4,454,578 ---------------- ----------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners....................... 3,418,984 3,837,373 4,074,673 Net transfers (including fixed account)............................ (782,470) 133,438 669,473 Policy charges..................................................... (1,876,193) (1,940,266) (1,984,772) Transfers for policy benefits and terminations..................... (2,206,344) (1,949,570) (2,128,605) ---------------- ----------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions....................................... (1,446,023) 80,975 630,769 ---------------- ----------------- ---------------- Net increase (decrease) in net assets............................ 6,385,953 (4,327,956) 5,085,347 NET ASSETS: Beginning of year.................................................. 27,216,742 31,544,698 26,459,351 ---------------- ----------------- ---------------- End of year........................................................ $ 33,602,695 $ 27,216,742 $ 31,544,698 ================ ================= ================ MIST INVESCO BALANCED-RISK ALLOCATION INVESTMENT DIVISION ------------------- 2012 (f) ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)....................................... $ 23 Net realized gains (losses)........................................ 83 Change in unrealized gains (losses) on investments................. (2) ------------------- Net increase (decrease) in net assets resulting from operations................................................ 104 ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners....................... 1,603 Net transfers (including fixed account)............................ 6,312 Policy charges..................................................... (506) Transfers for policy benefits and terminations..................... -- ------------------- Net increase (decrease) in net assets resulting from policy transactions....................................... 7,409 ------------------- Net increase (decrease) in net assets............................ 7,513 NET ASSETS: Beginning of year.................................................. -- ------------------- End of year........................................................ $ 7,513 =================== MIST INVESCO SMALL CAP GROWTH INVESTMENT DIVISION ------------------------------------------------------ 2012 2011 2010 ----------------- ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)....................................... $ (5,823) $ (5,378) $ (4,411) Net realized gains (losses)........................................ 428,171 169,309 (15,371) Change in unrealized gains (losses) on investments................. 331,488 (192,641) 887,599 ----------------- ---------------- ----------------- Net increase (decrease) in net assets resulting from operations................................................ 753,836 (28,710) 867,817 ----------------- ---------------- ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners....................... 443,063 453,004 471,774 Net transfers (including fixed account)............................ (437,534) 42,346 164,724 Policy charges..................................................... (265,168) (262,281) (242,532) Transfers for policy benefits and terminations..................... (290,496) (261,290) (184,521) ----------------- ---------------- ----------------- Net increase (decrease) in net assets resulting from policy transactions....................................... (550,135) (28,221) 209,445 ----------------- ---------------- ----------------- Net increase (decrease) in net assets............................ 203,701 (56,931) 1,077,262 NET ASSETS: Beginning of year.................................................. 4,412,967 4,469,898 3,392,636 ----------------- ---------------- ----------------- End of year........................................................ $ 4,616,668 $ 4,412,967 $ 4,469,898 ================= ================ ================= MIST JANUS FORTY INVESTMENT DIVISION ----------------------------------------------------- 2012 2011 2010 ---------------- ---------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)....................................... $ 43,475 $ 231,367 $ 202,308 Net realized gains (losses)........................................ 176,627 2,199 (41,591) Change in unrealized gains (losses) on investments................. 2,618,525 (1,278,619) 1,120,682 ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from operations................................................ 2,838,627 (1,045,053) 1,281,399 ---------------- ---------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners....................... 1,848,830 2,050,382 2,241,409 Net transfers (including fixed account)............................ 554,060 (1,014,538) 410,883 Policy charges..................................................... (1,037,840) (966,083) (991,073) Transfers for policy benefits and terminations..................... (1,121,178) (795,086) (788,374) ---------------- ---------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions....................................... 243,872 (725,325) 872,845 ---------------- ---------------- ---------------- Net increase (decrease) in net assets............................ 3,082,499 (1,770,378) 2,154,244 NET ASSETS: Beginning of year.................................................. 12,484,277 14,254,655 12,100,411 ---------------- ---------------- ---------------- End of year........................................................ $ 15,566,776 $ 12,484,277 $ 14,254,655 ================ ================ ================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 130 The accompanying notes are an integral part of these financial statements. 131 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST JPMORGAN GLOBAL ACTIVE ALLOCATION MIST LEGG MASON CLEARBRIDGE AGGRESSIVE GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------------------------------------------------- 2012 (f) 2012 2011 2010 ------------------- ------------------ ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).......... $ 68 $ 20,415 $ 2,384 $ 392 Net realized gains (losses)........... 107 171,678 93,448 (57,251) Change in unrealized gains (losses) on investments...................... 152 2,107,124 (217,464) 1,583,027 ------------------- ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from operations......... 327 2,299,217 (121,632) 1,526,168 ------------------- ------------------ ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners....................... 1,977 1,437,587 1,318,130 897,883 Net transfers (including fixed account) 17,364 70,510 5,034,717 (116,646) Policy charges........................ (785) (965,403) (807,741) (544,125) Transfers for policy benefits and terminations........................ -- (981,320) (890,256) (464,163) ------------------- ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions 18,556 (438,626) 4,654,850 (227,051) ------------------- ------------------ ------------------ ----------------- Net increase (decrease) in net assets 18,883 1,860,591 4,533,218 1,299,117 NET ASSETS: Beginning of year..................... -- 12,365,794 7,832,576 6,533,459 ------------------- ------------------ ------------------ ----------------- End of year........................... $ 18,883 $ 14,226,385 $ 12,365,794 $ 7,832,576 =================== ================== ================== ================= MIST LORD ABBETT BOND DEBENTURE INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).......... $ 1,923,060 $ 1,509,115 $ 1,660,434 Net realized gains (losses)........... 218,347 583,376 240,525 Change in unrealized gains (losses) on investments...................... 1,167,280 (863,576) 1,315,427 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations......... 3,308,687 1,228,915 3,216,386 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners....................... 2,367,942 2,158,065 2,523,009 Net transfers (including fixed account) 308,984 (2,168,860) (548,415) Policy charges........................ (1,678,880) (1,640,766) (1,768,086) Transfers for policy benefits and terminations........................ (1,522,631) (1,520,091) (1,782,906) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions (524,585) (3,171,652) (1,576,398) ------------------ ------------------ ------------------ Net increase (decrease) in net assets 2,784,102 (1,942,737) 1,639,988 NET ASSETS: Beginning of year..................... 25,730,993 27,673,730 26,033,742 ------------------ ------------------ ------------------ End of year........................... $ 28,515,095 $ 25,730,993 $ 27,673,730 ================== ================== ================== MIST LORD ABBETT MID CAP VALUE INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ----------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).......... $ (48,839) $ 603 $ 568 Net realized gains (losses)........... (82,924) 818 3,236 Change in unrealized gains (losses) on investments...................... 2,481,449 (5,510) 19,769 ----------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations......... 2,349,686 (4,089) 23,573 ----------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners....................... 4,895,051 5,506 6,334 Net transfers (including fixed account) 74,538,068 11,792 (18,047) Policy charges........................ (3,428,791) (3,541) (4,191) Transfers for policy benefits and terminations........................ (3,581,952) -- -- ----------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions 72,422,376 13,757 (15,904) ----------------- ------------------ ------------------ Net increase (decrease) in net assets 74,772,062 9,668 7,669 NET ASSETS: Beginning of year..................... 120,858 111,190 103,521 ----------------- ------------------ ------------------ End of year........................... $ 74,892,920 $ 120,858 $ 111,190 ================= ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 132 The accompanying notes are an integral part of these financial statements. 133 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST MET/FRANKLIN INCOME INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 13,809 $ 8,323 $ 3,216 Net realized gains (losses)............................. 6,138 5,705 823 Change in unrealized gains (losses) on investments...... 16,385 (8,507) 10,272 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 36,332 5,521 14,311 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 63,058 44,198 28,894 Net transfers (including fixed account)................. 32,509 67,493 66,675 Policy charges.......................................... (28,891) (23,591) (12,613) Transfers for policy benefits and terminations.......... (397) (7,430) (1,480) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 66,279 80,670 81,476 ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 102,611 86,191 95,787 NET ASSETS: Beginning of year....................................... 237,483 151,292 55,505 ------------------ ----------------- ------------------ End of year............................................. $ 340,094 $ 237,483 $ 151,292 ================== ================= ================== MIST MET/FRANKLIN MUTUAL SHARES INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 766 $ 1,982 $ -- Net realized gains (losses)............................. 16,308 4,102 683 Change in unrealized gains (losses) on investments...... (3,910) (6,478) 4,077 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 13,164 (394) 4,760 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 25,120 18,290 13,024 Net transfers (including fixed account)................. 13,414 18,465 22,360 Policy charges.......................................... (12,687) (9,290) (6,571) Transfers for policy benefits and terminations.......... (376) (4,200) (811) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 25,471 23,265 28,002 ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 38,635 22,871 32,762 NET ASSETS: Beginning of year....................................... 79,913 57,042 24,280 ------------------ ----------------- ------------------ End of year............................................. $ 118,548 $ 79,913 $ 57,042 ================== ================= ================== MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY INVESTMENT DIVISION ------------------------------------------------------------ 2012 2011 2010 ----------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 12,419 $ 5,031 $ -- Net realized gains (losses)............................. 8,321 2,290 1,546 Change in unrealized gains (losses) on investments...... 24,847 (10,599) 23,230 ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations..................................... 45,587 (3,278) 24,776 ----------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............ 27,214 25,042 25,504 Net transfers (including fixed account)................. (17,678) 2,199 21,917 Policy charges.......................................... (10,138) (8,412) (6,972) Transfers for policy benefits and terminations.......... (407) (19) -- ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................ (1,009) 18,810 40,449 ----------------- ------------------ ----------------- Net increase (decrease) in net assets................. 44,578 15,532 65,225 NET ASSETS: Beginning of year....................................... 275,812 260,280 195,055 ----------------- ------------------ ----------------- End of year............................................. $ 320,390 $ 275,812 $ 260,280 ================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 134 The accompanying notes are an integral part of these financial statements. 135 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST MET/TEMPLETON GROWTH INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 964 $ 792 $ 305 Net realized gains (losses).............................. 3,604 371 125 Change in unrealized gains (losses) on investments....... 8,197 (5,463) 3,904 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations...................................... 12,765 (4,300) 4,334 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 18,145 18,937 18,420 Net transfers (including fixed account).................. (9,508) 2,912 12,049 Policy charges........................................... (6,328) (6,419) (5,335) Transfers for policy benefits and terminations........... (793) (6,096) (173) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 1,516 9,334 24,961 ------------------ ----------------- ------------------ Net increase (decrease) in net assets.................. 14,281 5,034 29,295 NET ASSETS: Beginning of year........................................ 53,526 48,492 19,197 ------------------ ----------------- ------------------ End of year.............................................. $ 67,807 $ 53,526 $ 48,492 ================== ================= ================== MIST MET/TEMPLETON INTERNATIONAL BOND MIST METLIFE AGGRESSIVE STRATEGY INVESTMENT DIVISION INVESTMENT DIVISION ------------------- --------------------------------------- 2012 (f) 2012 2011 (d) ------------------- ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ -- $ 106,199 $ (8,047) Net realized gains (losses).............................. 21 (55,023) (117,896) Change in unrealized gains (losses) on investments....... 47 2,084,613 (1,834,063) ------------------- ----------------- ------------------ Net increase (decrease) in net assets resulting from operations...................................... 68 2,135,789 (1,960,006) ------------------- ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 772 2,523,168 1,640,701 Net transfers (including fixed account).................. 2,031 (222,009) 14,330,838 Policy charges........................................... (254) (1,016,618) (680,441) Transfers for policy benefits and terminations........... (12) (750,395) (858,431) ------------------- ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 2,537 534,146 14,432,667 ------------------- ----------------- ------------------ Net increase (decrease) in net assets.................. 2,605 2,669,935 12,472,661 NET ASSETS: Beginning of year........................................ -- 12,472,661 -- ------------------- ----------------- ------------------ End of year.............................................. $ 2,605 $ 15,142,596 $ 12,472,661 =================== ================= ================== MIST METLIFE BALANCED PLUS MIST MFS EMERGING MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ------------------- --------------------------------------- 2012 (f) 2012 2011 (d) ------------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ -- $ 1,167 $ -- Net realized gains (losses).............................. 119 (1,470) (70) Change in unrealized gains (losses) on investments....... 1,691 9,361 (3,209) ------------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations...................................... 1,810 9,058 (3,279) ------------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............. 2,506 18,431 3,938 Net transfers (including fixed account).................. 42,755 46,229 23,265 Policy charges........................................... (1,138) (6,816) (911) Transfers for policy benefits and terminations........... -- (895) (63) ------------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................. 44,123 56,949 26,229 ------------------- ------------------ ----------------- Net increase (decrease) in net assets.................. 45,933 66,007 22,950 NET ASSETS: Beginning of year........................................ -- 22,950 -- ------------------- ------------------ ----------------- End of year.............................................. $ 45,933 $ 88,957 $ 22,950 =================== ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 136 The accompanying notes are an integral part of these financial statements. 137 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST MFS RESEARCH INTERNATIONAL INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 266,180 $ 267,989 $ 222,616 Net realized gains (losses).............................. (345,224) (233,782) (545,005) Change in unrealized gains (losses) on investments....... 2,185,121 (1,480,693) 1,743,808 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 2,106,077 (1,446,486) 1,421,419 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 1,458,020 1,640,050 1,870,809 Net transfers (including fixed account).................. 1,660,976 51,977 (766,625) Policy charges........................................... (839,930) (858,974) (890,996) Transfers for policy benefits and terminations........... (841,229) (1,130,486) (892,543) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 1,437,837 (297,433) (679,355) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 3,543,914 (1,743,919) 742,064 NET ASSETS: Beginning of year........................................ 12,176,899 13,920,818 13,178,754 ------------------ ------------------ ------------------ End of year.............................................. $ 15,720,813 $ 12,176,899 $ 13,920,818 ================== ================== ================== MIST MLA MID CAP INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 26,174 $ 43,433 $ 44,249 Net realized gains (losses).............................. (28,631) (15,584) (93,933) Change in unrealized gains (losses) on investments....... 296,637 (320,660) 1,108,654 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 294,180 (292,811) 1,058,970 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 620,922 665,125 700,574 Net transfers (including fixed account).................. (187,706) 304,589 24,219 Policy charges........................................... (364,656) (382,010) (380,767) Transfers for policy benefits and terminations........... (442,679) (602,339) (387,630) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (374,119) (14,635) (43,604) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. (79,939) (307,446) 1,015,366 NET ASSETS: Beginning of year........................................ 5,277,678 5,585,124 4,569,758 ------------------ ------------------ ------------------ End of year.............................................. $ 5,197,739 $ 5,277,678 $ 5,585,124 ================== ================== ================== MIST MORGAN STANLEY MID CAP GROWTH INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ (579,825) $ 866,726 $ (375,077) Net realized gains (losses).............................. 1,677,793 7,856,152 336,382 Change in unrealized gains (losses) on investments....... 15,368,250 (21,552,444) 31,775,159 ------------------ ------------------- ------------------ Net increase (decrease) in net assets resulting from operations...................................... 16,466,218 (12,829,566) 31,736,464 ------------------ ------------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 21,032,275 22,486,193 16,409,129 Net transfers (including fixed account).................. (1,255,442) (4,111,245) 174,856,480 Policy charges........................................... (14,401,148) (15,255,941) (10,113,246) Transfers for policy benefits and terminations........... (13,701,209) (15,693,955) (9,440,323) ------------------ ------------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (8,325,524) (12,574,948) 171,712,040 ------------------ ------------------- ------------------ Net increase (decrease) in net assets.................. 8,140,694 (25,404,514) 203,448,504 NET ASSETS: Beginning of year........................................ 178,350,417 203,754,931 306,427 ------------------ ------------------- ------------------ End of year.............................................. $ 186,491,111 $ 178,350,417 $ 203,754,931 ================== =================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 138 The accompanying notes are an integral part of these financial statements. 139 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST PIMCO INFLATION PROTECTED BOND INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 369,500 $ 146,996 $ 195,330 Net realized gains (losses)............................. 800,878 525,047 281,279 Change in unrealized gains (losses) on investments...... (101,684) 331,187 130,473 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 1,068,694 1,003,230 607,082 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 1,385,490 1,244,015 1,208,996 Net transfers (including fixed account)................. 2,478,586 671,186 587,680 Policy charges.......................................... (865,472) (683,641) (626,248) Transfers for policy benefits and terminations.......... (915,239) (527,827) (699,416) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 2,083,365 703,733 471,012 ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 3,152,059 1,706,963 1,078,094 NET ASSETS: Beginning of year....................................... 10,519,501 8,812,538 7,734,444 ------------------ ----------------- ------------------ End of year............................................. $ 13,671,560 $ 10,519,501 $ 8,812,538 ================== ================= ================== MIST PIMCO TOTAL RETURN INVESTMENT DIVISION ------------------------------------------------------------ 2012 2011 2010 ----------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 1,570,173 $ 1,281,730 $ 1,574,811 Net realized gains (losses)............................. 347,234 1,634,121 474,495 Change in unrealized gains (losses) on investments...... 2,519,869 (1,410,547) 1,426,113 ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations..................................... 4,437,276 1,505,304 3,475,419 ----------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............ 4,797,851 5,110,970 5,334,220 Net transfers (including fixed account)................. 1,382,335 1,024,517 3,101,158 Policy charges.......................................... (3,598,862) (3,416,996) (3,436,516) Transfers for policy benefits and terminations.......... (3,664,586) (3,694,178) (3,692,336) ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................ (1,083,262) (975,687) 1,306,526 ----------------- ------------------ ----------------- Net increase (decrease) in net assets................. 3,354,014 529,617 4,781,945 NET ASSETS: Beginning of year....................................... 47,131,879 46,602,262 41,820,317 ----------------- ------------------ ----------------- End of year............................................. $ 50,485,893 $ 47,131,879 $ 46,602,262 ================= ================== ================= MIST PIONEER FUND INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 2,902 $ 2,289 $ 1,987 Net realized gains (losses)............................. 1,266 21,102 6,067 Change in unrealized gains (losses) on investments...... 14,560 (30,602) 25,716 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 18,728 (7,211) 33,770 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 4,118 5,551 4,871 Net transfers (including fixed account)................. 15 (1,284) (26,206) Policy charges.......................................... (4,551) (4,647) (5,711) Transfers for policy benefits and terminations.......... -- (61,915) -- ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ (418) (62,295) (27,046) ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 18,310 (69,506) 6,724 NET ASSETS: Beginning of year....................................... 176,354 245,860 239,136 ------------------ ----------------- ------------------ End of year............................................. $ 194,664 $ 176,354 $ 245,860 ================== ================= ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 140 The accompanying notes are an integral part of these financial statements. 141 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST RCM TECHNOLOGY INVESTMENT DIVISION ----------------------------------------------------- 2012 2011 2010 ---------------- ----------------- ---------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)........................................ $ (19,709) $ (21,877) $ (19,473) Net realized gains (losses)......................................... 1,817,918 512,571 (54,192) Change in unrealized gains (losses) on investments.................. (166,446) (1,944,446) 3,551,862 ---------------- ----------------- ---------------- Net increase (decrease) in net assets resulting from operations................................................. 1,631,763 (1,453,752) 3,478,197 ---------------- ----------------- ---------------- POLICY TRANSACTIONS: Premium payments received from policy owners........................ 1,416,829 1,591,820 1,602,041 Net transfers (including fixed account)............................. (338,762) (740,109) 7,146 Policy charges...................................................... (971,378) (1,067,941) (1,050,386) Transfers for policy benefits and terminations...................... (1,022,707) (1,227,369) (1,144,160) ---------------- ----------------- ---------------- Net increase (decrease) in net assets resulting from policy transactions........................................ (916,018) (1,443,599) (585,359) ---------------- ----------------- ---------------- Net increase (decrease) in net assets............................. 715,745 (2,897,351) 2,892,838 NET ASSETS: Beginning of year................................................... 13,216,535 16,113,886 13,221,048 ---------------- ----------------- ---------------- End of year......................................................... $ 13,932,280 $ 13,216,535 $ 16,113,886 ================ ================= ================ MIST SCHRODERS GLOBAL MULTI-ASSET INVESTMENT DIVISION ------------------- 2012 (f) ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)........................................ $ 42 Net realized gains (losses)......................................... 103 Change in unrealized gains (losses) on investments.................. (23) ------------------- Net increase (decrease) in net assets resulting from operations................................................. 122 ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners........................ 792 Net transfers (including fixed account)............................. 5,247 Policy charges...................................................... (409) Transfers for policy benefits and terminations...................... -- ------------------- Net increase (decrease) in net assets resulting from policy transactions........................................ 5,630 ------------------- Net increase (decrease) in net assets............................. 5,752 NET ASSETS: Beginning of year................................................... -- ------------------- End of year......................................................... $ 5,752 =================== MIST SSGA GROWTH AND INCOME ETF INVESTMENT DIVISION ------------------------------------------------------ 2012 2011 2010 ---------------- ----------------- ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)........................................ $ 126,210 $ 67,326 $ 30,178 Net realized gains (losses)......................................... 168,614 123,633 16,158 Change in unrealized gains (losses) on investments.................. 365,606 (151,325) 322,318 ---------------- ----------------- ----------------- Net increase (decrease) in net assets resulting from operations................................................. 660,430 39,634 368,654 ---------------- ----------------- ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners........................ 646,514 610,076 471,109 Net transfers (including fixed account)............................. 942,683 653,921 1,821,735 Policy charges...................................................... (351,822) (275,433) (206,111) Transfers for policy benefits and terminations...................... (341,292) (235,978) (217,589) ---------------- ----------------- ----------------- Net increase (decrease) in net assets resulting from policy transactions........................................ 896,083 752,586 1,869,144 ---------------- ----------------- ----------------- Net increase (decrease) in net assets............................. 1,556,513 792,220 2,237,798 NET ASSETS: Beginning of year................................................... 4,611,127 3,818,907 1,581,109 ---------------- ----------------- ----------------- End of year......................................................... $ 6,167,640 $ 4,611,127 $ 3,818,907 ================ ================= ================= MIST SSGA GROWTH ETF INVESTMENT DIVISION ------------------------------------------------------ 2012 2011 2010 ----------------- ---------------- ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)........................................ $ 74,518 $ 52,353 $ 30,058 Net realized gains (losses)......................................... 177,699 63,035 12,378 Change in unrealized gains (losses) on investments.................. 279,360 (183,850) 271,601 ----------------- ---------------- ----------------- Net increase (decrease) in net assets resulting from operations................................................. 531,577 (68,462) 314,037 ----------------- ---------------- ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners........................ 510,609 473,918 426,740 Net transfers (including fixed account)............................. 331,103 671,574 479,704 Policy charges...................................................... (237,442) (208,531) (158,620) Transfers for policy benefits and terminations...................... (200,877) (238,362) (171,487) ----------------- ---------------- ----------------- Net increase (decrease) in net assets resulting from policy transactions........................................ 403,393 698,599 576,337 ----------------- ---------------- ----------------- Net increase (decrease) in net assets............................. 934,970 630,137 890,374 NET ASSETS: Beginning of year................................................... 3,309,518 2,679,381 1,789,007 ----------------- ---------------- ----------------- End of year......................................................... $ 4,244,488 $ 3,309,518 $ 2,679,381 ================= ================ =================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 142 The accompanying notes are an integral part of these financial statements. 143 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MIST T. ROWE PRICE LARGE CAP VALUE INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 19,582 $ 9,481 $ 65,246 Net realized gains (losses)............................... (1,403) (435,260) (79,021) Change in unrealized gains (losses) on investments........ 181,043 577,510 921,874 ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 199,222 151,731 908,099 ------------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 7,131 4,938 427,886 Net transfers (including fixed account)................... 49,898 (4,150,820) (66,707) Policy charges............................................ (17,285) (46,340) (201,169) Transfers for policy benefits and terminations............ (5) (1,102,016) (7,059) ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 39,739 (5,294,238) 152,951 ------------------- ------------------ ------------------ Net increase (decrease) in net assets................... 238,961 (5,142,507) 1,061,050 NET ASSETS: Beginning of year......................................... 1,081,554 6,224,061 5,163,011 ------------------- ------------------ ------------------ End of year............................................... $ 1,320,515 $ 1,081,554 $ 6,224,061 =================== ================== ================== MIST T. ROWE PRICE MID CAP GROWTH INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ (29,751) $ (30,563) $ (25,378) Net realized gains (losses)............................... 2,629,009 872,771 131,367 Change in unrealized gains (losses) on investments........ 206,878 (1,837,318) 4,580,355 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 2,806,136 (995,110) 4,686,344 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 1,915,712 2,194,867 2,269,288 Net transfers (including fixed account)................... (5,662,939) 5,978,566 264,028 Policy charges............................................ (1,349,872) (1,564,864) (1,309,355) Transfers for policy benefits and terminations............ (1,768,009) (1,643,740) (1,448,078) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (6,865,108) 4,964,829 (224,117) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... (4,058,972) 3,969,719 4,462,227 NET ASSETS: Beginning of year......................................... 25,204,627 21,234,908 16,772,681 ------------------ ------------------ ------------------ End of year............................................... $ 21,145,655 $ 25,204,627 $ 21,234,908 ================== ================== ================== MIST THIRD AVENUE SMALL CAP VALUE INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ -- $ 9,414 $ 12,822 Net realized gains (losses)............................... 12,071 86,881 42,370 Change in unrealized gains (losses) on investments........ 129,525 (240,493) 198,929 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 141,596 (144,198) 254,121 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 66,068 28,968 152,265 Net transfers (including fixed account)................... (58,431) (400,494) 298,003 Policy charges............................................ (25,818) (28,620) (29,425) Transfers for policy benefits and terminations............ (47,729) (225,194) (369) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (65,910) (625,340) 420,474 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 75,686 (769,538) 674,595 NET ASSETS: Beginning of year......................................... 806,051 1,575,589 900,994 ------------------ ------------------ ------------------ End of year............................................... $ 881,737 $ 806,051 $ 1,575,589 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 144 The accompanying notes are an integral part of these financial statements. 145 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF BAILLIE GIFFORD INTERNATIONAL STOCK INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 341,410 $ 546,449 $ 454,798 Net realized gains (losses).............................. (1,190,404) (808,593) (1,030,425) Change in unrealized gains (losses) on investments....... 7,502,480 (8,900,342) 3,370,719 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 6,653,486 (9,162,486) 2,795,092 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 4,637,990 4,892,915 5,258,777 Net transfers (including fixed account).................. (1,376,713) 100,755 (592,663) Policy charges........................................... (2,907,524) (3,147,651) (3,370,345) Transfers for policy benefits and terminations........... (2,527,135) (2,530,848) (3,487,847) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (2,173,382) (684,829) (2,192,078) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 4,480,104 (9,847,315) 603,014 NET ASSETS: Beginning of year........................................ 35,919,561 45,766,876 45,163,862 ------------------ ------------------ ------------------ End of year.............................................. $ 40,399,665 $ 35,919,561 $ 45,766,876 ================== ================== ================== MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 4,231,088 $ 3,875,815 $ 3,995,454 Net realized gains (losses).............................. 604,720 843,640 613,564 Change in unrealized gains (losses) on investments....... (447,969) 3,276,276 1,607,603 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 4,387,839 7,995,731 6,216,621 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 12,468,986 12,546,475 13,651,933 Net transfers (including fixed account).................. 7,067,547 (5,035,008) 4,296,224 Policy charges........................................... (8,609,472) (8,528,408) (8,696,729) Transfers for policy benefits and terminations........... (7,662,930) (12,699,958) (7,334,933) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 3,264,131 (13,716,899) 1,916,495 ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 7,651,970 (5,721,168) 8,133,116 NET ASSETS: Beginning of year........................................ 108,763,587 114,484,755 106,351,639 ------------------ ------------------ ------------------ End of year.............................................. $ 116,415,557 $ 108,763,587 $ 114,484,755 ================== ================== ================== MSF BLACKROCK AGGRESSIVE GROWTH INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ (1,258,555) $ (701,469) $ (1,111,813) Net realized gains (losses).............................. 2,892,428 2,544,325 451,106 Change in unrealized gains (losses) on investments....... 17,096,166 (8,863,059) 26,312,677 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations...................................... 18,730,039 (7,020,203) 25,651,970 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 17,178,798 17,102,384 18,632,365 Net transfers (including fixed account).................. (3,218,712) 3,214,026 (3,158,688) Policy charges........................................... (13,834,330) (14,177,756) (14,307,761) Transfers for policy benefits and terminations........... (13,147,114) (14,269,181) (14,208,996) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. (13,021,358) (8,130,527) (13,043,080) ------------------ ------------------ ------------------ Net increase (decrease) in net assets.................. 5,708,681 (15,150,730) 12,608,890 NET ASSETS: Beginning of year........................................ 184,990,795 200,141,525 187,532,635 ------------------ ------------------ ------------------ End of year.............................................. $ 190,699,476 $ 184,990,795 $ 200,141,525 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 146 The accompanying notes are an integral part of these financial statements. 147 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF BLACKROCK BOND INCOME INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 1,971,467 $ 2,986,399 $ 3,017,278 Net realized gains (losses)............................... 905,570 132,024 24,746 Change in unrealized gains (losses) on investments........ 2,995,775 1,930,533 3,372,816 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 5,872,812 5,048,956 6,414,840 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 7,520,502 7,828,777 8,520,413 Net transfers (including fixed account)................... 238,363 (1,265,327) 406,620 Policy charges............................................ (6,492,283) (6,574,083) (6,951,509) Transfers for policy benefits and terminations............ (5,691,274) (5,835,954) (5,946,761) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (4,424,692) (5,846,587) (3,971,237) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 1,448,120 (797,631) 2,443,603 NET ASSETS: Beginning of year......................................... 84,065,205 84,862,836 82,419,233 ------------------ ------------------ ------------------ End of year............................................... $ 85,513,325 $ 84,065,205 $ 84,862,836 ================== ================== ================== MSF BLACKROCK DIVERSIFIED INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 4,600,384 $ 4,934,321 $ 3,404,858 Net realized gains (losses)............................... 1,094,116 (191,522) (1,951,136) Change in unrealized gains (losses) on investments........ 23,691,349 3,658,514 20,635,275 ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 29,385,849 8,401,313 22,088,997 ------------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 26,242,636 27,879,758 29,469,771 Net transfers (including fixed account)................... (1,486,565) (878,239) (2,059,076) Policy charges............................................ (23,779,226) (23,910,845) (24,452,759) Transfers for policy benefits and terminations............ (18,935,103) (19,040,111) (19,336,433) ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (17,958,258) (15,949,437) (16,378,497) ------------------- ------------------ ------------------ Net increase (decrease) in net assets................... 11,427,591 (7,548,124) 5,710,500 NET ASSETS: Beginning of year......................................... 255,554,192 263,102,316 257,391,816 ------------------- ------------------ ------------------ End of year............................................... $ 266,981,783 $ 255,554,192 $ 263,102,316 =================== ================== ================== MSF BLACKROCK LARGE CAP VALUE INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 209,379 $ 129,733 $ 104,202 Net realized gains (losses)............................... 2,007,312 (80,782) (263,466) Change in unrealized gains (losses) on investments........ (358,711) 254,349 1,265,453 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 1,857,980 303,300 1,106,189 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 1,824,774 1,997,147 2,157,901 Net transfers (including fixed account)................... (541,800) 22,211 (183,197) Policy charges............................................ (986,361) (953,175) (948,186) Transfers for policy benefits and terminations............ (1,176,695) (955,568) (957,459) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (880,082) 110,615 69,059 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 977,898 413,915 1,175,248 NET ASSETS: Beginning of year......................................... 13,313,052 12,899,137 11,723,889 ------------------ ------------------ ------------------ End of year............................................... $ 14,290,950 $ 13,313,052 $ 12,899,137 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 148 The accompanying notes are an integral part of these financial statements. 149 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF BLACKROCK LEGACY LARGE CAP GROWTH INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 33,557 $ 6,652 $ 7,111 Net realized gains (losses)............................... 261,278 137,813 75,641 Change in unrealized gains (losses) on investments........ 1,344,869 (879,158) 1,107,022 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 1,639,704 (734,693) 1,189,774 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 2,048,562 1,133,989 1,127,304 Net transfers (including fixed account)................... 4,185,125 1,403,176 39,075 Policy charges............................................ (887,196) (567,701) (545,713) Transfers for policy benefits and terminations............ (341,906) (1,189,484) (438,412) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 5,004,585 779,980 182,254 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 6,644,289 45,287 1,372,028 NET ASSETS: Beginning of year......................................... 7,367,810 7,322,523 5,950,495 ------------------ ------------------ ------------------ End of year............................................... $ 14,012,099 $ 7,367,810 $ 7,322,523 ================== ================== ================== MSF BLACKROCK MONEY MARKET INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ (48,731) $ (47,046) $ (50,998) Net realized gains (losses)............................... -- -- -- Change in unrealized gains (losses) on investments........ -- -- -- ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... (48,731) (47,046) (50,998) ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 1,122,876 6,905,158 14,816,043 Net transfers (including fixed account)................... 4,792,952 (10,656,392) (13,160,154) Policy charges............................................ (709,203) (1,223,525) (1,590,193) Transfers for policy benefits and terminations............ (2,666,648) (4,013,323) (5,424,880) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 2,539,977 (8,988,082) (5,359,184) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 2,491,246 (9,035,128) (5,410,182) NET ASSETS: Beginning of year......................................... 20,783,208 29,818,336 35,228,518 ------------------ ------------------ ------------------ End of year............................................... $ 23,274,454 $ 20,783,208 $ 29,818,336 ================== ================== ================== MSF DAVIS VENTURE VALUE INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 426,207 $ 594,738 $ 478,976 Net realized gains (losses)............................... 549,533 492,146 191,969 Change in unrealized gains (losses) on investments........ 5,763,493 (3,392,027) 5,562,556 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 6,739,233 (2,305,143) 6,233,501 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 6,480,032 7,273,891 8,027,444 Net transfers (including fixed account)................... (813,439) 33,336 (908,212) Policy charges............................................ (3,889,505) (4,125,791) (4,273,615) Transfers for policy benefits and terminations............ (3,947,761) (5,136,119) (3,941,742) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (2,170,673) (1,954,683) (1,096,125) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 4,568,560 (4,259,826) 5,137,376 NET ASSETS: Beginning of year......................................... 53,650,792 57,910,618 52,773,242 ------------------ ------------------ ------------------ End of year............................................... $ 58,219,352 $ 53,650,792 $ 57,910,618 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 150 The accompanying notes are an integral part of these financial statements. 151 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF FI VALUE LEADERS INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 70,985 $ 63,160 $ 83,130 Net realized gains (losses)............................... (88,358) (99,840) (145,291) Change in unrealized gains (losses) on investments........ 950,530 (347,209) 885,079 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 933,157 (383,889) 822,918 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 820,292 906,978 997,133 Net transfers (including fixed account)................... (147,091) 107,098 41,388 Policy charges............................................ (482,886) (480,838) (492,127) Transfers for policy benefits and terminations............ (441,144) (572,452) (361,541) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (250,829) (39,214) 184,853 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 682,328 (423,103) 1,007,771 NET ASSETS: Beginning of year......................................... 6,065,829 6,488,932 5,481,161 ------------------ ------------------ ------------------ End of year............................................... $ 6,748,157 $ 6,065,829 $ 6,488,932 ================== ================== ================== MSF JENNISON GROWTH INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 28,105 $ 35,563 $ 76,963 Net realized gains (losses)............................... 2,811,173 251,119 17,747 Change in unrealized gains (losses) on investments........ (683,735) (215,551) 1,535,759 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 2,155,543 71,131 1,630,469 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 1,531,550 1,444,160 1,601,194 Net transfers (including fixed account)................... 2,297,949 (43,841) 598,866 Policy charges............................................ (1,167,566) (1,041,433) (1,057,353) Transfers for policy benefits and terminations............ (1,209,351) (1,671,932) (838,122) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 1,452,582 (1,313,046) 304,585 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 3,608,125 (1,241,915) 1,935,054 NET ASSETS: Beginning of year......................................... 14,166,486 15,408,401 13,473,347 ------------------ ------------------ ------------------ End of year............................................... $ 17,774,611 $ 14,166,486 $ 15,408,401 ================== ================== ================== MSF LOOMIS SAYLES SMALL CAP CORE INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ (18,930) $ 1,388 $ (1,686) Net realized gains (losses)............................... 734,986 258,722 (55,224) Change in unrealized gains (losses) on investments........ 1,736,369 (166,265) 4,065,140 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 2,452,425 93,845 4,008,230 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 1,746,601 1,937,235 2,076,395 Net transfers (including fixed account)................... (297,817) (342,656) (491,792) Policy charges............................................ (1,178,997) (1,184,554) (1,136,246) Transfers for policy benefits and terminations............ (1,329,599) (1,342,670) (999,217) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (1,059,812) (932,645) (550,860) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 1,392,613 (838,800) 3,457,370 NET ASSETS: Beginning of year......................................... 17,443,984 18,282,784 14,825,414 ------------------ ------------------ ------------------ End of year............................................... $ 18,836,597 $ 17,443,984 $ 18,282,784 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 152 The accompanying notes are an integral part of these financial statements. 153 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF LOOMIS SAYLES SMALL CAP GROWTH INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ (7,211) $ (7,268) $ (5,276) Net realized gains (losses)............................... 192,524 104,198 (47,680) Change in unrealized gains (losses) on investments........ 678,535 121,090 1,843,398 ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 863,848 218,020 1,790,442 ------------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 809,473 919,698 919,140 Net transfers (including fixed account)................... (560,400) 627,796 81,273 Policy charges............................................ (544,759) (543,214) (467,534) Transfers for policy benefits and terminations............ (652,904) (472,962) (486,248) ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (948,590) 531,318 46,631 ------------------- ------------------ ------------------ Net increase (decrease) in net assets................... (84,742) 749,338 1,837,073 NET ASSETS: Beginning of year......................................... 8,179,779 7,430,441 5,593,368 ------------------- ------------------ ------------------ End of year............................................... $ 8,095,037 $ 8,179,779 $ 7,430,441 =================== ================== ================== MSF MET/ARTISAN MID CAP VALUE INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------- ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 436,661 $ 407,836 $ 269,841 Net realized gains (losses)............................... (286,700) (412,007) (887,093) Change in unrealized gains (losses) on investments........ 5,263,295 3,096,938 6,661,231 ------------------ ------------------- ------------------- Net increase (decrease) in net assets resulting from operations....................................... 5,413,256 3,092,767 6,043,979 ------------------ ------------------- ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners.............. 5,235,295 5,738,107 6,389,633 Net transfers (including fixed account)................... (939,024) (545,207) (144,561) Policy charges............................................ (3,448,574) (3,492,122) (3,452,818) Transfers for policy benefits and terminations............ (3,304,159) (4,205,697) (3,307,007) ------------------ ------------------- ------------------- Net increase (decrease) in net assets resulting from policy transactions.............................. (2,456,462) (2,504,919) (514,753) ------------------ ------------------- ------------------- Net increase (decrease) in net assets................... 2,956,794 587,848 5,529,226 NET ASSETS: Beginning of year......................................... 47,188,989 46,601,141 41,071,915 ------------------ ------------------- ------------------- End of year............................................... $ 50,145,783 $ 47,188,989 $ 46,601,141 ================== =================== =================== MSF METLIFE CONSERVATIVE ALLOCATION INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 138,695 $ 90,783 $ 97,058 Net realized gains (losses)............................... 174,266 77,218 46,459 Change in unrealized gains (losses) on investments........ 123,869 (37,275) 119,161 ------------------ ------------------ ------------------- Net increase (decrease) in net assets resulting from operations....................................... 436,830 130,726 262,678 ------------------ ------------------ ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners.............. 568,235 485,812 467,696 Net transfers (including fixed account)................... 1,144,105 943,856 1,892,409 Policy charges............................................ (430,185) (382,404) (312,969) Transfers for policy benefits and terminations............ (704,305) (843,231) (461,555) ------------------ ------------------ ------------------- Net increase (decrease) in net assets resulting from policy transactions.............................. 577,850 204,033 1,585,581 ------------------ ------------------ ------------------- Net increase (decrease) in net assets................... 1,014,680 334,759 1,848,259 NET ASSETS: Beginning of year......................................... 4,371,255 4,036,496 2,188,237 ------------------ ------------------ ------------------- End of year............................................... $ 5,385,935 $ 4,371,255 $ 4,036,496 ================== ================== ===================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 154 The accompanying notes are an integral part of these financial statements. 155 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 205,059 $ 143,058 $ 181,977 Net realized gains (losses)............................... 81,535 135,436 32,319 Change in unrealized gains (losses) on investments........ 541,162 (210,123) 421,073 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 827,756 68,371 635,369 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 1,481,933 968,450 1,013,491 Net transfers (including fixed account)................... 843,570 (142,377) 1,079,782 Policy charges............................................ (736,496) (655,066) (608,098) Transfers for policy benefits and terminations............ (304,695) (600,517) (457,386) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 1,284,312 (429,510) 1,027,789 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 2,112,068 (361,139) 1,663,158 NET ASSETS: Beginning of year......................................... 6,564,562 6,925,701 5,262,543 ------------------ ------------------ ------------------ End of year............................................... $ 8,676,630 $ 6,564,562 $ 6,925,701 ================== ================== ================== MSF METLIFE MID CAP STOCK INDEX INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 611,419 $ 541,527 $ 516,311 Net realized gains (losses)............................... 3,617,861 3,401,215 248,370 Change in unrealized gains (losses) on investments........ 6,545,785 (4,954,472) 12,893,844 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 10,775,065 (1,011,730) 13,658,525 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 6,251,227 6,663,417 7,250,885 Net transfers (including fixed account)................... (874,909) 550,217 173,240 Policy charges............................................ (4,370,955) (4,391,491) (4,343,511) Transfers for policy benefits and terminations............ (4,820,226) (4,758,860) (4,634,928) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (3,814,863) (1,936,717) (1,554,314) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 6,960,202 (2,948,447) 12,104,211 NET ASSETS: Beginning of year......................................... 62,847,615 65,796,062 53,691,851 ------------------ ------------------ ------------------ End of year............................................... $ 69,807,817 $ 62,847,615 $ 65,796,062 ================== ================== ================== MSF METLIFE MODERATE ALLOCATION INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 983,338 $ 602,357 $ 822,448 Net realized gains (losses)............................... 307,411 234,474 17,779 Change in unrealized gains (losses) on investments........ 3,912,908 (1,362,402) 3,378,733 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 5,203,657 (525,571) 4,218,960 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 5,386,770 5,784,576 5,949,225 Net transfers (including fixed account)................... 1,630,562 3,395,270 3,305,318 Policy charges............................................ (3,268,135) (3,141,873) (3,007,922) Transfers for policy benefits and terminations............ (3,139,425) (3,138,424) (2,041,425) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 609,772 2,899,549 4,205,196 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 5,813,429 2,373,978 8,424,156 NET ASSETS: Beginning of year......................................... 39,588,309 37,214,331 28,790,175 ------------------ ------------------ ------------------ End of year............................................... $ 45,401,738 $ 39,588,309 $ 37,214,331 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 156 The accompanying notes are an integral part of these financial statements. 157 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 1,452,530 $ 1,000,387 $ 1,217,258 Net realized gains (losses)............................... 342,924 112,005 (102,509) Change in unrealized gains (losses) on investments........ 8,619,633 (3,772,324) 7,116,457 ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 10,415,087 (2,659,932) 8,231,206 ------------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 10,953,737 12,078,791 13,837,630 Net transfers (including fixed account)................... (395,131) 1,724,329 655,595 Policy charges............................................ (5,381,249) (5,360,003) (5,520,921) Transfers for policy benefits and terminations............ (4,722,972) (4,677,007) (4,588,662) ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 454,385 3,766,110 4,383,642 ------------------- ------------------ ------------------ Net increase (decrease) in net assets................... 10,869,472 1,106,178 12,614,848 NET ASSETS: Beginning of year......................................... 66,170,247 65,064,069 52,449,221 ------------------- ------------------ ------------------ End of year............................................... $ 77,039,719 $ 66,170,247 $ 65,064,069 =================== ================== ================== MSF METLIFE STOCK INDEX INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 10,948,530 $ 9,520,127 $ 8,608,206 Net realized gains (losses)............................... 8,830,477 3,790,443 (5,405,568) Change in unrealized gains (losses) on investments........ 82,239,455 (2,093,968) 82,259,608 ------------------ ------------------ ------------------- Net increase (decrease) in net assets resulting from operations....................................... 102,018,462 11,216,602 85,462,246 ------------------ ------------------ ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners.............. 78,256,067 80,842,256 86,739,358 Net transfers (including fixed account)................... (12,171,521) (3,601,844) (12,182,904) Policy charges............................................ (45,906,276) (44,463,278) (44,666,653) Transfers for policy benefits and terminations............ (51,016,668) (47,119,534) (41,307,628) ------------------ ------------------ ------------------- Net increase (decrease) in net assets resulting from policy transactions.............................. (30,838,398) (14,342,400) (11,417,827) ------------------ ------------------ ------------------- Net increase (decrease) in net assets................... 71,180,064 (3,125,798) 74,044,419 NET ASSETS: Beginning of year......................................... 668,626,167 671,751,965 597,707,546 ------------------ ------------------ ------------------- End of year............................................... $ 739,806,231 $ 668,626,167 $ 671,751,965 ================== ================== =================== MSF MFS TOTAL RETURN INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 214,049 $ 202,563 $ 210,920 Net realized gains (losses)............................... 32,260 (29,847) (99,947) Change in unrealized gains (losses) on investments........ 595,278 (11,189) 568,242 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 841,587 161,527 679,215 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 920,793 1,027,479 952,924 Net transfers (including fixed account)................... 252,642 (126,958) (93,026) Policy charges............................................ (606,480) (606,881) (587,009) Transfers for policy benefits and terminations............ (627,444) (801,101) (377,989) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (60,489) (507,461) (105,100) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 781,098 (345,934) 574,115 NET ASSETS: Beginning of year......................................... 7,362,338 7,708,272 7,134,157 ------------------ ------------------ ------------------ End of year............................................... $ 8,143,436 $ 7,362,338 $ 7,708,272 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 158 The accompanying notes are an integral part of these financial statements. 159 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF MFS VALUE INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 1,031,624 $ 789,787 $ 666,823 Net realized gains (losses)............................... 969,095 (44,982) (425,864) Change in unrealized gains (losses) on investments........ 6,505,435 (346,891) 5,358,513 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 8,506,154 397,914 5,599,472 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 5,745,674 6,217,602 6,966,530 Net transfers (including fixed account)................... (975,483) 423,365 37,691 Policy charges............................................ (3,989,183) (3,874,897) (3,954,096) Transfers for policy benefits and terminations............ (3,759,106) (4,853,465) (3,962,238) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (2,978,098) (2,087,395) (912,113) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 5,528,056 (1,689,481) 4,687,359 NET ASSETS: Beginning of year......................................... 52,363,369 54,052,850 49,365,491 ------------------ ------------------ ------------------ End of year............................................... $ 57,891,425 $ 52,363,369 $ 54,052,850 ================== ================== ================== MSF MSCI EAFE INDEX INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 1,958,070 $ 1,512,474 $ 1,531,593 Net realized gains (losses)............................... (63,228) 137,025 (236,046) Change in unrealized gains (losses) on investments........ 9,143,347 (9,604,700) 3,674,685 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 11,038,189 (7,955,201) 4,970,232 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 6,997,903 7,277,374 7,898,110 Net transfers (including fixed account)................... (1,236,350) 3,903,398 2,327,295 Policy charges............................................ (4,297,245) (4,316,752) (4,373,289) Transfers for policy benefits and terminations............ (4,040,162) (4,517,098) (4,368,376) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (2,575,854) 2,346,922 1,483,740 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 8,462,335 (5,608,279) 6,453,972 NET ASSETS: Beginning of year......................................... 59,759,550 65,367,829 58,913,857 ------------------ ------------------ ------------------ End of year............................................... $ 68,221,885 $ 59,759,550 $ 65,367,829 ================== ================== ================== MSF NEUBERGER BERMAN GENESIS INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 222,015 $ 520,241 $ 284,228 Net realized gains (losses)............................... (730,868) (976,828) (2,085,738) Change in unrealized gains (losses) on investments........ 8,168,095 4,961,322 15,927,942 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 7,659,242 4,504,735 14,126,432 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 8,263,575 8,942,665 9,951,447 Net transfers (including fixed account)................... (1,257,789) (1,072,904) (1,640,139) Policy charges............................................ (5,820,066) (5,900,591) (5,699,690) Transfers for policy benefits and terminations............ (5,714,422) (5,912,935) (5,453,013) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (4,528,702) (3,943,765) (2,841,395) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 3,130,540 560,970 11,285,037 NET ASSETS: Beginning of year......................................... 79,279,066 78,718,096 67,433,059 ------------------ ------------------ ------------------ End of year............................................... $ 82,409,606 $ 79,279,066 $ 78,718,096 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 160 The accompanying notes are an integral part of these financial statements. 161 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF OPPENHEIMER GLOBAL EQUITY INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 530,726 $ 719,512 $ 489,193 Net realized gains (losses)............................... 700,180 892,248 362,727 Change in unrealized gains (losses) on investments........ 6,406,670 (5,213,727) 5,192,068 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 7,637,576 (3,601,967) 6,043,988 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 3,535,071 3,587,418 3,921,178 Net transfers (including fixed account)................... (1,749,487) (166,778) 130,181 Policy charges............................................ (2,384,677) (2,520,905) (2,623,144) Transfers for policy benefits and terminations............ (2,687,363) (3,507,119) (2,648,050) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (3,286,456) (2,607,384) (1,219,835) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 4,351,120 (6,209,351) 4,824,153 NET ASSETS: Beginning of year......................................... 37,497,219 43,706,570 38,882,417 ------------------ ------------------ ------------------ End of year............................................... $ 41,848,339 $ 37,497,219 $ 43,706,570 ================== ================== ================== MSF RUSSELL 2000 INDEX INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 584,115 $ 521,188 $ 510,772 Net realized gains (losses)............................... 721,576 734,988 (66,857) Change in unrealized gains (losses) on investments........ 6,793,518 (3,300,203) 11,828,973 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 8,099,209 (2,044,027) 12,272,888 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 5,255,166 5,547,834 6,030,913 Net transfers (including fixed account)................... (1,271,073) 238,532 (1,459,730) Policy charges............................................ (3,472,278) (3,520,009) (3,529,721) Transfers for policy benefits and terminations............ (3,852,208) (5,646,773) (3,961,411) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (3,340,393) (3,380,416) (2,919,949) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 4,758,816 (5,424,443) 9,352,939 NET ASSETS: Beginning of year......................................... 51,171,784 56,596,227 47,243,288 ------------------ ------------------ ------------------ End of year............................................... $ 55,930,600 $ 51,171,784 $ 56,596,227 ================== ================== ================== MSF T. ROWE PRICE LARGE CAP GROWTH INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 35,218 $ 17,757 $ 94,345 Net realized gains (losses)............................... 996,117 908,859 253,453 Change in unrealized gains (losses) on investments........ 6,924,755 (1,383,140) 6,370,252 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 7,956,090 (456,524) 6,718,050 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 3,933,872 4,270,409 4,102,715 Net transfers (including fixed account)................... 1,360,962 162,723 (1,629,305) Policy charges............................................ (3,253,193) (3,125,126) (3,094,462) Transfers for policy benefits and terminations............ (2,912,602) (4,309,233) (2,842,508) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (870,961) (3,001,227) (3,463,560) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 7,085,129 (3,457,751) 3,254,490 NET ASSETS: Beginning of year......................................... 42,317,336 45,775,087 42,520,597 ------------------ ------------------ ------------------ End of year............................................... $ 49,402,465 $ 42,317,336 $ 45,775,087 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 162 The accompanying notes are an integral part of these financial statements. 163 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF T. ROWE PRICE SMALL CAP GROWTH INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ (304,065) $ (301,663) $ (258,469) Net realized gains (losses)............................... 11,464,320 2,332,511 562,971 Change in unrealized gains (losses) on investments........ 2,263,900 (846,789) 22,601,563 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 13,424,155 1,184,059 22,906,065 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 7,087,296 6,244,277 6,679,778 Net transfers (including fixed account)................... (2,999,440) 3,733,237 (365,817) Policy charges............................................ (5,536,576) (5,439,543) (4,980,465) Transfers for policy benefits and terminations............ (5,390,198) (6,901,125) (5,044,716) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (6,838,918) (2,363,154) (3,711,220) ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 6,585,237 (1,179,095) 19,194,845 NET ASSETS: Beginning of year......................................... 86,825,771 88,004,866 68,810,021 ------------------ ------------------ ------------------ End of year............................................... $ 93,411,008 $ 86,825,771 $ 88,004,866 ================== ================== ================== MSF VAN ECK GLOBAL NATURAL RESOURCES INVESTMENT DIVISION ----------------------------------------- 2012 2011 (d) ------------------- ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ -- $ -- Net realized gains (losses)............................... 1,884 (45) Change in unrealized gains (losses) on investments........ (2,269) (2,198) ------------------- ------------------- Net increase (decrease) in net assets resulting from operations....................................... (385) (2,243) ------------------- ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners.............. 16,626 3,321 Net transfers (including fixed account)................... 29,151 12,824 Policy charges............................................ (5,086) (710) Transfers for policy benefits and terminations............ (62) (13) ------------------- ------------------- Net increase (decrease) in net assets resulting from policy transactions.............................. 40,629 15,422 ------------------- ------------------- Net increase (decrease) in net assets................... 40,244 13,179 NET ASSETS: Beginning of year......................................... 13,179 -- ------------------- ------------------- End of year............................................... $ 53,423 $ 13,179 =================== =================== MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES INVESTMENT DIVISION --------------------------------------------------------------- 2012 2011 2010 ------------------- ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 859,018 $ 1,177,683 $ 1,305,428 Net realized gains (losses)............................... 204,230 144,847 71,403 Change in unrealized gains (losses) on investments........ 1,584,984 64,600 1,196,007 ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 2,648,232 1,387,130 2,572,838 ------------------- ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 2,376,193 2,593,403 2,832,832 Net transfers (including fixed account)................... 559,734 (646,114) 1,156,919 Policy charges............................................ (1,697,175) (1,707,630) (1,738,340) Transfers for policy benefits and terminations............ (1,967,837) (1,876,403) (1,617,829) ------------------- ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. (729,085) (1,636,744) 633,582 ------------------- ------------------ ------------------ Net increase (decrease) in net assets................... 1,919,147 (249,614) 3,206,420 NET ASSETS: Beginning of year......................................... 23,536,888 23,786,502 20,580,082 ------------------- ------------------ ------------------ End of year............................................... $ 25,456,035 $ 23,536,888 $ 23,786,502 =================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 164 The accompanying notes are an integral part of these financial statements. 165 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 330,891 $ 229,900 $ 429,880 Net realized gains (losses)............................. 19,763 564,972 49,043 Change in unrealized gains (losses) on investments...... 185,906 82,587 435,726 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 536,560 877,459 914,649 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 1,850,612 2,130,621 2,331,803 Net transfers (including fixed account)................. 271,627 (428,475) (168,918) Policy charges.......................................... (1,308,474) (1,367,530) (1,428,018) Transfers for policy benefits and terminations.......... (1,163,575) (1,409,928) (1,375,135) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ (349,810) (1,075,312) (640,268) ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 186,750 (197,853) 274,381 NET ASSETS: Beginning of year....................................... 16,435,798 16,633,651 16,359,270 ------------------ ----------------- ------------------ End of year............................................. $ 16,622,548 $ 16,435,798 $ 16,633,651 ================== ================= ================== PIMCO VIT LONG-TERM U.S. PIMCO VIT ALL ASSET GOVERNMENT INVESTMENT DIVISION INVESTMENT DIVISION --------------------------------------- ------------------- 2012 2011 (d) 2012 (g) ------------------ ----------------- ------------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 6,301 $ 2,796 $ 232 Net realized gains (losses)............................. 190 -- 2,932 Change in unrealized gains (losses) on investments...... 8,832 (1,176) (2,899) ------------------ ----------------- ------------------- Net increase (decrease) in net assets resulting from operations..................................... 15,323 1,620 265 ------------------ ----------------- ------------------- POLICY TRANSACTIONS: Premium payments received from policy owners............ -- 8,337 -- Net transfers (including fixed account)................. 24,949 86,523 29,939 Policy charges.......................................... (4,485) (342) (96) Transfers for policy benefits and terminations.......... (6) -- -- ------------------ ----------------- ------------------- Net increase (decrease) in net assets resulting from policy transactions............................ 20,458 94,518 29,843 ------------------ ----------------- ------------------- Net increase (decrease) in net assets................. 35,781 96,138 30,108 NET ASSETS: Beginning of year....................................... 96,138 -- -- ------------------ ----------------- ------------------- End of year............................................. $ 131,919 $ 96,138 $ 30,108 ================== ================= =================== PIMCO VIT LOW DURATION INVESTMENT DIVISION ------------------------------------------------------------ 2012 2011 2010 ----------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 18,366 $ 13,732 $ 12,187 Net realized gains (losses)............................. 1,749 618 2,729 Change in unrealized gains (losses) on investments...... 34,493 (6,243) 23,685 ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations..................................... 54,608 8,107 38,601 ----------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............ 33,008 43,028 -- Net transfers (including fixed account)................. (5,071) 153,678 32 Policy charges.......................................... (42,837) (21,336) (10,848) Transfers for policy benefits and terminations.......... (202) -- -- ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................ (15,102) 175,370 (10,816) ----------------- ------------------ ----------------- Net increase (decrease) in net assets................. 39,506 183,477 27,785 NET ASSETS: Beginning of year....................................... 946,008 762,531 734,746 ----------------- ------------------ ----------------- End of year............................................. $ 985,514 $ 946,008 $ 762,531 ================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 166 The accompanying notes are an integral part of these financial statements. 167 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
PIONEER VCT EMERGING MARKETS INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 1,600 $ -- $ 3,039 Net realized gains (losses)............................. 22,375 121,447 75,682 Change in unrealized gains (losses) on investments...... 20,209 (327,299) 68,690 ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations..................................... 44,184 (205,852) 147,411 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 83,715 104,589 102,565 Net transfers (including fixed account)................. 166,019 193,458 72,459 Policy charges.......................................... (22,137) (25,931) (27,778) Transfers for policy benefits and terminations.......... -- (649,132) (82,614) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 227,597 (377,016) 64,632 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................. 271,781 (582,868) 212,043 NET ASSETS: Beginning of year....................................... 401,298 984,166 772,123 ------------------ ------------------ ------------------ End of year............................................. $ 673,079 $ 401,298 $ 984,166 ================== ================== ================== PIONEER VCT MID CAP VALUE INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ 1,561 $ 1,190 $ 801 Net realized gains (losses)............................. 595 580 313 Change in unrealized gains (losses) on investments...... 12,468 (11,556) 14,039 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations..................................... 14,624 (9,786) 15,153 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............ 8,995 -- 7,217 Net transfers (including fixed account)................. 1,893 51,112 59,471 Policy charges.......................................... (6,747) (6,021) (3,748) Transfers for policy benefits and terminations.......... -- (3) (18) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................ 4,141 45,088 62,922 ------------------ ----------------- ------------------ Net increase (decrease) in net assets................. 18,765 35,302 78,075 NET ASSETS: Beginning of year....................................... 134,780 99,478 21,403 ------------------ ----------------- ------------------ End of year............................................. $ 153,545 $ 134,780 $ 99,478 ================== ================= ================== ROYCE MICRO-CAP INVESTMENT DIVISION ------------------------------------------------------------ 2012 2011 2010 (a) ----------------- ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................ $ -- $ 8,331 $ 5,659 Net realized gains (losses)............................. 9,077 1,545 197 Change in unrealized gains (losses) on investments...... 15,667 (52,132) 61,964 ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from operations..................................... 24,744 (42,256) 67,820 ----------------- ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............ 49,620 4,792 53,592 Net transfers (including fixed account)................. -- 7,703 236,555 Policy charges.......................................... (7,913) (8,474) (4,842) Transfers for policy benefits and terminations.......... (4,908) (11) (4,416) ----------------- ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................ 36,799 4,010 280,889 ----------------- ------------------ ----------------- Net increase (decrease) in net assets................. 61,543 (38,246) 348,709 NET ASSETS: Beginning of year....................................... 310,463 348,709 -- ----------------- ------------------ ----------------- End of year............................................. $ 372,006 $ 310,463 $ 348,709 ================= ================== =================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 168 The accompanying notes are an integral part of these financial statements. 169 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
ROYCE SMALL-CAP INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ----------------- INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 586 $ 3,804 $ 425 Net realized gains (losses).............................. 35,664 18,080 2,111 Change in unrealized gains (losses) on investments....... 34,489 (64,398) 63,066 ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from operations...................................... 70,739 (42,514) 65,602 ------------------ ------------------ ----------------- POLICY TRANSACTIONS: Premium payments received from policy owners............. 8,995 4,584 22,886 Net transfers (including fixed account).................. (281,935) 740,973 257,401 Policy charges........................................... (10,669) (19,814) (8,157) Transfers for policy benefits and terminations........... -- (321,629) (3,061) ------------------ ------------------ ----------------- Net increase (decrease) in net assets resulting from policy transactions............................. (283,609) 404,114 269,069 ------------------ ------------------ ----------------- Net increase (decrease) in net assets.................. (212,870) 361,600 334,671 NET ASSETS: Beginning of year........................................ 754,742 393,142 58,471 ------------------ ------------------ ----------------- End of year.............................................. $ 541,872 $ 754,742 $ 393,142 ================== ================== ================= UIF EMERGING MARKETS DEBT INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ 16,821 $ 7,775 $ 318 Net realized gains (losses).............................. 2,466 2,814 87 Change in unrealized gains (losses) on investments....... 89,788 79 318 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations...................................... 109,075 10,668 723 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 64,771 2,057 2,057 Net transfers (including fixed account).................. 599,117 408,567 -- Policy charges........................................... (10,880) (4,269) (1,095) Transfers for policy benefits and terminations........... (483) (3,368) (89) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 652,525 402,987 873 ------------------ ----------------- ------------------ Net increase (decrease) in net assets.................. 761,600 413,655 1,596 NET ASSETS: Beginning of year........................................ 420,998 7,343 5,747 ------------------ ----------------- ------------------ End of year.............................................. $ 1,182,598 $ 420,998 $ 7,343 ================== ================= ================== UIF EMERGING MARKETS EQUITY INVESTMENT DIVISION ------------------------------------------------------------- 2012 2011 2010 ------------------ ----------------- ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss)............................. $ -- $ 1,515 $ 758 Net realized gains (losses).............................. (26) 4,478 899 Change in unrealized gains (losses) on investments....... 139,206 (99,779) 38,992 ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from operations...................................... 139,180 (93,786) 40,649 ------------------ ----------------- ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners............. 70,772 2,923 2,451 Net transfers (including fixed account).................. 302,018 444,567 157,781 Policy charges........................................... (17,053) (11,985) (7,467) Transfers for policy benefits and terminations........... (361) -- (1,388) ------------------ ----------------- ------------------ Net increase (decrease) in net assets resulting from policy transactions............................. 355,376 435,505 151,377 ------------------ ----------------- ------------------ Net increase (decrease) in net assets.................. 494,556 341,719 192,026 NET ASSETS: Beginning of year........................................ 539,388 197,669 5,643 ------------------ ----------------- ------------------ End of year.............................................. $ 1,033,944 $ 539,388 $ 197,669 ================== ================= ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 170 The accompanying notes are an integral part of these financial statements. 171 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010
WELLS FARGO VT TOTAL RETURN BOND INVESTMENT DIVISION -------------------------------------------------------------- 2012 2011 2010 ------------------ ------------------ ------------------ INCREASE (DECREASE) IN NET ASSETS: FROM OPERATIONS: Net investment income (loss).............................. $ 4,369 $ 18,903 $ 29,774 Net realized gains (losses)............................... 7,755 45,796 34,459 Change in unrealized gains (losses) on investments........ 5,968 (7,169) (12,496) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from operations....................................... 18,092 57,530 51,737 ------------------ ------------------ ------------------ POLICY TRANSACTIONS: Premium payments received from policy owners.............. 45,280 66,775 158,432 Net transfers (including fixed account)................... 301,563 (413,486) 386,034 Policy charges............................................ (11,089) (19,736) (22,616) Transfers for policy benefits and terminations............ -- (637,284) (26,909) ------------------ ------------------ ------------------ Net increase (decrease) in net assets resulting from policy transactions.............................. 335,754 (1,003,731) 494,941 ------------------ ------------------ ------------------ Net increase (decrease) in net assets................... 353,846 (946,201) 546,678 NET ASSETS: Beginning of year......................................... 135,214 1,081,415 534,737 ------------------ ------------------ ------------------ End of year............................................... $ 489,060 $ 135,214 $ 1,081,415 ================== ================== ==================
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. The accompanying notes are an integral part of these financial statements. 172 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS 1. ORGANIZATION Metropolitan Life Separate Account UL (the "Separate Account"), a separate account of Metropolitan Life Insurance Company (the "Company"), was established by the Company's Board of Directors on December 13, 1988 to support operations of the Company with respect to certain variable life insurance policies (the "Policies"). The Company is a direct wholly-owned subsidiary of MetLife, Inc., a Delaware corporation. The Separate Account is registered as a unit investment trust under the Investment Company Act of 1940, as amended, and exists in accordance with the regulations of the New York State Department of Financial Services. The Separate Account is divided into Investment Divisions, each of which is treated as an individual accounting entity for financial reporting purposes. Each Investment Division invests in shares of the corresponding fund, portfolio, or series (with the same name) of registered investment management companies (the "Trusts"), which are presented below: AllianceBernstein Variable Products Series Fund, Inc. Janus Aspen Series ("Janus Aspen") ("AllianceBernstein") Legg Mason Partners Variable Equity Trust American Century Variable Portfolios, Inc. ("American ("LMPVET") Century VP") Met Investors Series Trust ("MIST")* American Funds Insurance Series ("American Funds") Metropolitan Series Fund ("MSF")* Dreyfus Variable Investment Fund ("Dreyfus VIF") MFS Variable Insurance Trust ("MFS VIT") Fidelity Variable Insurance Products ("Fidelity VIP") Oppenheimer Variable Account Funds ("Oppenheimer VA") Franklin Templeton Variable Insurance Products Trust PIMCO Variable Insurance Trust ("PIMCO VIT") ("FTVIPT") Pioneer Variable Contracts Trust ("Pioneer VCT") Goldman Sachs Variable Insurance Trust ("Goldman Putnam Variable Trust ("Putnam VT") Sachs") Royce Capital Fund ("Royce") AIM Variable Insurance Funds (Invesco Variable The Universal Institutional Funds, Inc. ("UIF") Insurance Funds) ("Invesco V.I.") Wells Fargo Variable Trust ("Wells Fargo VT")
*See Note 6 for a discussion of additional information on related party transactions. The assets of each of the Investment Divisions of the Separate Account are registered in the name of the Company. Under applicable insurance law, the assets and liabilities of the Separate Account are clearly identified and distinguished from the Company's other assets and liabilities. The portion of the Separate Account's assets applicable to the Policies is not chargeable with liabilities arising out of any other business the Company may conduct. 2. LIST OF INVESTMENT DIVISIONS A. Premium payments, less any applicable charges, applied to the Separate Account are invested in one or more Investment Divisions in accordance with the selection made by the policy owner. The following Investment Divisions had net assets as of December 31, 2012: AllianceBernstein Global Thematic Growth Investment American Funds High-Income Bond Investment Division Division AllianceBernstein Intermediate Bond Investment American Funds International Investment Division Division American Funds U.S. Government/AAA-Rated AllianceBernstein International Value Investment Securities Investment Division Division Dreyfus VIF International Value Investment Division American Century VP Vista Investment Division Fidelity VIP Asset Manager: Growth Investment American Funds Bond Investment Division Division American Funds Global Small Capitalization Fidelity VIP Contrafund Investment Division Investment Division Fidelity VIP Equity-Income Investment Division American Funds Growth Investment Division Fidelity VIP Freedom 2010 Investment Division American Funds Growth-Income Investment Division Fidelity VIP Freedom 2020 Investment Division
173 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 2. LIST OF INVESTMENT DIVISIONS -- (CONTINUED) Fidelity VIP Freedom 2030 Investment Division MIST Legg Mason ClearBridge Aggressive Growth Fidelity VIP Freedom 2050 Investment Division Investment Division Fidelity VIP High Income Investment Division MIST Lord Abbett Bond Debenture Investment Fidelity VIP Investment Grade Bond Investment Division Division Fidelity VIP Mid Cap Investment Division MIST Lord Abbett Mid Cap Value Investment Division FTVIPT Mutual Global Discovery Securities MIST Met/Franklin Income Investment Division Investment Division MIST Met/Franklin Mutual Shares Investment Division FTVIPT Templeton Foreign Securities Investment MIST Met/Franklin Templeton Founding Strategy Division Investment Division FTVIPT Templeton Global Bond Securities Investment MIST Met/Templeton Growth Investment Division Division MIST Met/Templeton International Bond Investment Goldman Sachs Mid-Cap Value Investment Division Division (b) Goldman Sachs Structured Small Cap Equity MIST MetLife Aggressive Strategy Investment Investment Division Division (a) Invesco V.I. Global Real Estate Investment Division MIST MetLife Balanced Plus Investment Division (b) Invesco V.I. Government Securities Investment MIST MFS Emerging Markets Equity Investment Division Division Invesco V.I. International Growth Investment Division MIST MFS Research International Investment Invesco V.I. Van Kampen Comstock Investment Division Division (a) Janus Aspen Balanced Investment Division MIST MLA Mid Cap Investment Division (a) Janus Aspen Forty Investment Division MIST Morgan Stanley Mid Cap Growth Investment Janus Aspen Janus Investment Division Division Janus Aspen Overseas Investment Division MIST PIMCO Inflation Protected Bond Investment MFS VIT Global Equity Investment Division Division MFS VIT High Income Investment Division MIST PIMCO Total Return Investment Division MFS VIT New Discovery Investment Division MIST Pioneer Fund Investment Division MFS VIT Value Investment Division MIST RCM Technology Investment Division MIST AllianceBernstein Global Dynamic Allocation MIST Schroders Global Multi-Asset Investment Investment Division (b) Division (b) MIST American Funds Balanced Allocation MIST SSgA Growth and Income ETF Investment Investment Division Division MIST American Funds Growth Allocation Investment MIST SSgA Growth ETF Investment Division Division MIST T. Rowe Price Large Cap Value Investment MIST American Funds Moderate Allocation Division Investment Division MIST T. Rowe Price Mid Cap Growth Investment MIST AQR Global Risk Balanced Investment Division (a) Division (b) MIST Third Avenue Small Cap Value Investment MIST BlackRock Global Tactical Strategies Investment Division Division (b) MSF Baillie Gifford International Stock Investment MIST BlackRock Large Cap Core Investment Division Division MIST Clarion Global Real Estate Investment Division (a) MSF Barclays Capital Aggregate Bond Index MIST Dreman Small Cap Value Investment Division Investment Division MIST Harris Oakmark International Investment Division MSF BlackRock Aggressive Growth Investment MIST Invesco Balanced-Risk Allocation Investment Division Division (b) MSF BlackRock Bond Income Investment Division MIST Invesco Small Cap Growth Investment Division (a) MSF BlackRock Diversified Investment Division MIST Janus Forty Investment Division MSF BlackRock Large Cap Value Investment Division MIST JPMorgan Global Active Allocation Investment MSF BlackRock Diversified Investment Division Division (b) MSF BlackRock Large Cap Value Investment Division
174 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 2. LIST OF INVESTMENT DIVISIONS -- (CONCLUDED) MSF BlackRock Legacy Large Cap Growth Investment MSF Neuberger Berman Genesis Investment Division Division MSF Oppenheimer Global Equity Investment Division MSF BlackRock Money Market Investment Division MSF Russell 2000 Index Investment Division MSF Davis Venture Value Investment Division MSF T. Rowe Price Large Cap Growth Investment MSF FI Value Leaders Investment Division Division MSF Jennison Growth Investment Division MSF T. Rowe Price Small Cap Growth Investment MSF Loomis Sayles Small Cap Core Investment Division Division MSF Van Eck Global Natural Resources Investment MSF Loomis Sayles Small Cap Growth Investment Division Division MSF Western Asset Management Strategic Bond MSF Met/Artisan Mid Cap Value Investment Opportunities Investment Division Division (a) MSF Western Asset Management U.S. Government MSF MetLife Conservative Allocation Investment Investment Division Division (a) PIMCO VIT All Asset Investment Division MSF MetLife Conservative to Moderate Allocation PIMCO VIT Long-Term U.S. Government Investment Investment Division (a) Division MSF MetLife Mid Cap Stock Index Investment PIMCO VIT Low Duration Investment Division Division Pioneer VCT Emerging Markets Investment Division MSF MetLife Moderate Allocation Investment Pioneer VCT Mid Cap Value Investment Division Division (a) Royce Micro-Cap Investment Division MSF MetLife Moderate to Aggressive Allocation Royce Small-Cap Investment Division Investment Division (a) UIF Emerging Markets Debt Investment Division MSF MetLife Stock Index Investment Division UIF Emerging Markets Equity Investment Division MSF MFS Total Return Investment Division (a) Wells Fargo VT Total Return Bond Investment MSF MFS Value Investment Division Division MSF MSCI EAFE Index Investment Division
(a) This Investment Division invests in two or more share classes within the underlying fund, portfolio, or series of the Trusts. (b) This Investment Division began operations during the year ended December 31, 2012. B. The following Investment Divisions had no net assets as of December 31, 2012: Fidelity VIP Freedom 2015 Investment Division Oppenheimer VA Main Street Small- & Mid-Cap Fidelity VIP Freedom 2025 Investment Division Investment Division Fidelity VIP Freedom 2040 Investment Division Putnam VT International Value Investment Division Janus Aspen Enterprise Investment Division LMPVET Investment Counsel Variable Social Awareness Investment Division
3. PORTFOLIO CHANGES The following Investment Divisions ceased operations during the year ended December 31, 2012: MIST Oppenheimer Capital Appreciation Investment Division MSF Lord Abbett Mid Cap Value Sub-Account 175 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 3. PORTFOLIO CHANGES -- (CONCLUDED) The operations of the Investment Divisions were affected by the following changes that occurred during the year ended December 31, 2012: NAME CHANGES: Former Name New Name (MIST) Lazard Mid Cap Portfolio (MIST) MLA Mid Cap Portfolio (MIST) Rainer Large Cap Equity Portfolio (MIST) Jennison Large Cap Equity Portfolio (MSF) Artio International Stock Portfolio (MSF) Baillie Gifford International Stock Portfolio (MSF) Morgan Stanley EAFE Index Portfolio (MSF) MSCI EAFE Index Portfolio (MSF) Neuberger Berman Mid Cap Value Portfolio (MSF) Lord Abbett Mid Cap Value Portfolio
MERGERS: Former Portfolio New Portfolio (MIST) Oppenheimer Capital Appreciation Portfolio (MSF) Jennison Growth Portfolio (MSF) Lord Abbett Mid Cap Value Portfolio (MIST) Lord Abbett Mid Cap Value Portfolio
4. SIGNIFICANT ACCOUNTING POLICIES BASIS OF ACCOUNTING The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") applicable for variable life separate accounts registered as unit investment trusts. SECURITY TRANSACTIONS Security transactions are recorded on a trade date basis. Realized gains and losses on the sales of investments are computed on the basis of the average cost of the investment sold. Income from dividends and realized gain distributions are recorded on the ex-distribution date. SECURITY VALUATION An Investment Division's investment in shares of a fund, portfolio, or series of the Trusts is valued at fair value based on the closing net asset value ("NAV") or price per share as determined by the Trusts as of the end of the year. All changes in fair value are recorded as changes in unrealized gains (losses) on investments in the statements of operations of the applicable Investment Divisions. The Separate Account defines fair value as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Separate Account prioritizes the inputs to fair valuation techniques and allows for the use of unobservable inputs to the extent that observable inputs are not available. The Separate Account has categorized its assets based on the priority of the inputs to the respective valuation technique. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets (Level 1) and the lowest priority to unobservable inputs (Level 3). An asset's classification within the fair value hierarchy is based on the lowest level of significant input to its valuation. The input levels are as follows: Level 1 Unadjusted quoted prices in active markets for identical assets that the Separate Account has the ability to access. Level 2 Observable inputs other than quoted prices in Level 1 that are observable either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market or prices for similar instruments. Level 3 Unobservable inputs that are supported by little or no market activity and are significant to the fair value of the assets, representing the Separate Account's own assumptions about the assumptions a market participant would use in valuing the asset, and based on the best information available. 176 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 4. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED) SECURITY VALUATION -- (CONCLUDED) Each Investment Division invests in shares of open-end mutual funds which calculate a daily NAV based on the fair value of the underlying securities in their portfolios. As a result, and as required by law, shares of open-end mutual funds are purchased and redeemed at their quoted daily NAV as reported by the Trusts at the close of each business day. On that basis, the inputs used to value all shares held by the Separate Account, which are measured at fair value on a recurring basis, are classified as Level 2. There were no transfers between Level 1 and Level 2, and no activity in Level 3 during the year. FEDERAL INCOME TAXES The operations of the Separate Account form a part of the total operations of the Company and are not taxed separately. The Company is taxed as a life insurance company under the provisions of the Internal Revenue Code ("IRC"). Under the current provisions of the IRC, the Company does not expect to incur federal income taxes on the earnings of the Separate Account to the extent the earnings are credited under the Policies. Accordingly, no charge is currently being made to the Separate Account for federal income taxes. The Company will periodically review the status of this policy in the event of changes in the tax law. A charge may be made in future years for any federal income taxes that would be attributable to the Policies. PREMIUM PAYMENTS The Company deducts a sales charge for certain policies and a state premium tax charge from premiums before amounts are allocated to the Separate Account. In the case of certain Policies, the Company also deducts a federal income tax charge before amounts are allocated to the Separate Account. This federal income tax charge is imposed in connection with certain Policies to recover a portion of the federal income tax adjustment attributable to policy acquisition expenses. Net premiums are reported as premium payments received from policy owners on the statements of changes in net assets of the applicable Investment Divisions and are credited as accumulation units. NET TRANSFERS Funds transferred by the policy owner into or out of Investment Divisions within the Separate Account or into or out of the fixed account (an investment option in the Company's general account) are recorded on a net basis as net transfers in the statements of changes in net assets of the applicable Investment Divisions. USE OF ESTIMATES The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect amounts reported herein. Actual results could differ from these estimates. ADOPTION OF NEW ACCOUNTING PRONOUNCEMENTS Effective January 1, 2012, the Separate Account adopted new guidance regarding fair value measurements that establishes common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with GAAP and International Financial Reporting Standards. Some of the amendments clarify the Financial Accounting Standards Board's intent on the application of existing fair value measurement requirements. Other amendments change a particular principle or requirement for measuring fair value or for disclosing information about fair value measurements. The adoption did not have an impact on the Separate Account's financial statements. Effective January 1, 2010, the Separate Account adopted new guidance that requires new disclosures about significant transfers in and/or out of Levels 1 and 2 of the fair value hierarchy and activity in Level 3. In addition, this guidance provides clarification of existing disclosure requirements about the level of disaggregation and inputs and valuation techniques. The adoption of this guidance did not have an impact on the Separate Account's financial statements. 177 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 5. CHANGE IN ACCOUNTING METHOD PRESENTATION OF MORTALITY AND EXPENSE RISK CHARGES Previously, mortality and expense risk charges ("M&E") for all Polices were reported as "Mortality and expense risk charges" in the Statements of Operations. Although M&E charges are generally assessed through the reduction in unit values, certain Policies assess their M&E charges through the redemption of units. The Investment Divisions changed their accounting method to report M&E charges assessed through the redemption of units as "Policy charges" in the Statements of Changes in Net Assets. This method is preferable as it results in these M&E charges being reported based on how they are assessed, which is consistent with the classification of other Policy fees and industry practice. This change had no effect on the net assets of the Investment Divisions or unit values of the Policies. This change has been applied retrospectively to all periods presented. The impact by affected Investment Division was to decrease "Mortality and expense risk charges" in the Statements of Operations and to increase "Policy charges" in the Statements of Changes in Net Assets by the following amounts.
FOR THE YEARS ENDED DECEMBER 31, -------------------------------- FUND NAME 2011 ($) 2010 ($) ------------- -------------- AllianceBernstein Global Thematic Growth Investment Division................................ 162,987 310 AllianceBernstein Intermediate Bond Investment Division..................................... 183 139 AllianceBernstein International Value Investment Division................................... (111) 2 American Century VP Vista Investment Division............................................... 305 519 American Funds Bond Investment Division..................................................... 26,971 24,755 American Funds Global Small Capitalization Investment Division.............................. 402,822 401,930 American Funds Growth Investment Division................................................... 887,833 821,615 American Funds Growth-Income Investment Division............................................ 517,187 489,440 American Funds International Investment Division............................................ 9,756 9,546 American Funds U.S. Government/AAA-Rated Securities Investment Division..................... 601 596 Dreyfus VIF International Value Investment Division......................................... 798 876 Fidelity VIP Asset Manager: Growth Investment Division...................................... 11,005 11,265 Fidelity VIP Contrafund Investment Division................................................. 10,858 17,497 Fidelity VIP Equity-Income Investment Division.............................................. 749 838 Fidelity VIP Freedom 2020 Investment Division............................................... 2,367 2,201 Fidelity VIP Freedom 2030 Investment Division............................................... 86 231 Fidelity VIP High Income Investment Division................................................ 27 30 Fidelity VIP Investment Grade Bond Investment Division...................................... 6,449 4,314 Fidelity VIP Mid Cap Investment Division.................................................... 5,725 5,209 FTVIPT Mutual Global Discovery Securities Investment Division............................... 3,892 2,866 FTVIPT Templeton Foreign Securities Investment Division..................................... 111,353 239,041 FTVIPT Templeton Global Bond Securities Investment Division................................. 1,067 89 Goldman Sachs Mid-Cap Value Investment Division............................................. 1,289 1,356 Goldman Sachs Structured Small Cap Equity Investment Division............................... 173 154 Invesco V.I. Global Real Estate Investment Division......................................... 49,508 39,431 Invesco V.I. Government Securities Investment Division...................................... 120 -- Invesco V.I. International Growth Investment Division....................................... 1,400 783 Invesco V.I. Van Kampen Comstock Investment Division........................................ 423 -- Janus Aspen Balanced Investment Division.................................................... 25,576 23,474 Janus Aspen Forty Investment Division....................................................... 15,960 16,448 Janus Aspen Janus Investment Division....................................................... 36,978 226,951 Janus Aspen Overseas Investment Division.................................................... 29,472 817 MFS VIT Global Equity Investment Division................................................... 361 598 MFS VIT High Income Investment Division..................................................... 491 457 MFS VIT New Discovery Investment Division................................................... 555 340 MFS VIT Value Investment Division........................................................... 285 293 MIST BlackRock Large Cap Core Investment Division........................................... 681,593 702,685 MIST Clarion Global Real Estate Investment Division......................................... 153,514 141,671 MIST Dreman Small Cap Value Investment Division............................................. 255 220 MIST Harris Oakmark International Investment Division....................................... 196,322 188,515 MIST Invesco Small Cap Growth Investment Division........................................... 31,155 26,096 MIST Janus Forty Investment Division........................................................ 81,711 82,335
178 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 5. CHANGE IN ACCOUNTING METHOD -- (CONTINUED) PRESENTATION OF MORTALITY AND EXPENSE RISK CHARGES -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, --------------------------------- FUND NAME 2011 ($) 2010 ($) -------------- --------------- MIST Legg Mason ClearBridge Aggressive Growth Investment Division........................... 82,685 54,030 MIST Lord Abbett Bond Debenture Investment Division......................................... 152,892 258,188 MIST Lord Abbett Mid Cap Value Investment Division.......................................... 437 369 MIST MetLife Aggressive Strategy Investment Division........................................ 68,960 -- MIST MFS Emerging Markets Equity Investment Division........................................ 788 -- MIST MFS Research International Investment Division......................................... 91,183 88,383 MIST MLA Mid Cap Investment Division........................................................ 36,387 32,814 MIST Morgan Stanley Mid Cap Growth Investment Division...................................... 850,520 582,516 MIST PIMCO Inflation Protected Bond Investment Division..................................... 51,801 48,656 MIST PIMCO Total Return Investment Division................................................. 306,218 301,175 MIST Pioneer Fund Investment Division....................................................... 770 982 MIST RCM Technology Investment Division..................................................... 103,151 91,702 MIST SSgA Growth and Income ETF Investment Division......................................... 25,918 17,885 MIST SSgA Growth ETF Investment Division.................................................... 21,198 13,776 MIST T. Rowe Price Large Cap Value Investment Division...................................... 24,068 134,790 MIST T. Rowe Price Mid Cap Growth Investment Division....................................... 283,741 124,744 MIST Third Avenue Small Cap Value Investment Division....................................... 10,152 11,741 MSF Baillie Gifford International Stock Investment Division................................. 135,375 142,564 MSF Barclays Capital Aggregate Bond Index Investment Division............................... 867,344 860,534 MSF BlackRock Aggressive Growth Investment Division......................................... 529,383 379,415 MSF BlackRock Bond Income Investment Division............................................... 334,130 347,328 MSF BlackRock Diversified Investment Division............................................... 846,392 751,518 MSF BlackRock Large Cap Value Investment Division........................................... 86,087 77,167 MSF BlackRock Legacy Large Cap Growth Investment Division................................... 53,272 45,881 MSF BlackRock Money Market Investment Division.............................................. 114,103 249,908 MSF Davis Venture Value Investment Division................................................. 383,886 389,641 MSF FI Value Leaders Investment Division.................................................... 44,051 40,816 MSF Jennison Growth Investment Division..................................................... 102,546 110,567 MSF Loomis Sayles Small Cap Core Investment Division........................................ 118,325 110,919 MSF Loomis Sayles Small Cap Growth Investment Division...................................... 58,648 46,479 MSF Met/Artisan Mid Cap Value Investment Division........................................... 347,417 317,586 MSF MetLife Conservative Allocation Investment Division..................................... 22,199 16,791 MSF MetLife Conservative to Moderate Allocation Investment Division......................... 40,173 35,091 MSF MetLife Mid Cap Stock Index Investment Division......................................... 448,943 427,389 MSF MetLife Moderate Allocation Investment Division......................................... 236,948 209,528 MSF MetLife Moderate to Aggressive Allocation Investment Division........................... 494,267 420,334 MSF MetLife Stock Index Investment Division................................................. 3,199,191 2,799,860 MSF MFS Total Return Investment Division.................................................... 106,396 80,437 MSF MFS Value Investment Division........................................................... 422,424 411,227 MSF MSCI EAFE Index Investment Division..................................................... 515,481 487,987 MSF Neuberger Berman Genesis Investment Division............................................ 587,519 559,608 MSF Oppenheimer Global Equity Investment Division........................................... 178,758 173,573 MSF Russell 2000 Index Investment Division.................................................. 349,641 341,067 MSF T. Rowe Price Large Cap Growth Investment Division...................................... 334,052 354,830 MSF T. Rowe Price Small Cap Growth Investment Division...................................... 666,351 511,433 MSF Van Eck Global Natural Resources Investment Division.................................... 609 -- MSF Western Asset Management Strategic Bond Opportunities Investment Division............... 160,797 154,138 MSF Western Asset Management U.S. Government Investment Division............................ 113,254 115,268 PIMCO VIT All Asset Investment Division..................................................... 22 -- PIMCO VIT Low Duration Investment Division.................................................. 2,905 2,779 Pioneer VCT Emerging Markets Investment Division............................................ 12,310 13,622 Pioneer VCT Mid Cap Value Investment Division............................................... 550 297 Royce Micro-Cap Investment Division......................................................... 1,375 619 Royce Small-Cap Investment Division......................................................... 6,407 1,285
179 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 5. CHANGE IN ACCOUNTING METHOD -- (CONCLUDED) PRESENTATION OF MORTALITY AND EXPENSE RISK CHARGES -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, -------------------------------- FUND NAME 2011 ($) 2010 ($) -------------- -------------- UIF Emerging Markets Debt Investment Division............................................... 1,372 31 UIF Emerging Markets Equity Investment Division............................................. 2,182 520 Wells Fargo VT Total Return Bond Investment Division........................................ 6,364 6,709
6. EXPENSES AND RELATED PARTY TRANSACTIONS The following annual Separate Account charge paid to the Company, is an asset-based charge and assessed through a daily reduction in unit values, which is recorded as an expense in the accompanying statements of operations of the applicable Investment Divisions: Mortality and Expense Risk -- The mortality risk assumed by the Company is the risk that those insured may die sooner than anticipated and therefore, the Company will pay an aggregate amount of death benefits greater than anticipated. The expense risk assumed is the risk that expenses incurred in issuing and administering the Policies will exceed the amounts realized from the administrative charges assessed against the Policies. The table below represents the range of effective annual rates for the charge for the year ended December 31, 2012: --------------------------------------------------------------------------------------------------------------- Mortality and Expense Risk 0.00% - 0.90% ---------------------------------------------------------------------------------------------------------------
The above referenced charge may not necessarily correspond to the costs associated with providing the services or benefits indicated by the designation of the charge or associated with a particular policy. For some Policies, a mortality and expense risk charge ranging from 0.30% to 0.90% is assessed through the redemption of units on a monthly basis and recorded as policy charges in the statements of changes in net assets of the applicable Investment Divisions. Other policy charges that are assessed through the redemption of units generally include: Cost of Insurance ("COI") charges, administrative charges, a policy fee, and charges for benefits provided by rider, if any. The COI charge is the primary charge under the policy for the death benefit provided by the Company which may vary by policy based on underwriting criteria. Administrative charges range from $0 to $15 and are assessed monthly. For some Policies, a surrender charge is imposed if the policy is partially or fully surrendered within the specified surrender charge period that ranges from $3.75 to $38.25 for every $1,000 of the policy face amount. Surrender charges for other Policies are equal to the lesser of the maximum surrender charge premium or the premiums actually paid in the first two policy years. For these policies, in the first policy year, the maximum surrender charge premium is 75% of the smoker federal guideline premium for the policy, assuming a level death benefit for the policy and any riders; and in the second and later policy years, it is 100% of the smoker federal guideline premium for the policy, assuming a level death benefit for the policy and any riders. The surrender charge cannot exceed 100% of the cumulative premiums paid in the first two policy years. If the policy is surrendered in the first two policy years, the Company will deduct 100% of the surrender charge, determined as described above. After the second policy year, the percentage the Company deducts declines until it reaches 0% at the end of the 15th policy year. Most policies offer optional benefits that can be added to the policy by rider. The charge for riders that provide life insurance benefits can range from $0.01 to $83.33 per $1,000 of coverage and the charge for riders providing benefits in the event of disability can range from $0.00 to $61.44 per $100 of the benefit provided. The above referenced charges are paid to the Company and are recorded as policy charges in the accompanying statements of changes in net assets of the applicable Investment Divisions for the years ended December 31, 2012, 2011 and 2010. MetLife Advisers, LLC, which acts in the capacity of investment adviser to the portfolios of the MIST and MSF Trusts, is an affiliate of the Company. 180 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 7. STATEMENTS OF INVESTMENTS
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, ------------------------------ ------------------------------------------------- COST OF SHARES COST ($) PURCHASES ($) ------------- -------------- ------------------------------------------------- 2012 2012 2012 2011 2010 ------------- -------------- -------------- -------------- -------------- AllianceBernstein Global Thematic Growth Investment Division......... 3,767 71,642 3,785 5,924,276 64,878 AllianceBernstein Intermediate Bond Investment Division......... 8,488 102,645 57,983 4,944 44,107 AllianceBernstein International Value Investment Division......... 12 179 2 1,511 1,284(a) American Century VP Vista Investment Division......... 236 3,853 1,774 16,251 60,206 American Funds Bond Investment Division......... 485,256 5,262,880 1,312,217 969,816 1,139,102 American Funds Global Small Capitalization Investment Division......... 2,982,770 60,143,479 3,115,383 3,778,860 4,775,557 American Funds Growth Investment Division......... 2,165,777 110,745,930 3,746,471 5,600,915 6,233,209 American Funds Growth-Income Investment Division......... 2,081,975 71,702,222 2,947,311 3,518,169 4,134,198 American Funds High-Income Bond Investment Division......... 5,189 57,908 58,091(b) -- -- American Funds International Investment Division.................... 31,331 525,723 53,707 16,165 390,086 American Funds U.S. Government/AAA-Rated Securities Investment Division.................... 3,578 44,566 7,935 24,616 8,716 Dreyfus VIF International Value Investment Division.................... 20,889 264,546 5,777 5,544 7,776 Fidelity VIP Asset Manager: Growth Investment Division.................... 130,734 1,695,641 564,188 201,611 350,953 Fidelity VIP Contrafund Investment Division......... 88,886 2,080,901 256,811 386,193 618,817 Fidelity VIP Equity-Income Investment Division......... 3,135 63,113 51,762 65,604 83,560 Fidelity VIP Freedom 2010 Investment Division......... 3,555 36,402 3,999 16,905 16,287 Fidelity VIP Freedom 2020 Investment Division......... 68,218 527,202 38,622 64,043 32,723 Fidelity VIP Freedom 2030 Investment Division......... 3,937 36,903 2,517 33,098 106,748 Fidelity VIP Freedom 2050 Investment Division......... 1,331 16,206 2,492 44,388(c) -- FOR THE YEAR ENDED DECEMBER 31, ------------------------------------------------ PROCEEDS FROM SALES ($) ------------------------------------------------ 2012 2011 2010 --------------- -------------- -------------- AllianceBernstein Global Thematic Growth Investment Division......... 4,346,961 265,271 84,747 AllianceBernstein Intermediate Bond Investment Division......... 1,934 1,493 29,920 AllianceBernstein International Value Investment Division......... 5 2,772 16(a) American Century VP Vista Investment Division......... 7,528 74,661 147,832 American Funds Bond Investment Division......... 763,603 731,112 647,988 American Funds Global Small Capitalization Investment Division......... 5,038,503 5,452,768 4,848,239 American Funds Growth Investment Division......... 10,752,272 8,870,119 7,482,387 American Funds Growth-Income Investment Division......... 5,517,911 3,636,760 3,422,111 American Funds High-Income Bond Investment Division......... 189(b) -- -- American Funds International Investment Division.................... 107,360 191,972 91,760 American Funds U.S. Government/AAA-Rated Securities Investment Division.................... 7,421 18,298 63,369 Dreyfus VIF International Value Investment Division.................... 2,581 6,265 73,348 Fidelity VIP Asset Manager: Growth Investment Division.................... 229,156 542,259 401,055 Fidelity VIP Contrafund Investment Division......... 392,517 826,551 2,359,396 Fidelity VIP Equity-Income Investment Division......... 7,307 243,406 152,960 Fidelity VIP Freedom 2010 Investment Division......... 1,313 13,581 1,077 Fidelity VIP Freedom 2020 Investment Division......... 41,771 79,620 15,399 Fidelity VIP Freedom 2030 Investment Division......... 23,108 83,225 42,841 Fidelity VIP Freedom 2050 Investment Division......... 302 25,362(c) --
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. 181 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, -------------------------- ------------------------------------------- COST OF SHARES COST ($) PURCHASES ($) ------------ ------------ ------------------------------------------- 2012 2012 2012 2011 2010 ------------ ------------ ---------- ------------- ------------ Fidelity VIP High Income Investment Division..... 28,424 168,038 125,580 40,651 340 Fidelity VIP Investment Grade Bond Investment Division................ 176,645 2,309,600 1,921,672 1,807,611 1,216,749 Fidelity VIP Mid Cap Investment Division..... 24,981 702,923 173,748 287,684 192,649 FTVIPT Mutual Global Discovery Securities Investment Division..... 39,801 790,298 175,011 279,594 735,899 FTVIPT Templeton Foreign Securities Investment Division................ 270,845 3,801,087 878,128 539,313 1,298,784 FTVIPT Templeton Global Bond Securities Investment Division..... 22,105 427,416 146,290 626,974 454,211 Goldman Sachs Mid-Cap Value Investment Division................ 16,840 254,903 2,932 58,548 2,264 Goldman Sachs Structured Small Cap Equity Investment Division..... 2,071 22,781 6,983 893 4,341 Invesco V.I. Global Real Estate Investment Division................ 169,020 2,480,584 1,031,105 1,144,072 281,030 Invesco V.I. Government Securities Investment Division................ 25 309 15,310 105,415(d) 26,124 Invesco V.I. International Growth Investment Division................ 216,655 5,820,659 6,090,412 11,463 348,070 Invesco V.I. Van Kampen Comstock Investment Division................ 17,951 210,983 29,964 166,971 62,391(e) Janus Aspen Balanced Investment Division..... 38,724 1,072,774 249,875 476,479 1,410,141 Janus Aspen Forty Investment Division..... 22,042 724,755 251,563 60,009 374,848 Janus Aspen Janus Investment Division..... 36,736 725,079 34,590 11,493 709,475 Janus Aspen Overseas Investment Division..... 11,935 564,816 114,730 5,940,358 246,705 MFS VIT Global Equity Investment Division..... 8,975 128,563 135,732 14,292 201,962 MFS VIT High Income Investment Division..... 18,452 134,943 29,358 12,069 10,141 MFS VIT New Discovery Investment Division..... 11,458 163,711 42,794 24,020 105,171 FOR THE YEAR ENDED DECEMBER 31, ------------------------------------------ PROCEEDS FROM SALES ($) ------------------------------------------ 2012 2011 2010 ---------- ------------- ----------- Fidelity VIP High Income Investment Division..... 2,451 236 37,262 Fidelity VIP Investment Grade Bond Investment Division................ 1,407,822 593,778 919,692 Fidelity VIP Mid Cap Investment Division..... 67,376 86,070 32,284 FTVIPT Mutual Global Discovery Securities Investment Division..... 195,072 383,211 728,462 FTVIPT Templeton Foreign Securities Investment Division................ 422,457 6,463,366 553,148 FTVIPT Templeton Global Bond Securities Investment Division..... 19,865 316,892 458,606 Goldman Sachs Mid-Cap Value Investment Division................ 57,554 130,799 34,533 Goldman Sachs Structured Small Cap Equity Investment Division..... 35,753 1,806 34,881 Invesco V.I. Global Real Estate Investment Division................ 364,719 1,047,754 349,677 Invesco V.I. Government Securities Investment Division................ 36,465 86,648(d) 9,364 Invesco V.I. International Growth Investment Division................ 311,291 236,029 122,011 Invesco V.I. Van Kampen Comstock Investment Division................ 16,512 2,690 30,405(e) Janus Aspen Balanced Investment Division..... 555,156 1,530,768 490,563 Janus Aspen Forty Investment Division..... 231,604 495,862 175,085 Janus Aspen Janus Investment Division..... 57,167 7,130,795 408,399 Janus Aspen Overseas Investment Division..... 18,736 5,664,163 20,135 MFS VIT Global Equity Investment Division..... 12,826 232,286 73,751 MFS VIT High Income Investment Division..... 12,497 1,866 3,882 MFS VIT New Discovery Investment Division..... 4,661 4,419 4,660
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. 182 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, ------------------------- --------------------------------------- COST OF SHARES COST ($) PURCHASES ($) ----------- ------------ --------------------------------------- 2012 2012 2012 2011 2010 ----------- ------------ ------------ --------- --------- MFS VIT Value Investment Division............... 1,207 15,291 1,023 36,464 969 MIST AllianceBernstein Global Dynamic Allocation Investment Division............... 663 6,934 8,989(f) -- -- MIST American Funds Balanced Allocation Investment Division.... 60,078 564,961 111,688 225,636 209,126 MIST American Funds Growth Allocation Investment Division.... 91,780 788,428 211,211 237,080 546,597 MIST American Funds Moderate Allocation Investment Division.... 55,547 537,412 223,173 184,789 144,861 MIST AQR Global Risk Balanced Investment Division............... 2,151 24,410 30,767(f) -- -- MIST BlackRock Global Tactical Strategies Investment Division.... 3,761 38,201 40,820(f) -- -- MIST BlackRock Large Cap Core Investment Division.... 31,674,442 338,241,649 5,579,948 6,851,461 6,951,054 MIST Clarion Global Real Estate Investment Division............... 2,269,161 26,891,735 3,856,513 2,264,531 3,370,800 MIST Dreman Small Cap Value Investment Division............... 2,558 34,673 19,336 16,769 10,026 MIST Harris Oakmark International Investment Division............... 2,231,255 30,985,772 2,666,808 2,500,638 3,407,788 MIST Invesco Balanced- Risk Allocation Investment Division.... 716 7,515 9,936(f) -- -- MIST Invesco Small Cap Growth Investment Division............... 295,370 3,916,907 866,163 950,748 797,813 MIST Janus Forty Investment Division.... 199,959 13,554,667 2,118,628 1,510,556 2,738,764 MIST JPMorgan Global Active Allocation Investment Division.... 1,798 18,731 21,306(f) -- -- MIST Legg Mason ClearBridge Aggressive Growth Investment Division............... 1,536,327 11,654,136 770,047 5,893,574 471,892 FOR THE YEAR ENDED DECEMBER 31, -------------------------------------- PROCEEDS FROM SALES ($) -------------------------------------- 2012 2011 2010 -------------- --------- ---------- MFS VIT Value Investment Division............... 33,595 67,428 2,907 MIST AllianceBernstein Global Dynamic Allocation Investment Division............... 2,055(f) -- -- MIST American Funds Balanced Allocation Investment Division.... 50,779 119,833 22,345 MIST American Funds Growth Allocation Investment Division.... 178,743 112,650 60,823 MIST American Funds Moderate Allocation Investment Division.... 72,031 27,959 8,208 MIST AQR Global Risk Balanced Investment Division............... 6,330(f) -- -- MIST BlackRock Global Tactical Strategies Investment Division.... 2,670(f) -- -- MIST BlackRock Large Cap Core Investment Division.... 24,675,854 23,235,479 20,284,505 MIST Clarion Global Real Estate Investment Division............... 2,040,067 1,937,838 1,679,748 MIST Dreman Small Cap Value Investment Division............... 21,553 5,385 3,466 MIST Harris Oakmark International Investment Division............... 3,615,172 2,457,952 2,246,052 MIST Invesco Balanced- Risk Allocation Investment Division.... 2,420(f) -- -- MIST Invesco Small Cap Growth Investment Division............... 1,148,655 984,337 592,803 MIST Janus Forty Investment Division.... 1,831,257 2,004,491 1,663,638 MIST JPMorgan Global Active Allocation Investment Division.... 2,566(f) -- -- MIST Legg Mason ClearBridge Aggressive Growth Investment Division............... 1,188,432 1,236,188 698,228
(a) Commenced November 10, 2008 and began transactions in 2010. (b) Commenced May 3, 2010 and began transactions in 2012. (c) Commenced May 4, 2009 and began transactions in 2011. (d) For the period May 2, 2011 to December 31, 2011. (e) For the period May 3, 2010 to December 31, 2010. (f) For the period April 30, 2012 to December 31, 2012. (g) Commenced May 4, 2009 and began transactions in 2012. 183 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, -------------------------- ---------------------------------------- COST OF SHARES COST ($) PURCHASES ($) ------------ ------------ ---------------------------------------- 2012 2012 2012 2011 2010 ------------ ------------ -------------- -------------- ---------- MIST Lord Abbett Bond Debenture Investment Division............... 2,123,239 25,322,728 4,029,220 4,202,645 3,982,725 MIST Lord Abbett Mid Cap Value Investment Division................ 4,262,662 72,390,245 76,386,802 17,623 7,623 MIST Met/Franklin Income Investment Division..... 31,904 314,897 94,603 104,557 90,123 MIST Met/Franklin Mutual Shares Investment Division................ 15,476 122,733 47,800 34,651 31,238 MIST Met/Franklin Templeton Founding Strategy Investment Division................ 30,513 268,486 42,511 36,620 56,837 MIST Met/Templeton Growth Investment Division................ 6,801 58,375 17,630 19,150 26,766 MIST Met/Templeton International Bond Investment Division.... 219 2,557 3,780(f) -- -- MIST MetLife Aggressive Strategy Investment Division (b)............ 1,445,108 14,892,050 1,631,765 15,450,469(d) -- MIST MetLife Balanced Plus Investment Division............... 4,293 44,243 50,269(f) -- -- MIST MFS Emerging Markets Equity Investment Division..... 8,058 82,805 153,279 26,770(d) -- MIST MFS Research International Investment Division................ 1,522,917 16,398,808 3,674,489 2,576,414 1,608,825 MIST MLA Mid Cap Investment Division..... 461,310 5,460,602 408,026 1,280,594 595,846 MIST Morgan Stanley Mid Cap Growth Investment Division................ 15,790,949 160,842,321 4,192,041 9,829,634 181,166,153 MIST PIMCO Inflation Protected Bond Investment Division..... 1,155,669 13,063,982 4,918,545 3,303,438 2,469,861 MIST PIMCO Total Return Investment Division..... 3,925,808 46,212,838 6,325,271 7,403,802 7,076,844 MIST Pioneer Fund Investment Division..... 13,388 136,688 7,582 7,780 6,857 MIST RCM Technology Investment Division..... 3,144,984 13,659,135 3,717,366 2,111,961 2,790,890 FOR THE YEAR ENDED DECEMBER 31, ---------------------------------------- PROCEEDS FROM SALES ($) ---------------------------------------- 2012 2011 2010 ------------- -------------- --------- MIST Lord Abbett Bond Debenture Investment Division............... 2,630,362 5,865,230 3,898,865 MIST Lord Abbett Mid Cap Value Investment Division................ 4,011,220 3,264 22,956 MIST Met/Franklin Income Investment Division..... 8,795 10,557 4,997 MIST Met/Franklin Mutual Shares Investment Division................ 4,845 5,687 2,657 MIST Met/Franklin Templeton Founding Strategy Investment Division................ 26,306 12,523 16,387 MIST Met/Templeton Growth Investment Division................ 13,167 9,023 1,499 MIST Met/Templeton International Bond Investment Division.... 1,243(f) -- -- MIST MetLife Aggressive Strategy Investment Division (b)............ 989,906 1,027,360(d) -- MIST MetLife Balanced Plus Investment Division............... 6,146(f) -- -- MIST MFS Emerging Markets Equity Investment Division..... 95,164 540(d) -- MIST MFS Research International Investment Division................ 1,969,844 2,605,812 2,067,653 MIST MLA Mid Cap Investment Division..... 756,033 1,251,786 595,212 MIST Morgan Stanley Mid Cap Growth Investment Division................ 13,094,724 16,285,234 9,832,558 MIST PIMCO Inflation Protected Bond Investment Division..... 1,739,898 2,028,482 1,583,040 MIST PIMCO Total Return Investment Division..... 5,836,729 5,653,299 3,959,479 MIST Pioneer Fund Investment Division..... 4,551 67,759 31,995 MIST RCM Technology Investment Division..... 3,015,053 3,577,458 3,395,885
(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. 184 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, -------------------------- --------------------------------------- COST OF SHARES COST ($) PURCHASES ($) ------------ ------------ --------------------------------------- 2012 2012 2012 2011 2010 ------------ ------------ -------------- --------- ----------- MIST Schroders Global Multi-Asset Investment Division............... 545 5,776 8,021(f) -- -- MIST SSgA Growth and Income ETF Investment Division................ 510,566 5,521,373 1,824,928 1,498,489 2,220,868 MIST SSgA Growth ETF Investment Division..... 364,021 3,776,125 1,113,746 1,923,928 875,750 MIST T. Rowe Price Large Cap Value Investment Division................ 54,075 1,327,202 76,536 25,689 501,908 MIST T. Rowe Price Mid Cap Growth Investment Division................ 2,219,463 18,559,725 3,759,855 8,275,848 1,810,217 MIST Third Avenue Small Cap Value Investment Division................ 55,315 778,082 126,084 595,096 877,330 MSF Baillie Gifford International Stock Investment Division..... 4,353,412 48,696,172 2,184,026 3,235,087 2,105,704 MSF Barclays Capital Aggregate Bond Index Investment Division..... 10,044,484 109,757,798 18,934,907 11,501,288 22,625,306 MSF BlackRock Aggressive Growth Investment Division..... 6,594,035 153,172,524 2,359,607 8,269,136 2,338,781 MSF BlackRock Bond Income Investment Division................ 741,788 79,571,999 5,640,825 5,805,876 6,783,042 MSF BlackRock Diversified Investment Division................ 15,238,687 244,853,334 8,590,251 10,350,108 8,518,236 MSF BlackRock Large Cap Value Investment Division................ 1,458,260 15,800,374 3,386,813 1,424,125 1,366,630 MSF BlackRock Legacy Large Cap Growth Investment Division..... 492,517 12,119,741 7,158,245 2,393,555 955,624 MSF BlackRock Money Market Investment Division................ 232,745 23,274,455 13,187,844 11,412,230 39,085,331 MSF Davis Venture Value Investment Division..... 1,753,067 48,252,225 2,240,132 4,062,485 3,532,125 MSF FI Value Leaders Investment Division..... 44,814 7,179,192 549,077 923,988 768,915 MSF Jennison Growth Investment Division..... 1,515,312 16,878,865 5,678,348 1,020,376 1,735,188 FOR THE YEAR ENDED DECEMBER 31, ---------------------------------------- PROCEEDS FROM SALES ($) ---------------------------------------- 2012 2011 2010 ------------- ---------- ---------- MIST Schroders Global Multi-Asset Investment Division............... 2,255(f) -- -- MIST SSgA Growth and Income ETF Investment Division................ 688,031 604,376 321,444 MIST SSgA Growth ETF Investment Division..... 500,843 1,172,938 269,381 MIST T. Rowe Price Large Cap Value Investment Division................ 17,219 5,307,279 286,976 MIST T. Rowe Price Mid Cap Growth Investment Division................ 7,974,926 2,781,426 2,059,741 MIST Third Avenue Small Cap Value Investment Division................ 192,017 1,211,039 444,016 MSF Baillie Gifford International Stock Investment Division..... 4,015,643 3,373,752 3,842,700 MSF Barclays Capital Aggregate Bond Index Investment Division..... 11,439,455 21,342,034 16,711,144 MSF BlackRock Aggressive Growth Investment Division..... 16,639,363 17,101,074 16,490,360 MSF BlackRock Bond Income Investment Division................ 7,542,088 8,666,314 7,737,220 MSF BlackRock Diversified Investment Division................ 21,948,665 21,365,154 21,488,733 MSF BlackRock Large Cap Value Investment Division................ 1,826,005 1,183,780 1,193,468 MSF BlackRock Legacy Large Cap Growth Investment Division..... 2,120,133 1,606,886 766,286 MSF BlackRock Money Market Investment Division................ 10,707,190 20,447,498 44,495,834 MSF Davis Venture Value Investment Division..... 3,984,624 5,416,410 4,155,257 MSF FI Value Leaders Investment Division..... 728,968 900,032 500,892 MSF Jennison Growth Investment Division..... 1,525,681 2,289,730 1,361,813
(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. 185 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 7. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, ------------------------------ --------------------------------------------- COST OF SHARES COST ($) PURCHASES ($) -------------- -------------- --------------------------------------------- 2012 2012 2012 2011 2010 -------------- -------------- ------------ --------------- ------------ MSF Loomis Sayles Small Cap Core Investment Division.................... 75,232 15,377,635 1,244,281 1,401,272 779,792 MSF Loomis Sayles Small Cap Growth Investment Division.................... 727,317 6,743,782 435,159 1,535,720 588,154 MSF Met/Artisan Mid Cap Value Investment Division.................... 252,918 51,480,088 1,652,342 2,136,634 3,730,063 MSF MetLife Conservative Allocation Investment Division................... 451,331 5,053,916 1,835,676 1,806,198 2,451,236 MSF MetLife Conservative to Moderate Allocation Investment Division........ 715,057 7,782,001 2,243,025 1,953,282 2,108,320 MSF MetLife Mid Cap Stock Index Investment Division................... 4,824,314 59,075,087 6,434,902 7,118,449 4,558,217 MSF MetLife Moderate Allocation Investment Division................... 3,789,971 39,789,720 5,656,884 6,621,830 7,290,820 MSF MetLife Moderate to Aggressive Allocation Investment Division........ 6,539,874 68,806,566 7,501,562 8,856,018 9,000,879 MSF MetLife Stock Index Investment Division........ 22,136,633 667,211,901 41,740,053 42,140,081 47,048,203 MSF MFS Total Return Investment Division........ 58,054 7,741,000 1,197,544 1,189,902 2,150,016 MSF MFS Value Investment Division................... 4,195,031 53,479,318 3,310,186 3,888,301 3,693,963 MSF MSCI EAFE Index Investment Division........ 5,820,975 63,949,200 7,247,918 9,375,469 10,748,813 MSF Neuberger Berman Genesis Investment Division................... 6,238,426 89,603,420 1,372,639 2,070,471 2,239,658 MSF Oppenheimer Global Equity Investment Division................... 2,516,431 32,324,895 1,995,431 4,561,354 3,249,970 MSF Russell 2000 Index Investment Division........ 3,841,387 45,326,711 2,536,084 4,574,342 4,271,448 MSF T. Rowe Price Large Cap Growth Investment Division................... 2,795,839 34,493,708 2,729,462 2,728,837 1,214,090 MSF T. Rowe Price Small Cap Growth Investment Division................... 5,328,638 70,024,797 12,017,765 6,480,374 2,318,086 MSF Van Eck Global Natural Resources Investment Division......... 4,135 57,891 52,989 15,766(d) -- FOR THE YEAR ENDED DECEMBER 31, --------------------------------------------- PROCEEDS FROM SALES ($) --------------------------------------------- 2012 2011 2010 ------------- ---------------- ----------- MSF Loomis Sayles Small Cap Core Investment Division.................... 1,870,414 2,332,479 1,332,319 MSF Loomis Sayles Small Cap Growth Investment Division.................... 1,390,992 1,011,621 546,779 MSF Met/Artisan Mid Cap Value Investment Division.................... 3,672,223 4,226,880 3,981,454 MSF MetLife Conservative Allocation Investment Division................... 1,004,176 1,511,348 768,583 MSF MetLife Conservative to Moderate Allocation Investment Division........ 731,687 2,239,776 898,546 MSF MetLife Mid Cap Stock Index Investment Division................... 6,851,251 5,790,251 5,525,712 MSF MetLife Moderate Allocation Investment Division................... 4,063,798 3,119,932 2,263,141 MSF MetLife Moderate to Aggressive Allocation Investment Division........ 5,594,631 4,089,610 3,399,802 MSF MetLife Stock Index Investment Division........ 56,539,432 42,862,666 49,869,268 MSF MFS Total Return Investment Division........ 1,043,992 1,494,750 2,044,235 MSF MFS Value Investment Division................... 4,486,581 5,180,543 3,946,394 MSF MSCI EAFE Index Investment Division........ 7,865,571 5,508,673 7,741,327 MSF Neuberger Berman Genesis Investment Division................... 5,678,800 5,494,730 4,796,586 MSF Oppenheimer Global Equity Investment Division................... 4,751,183 6,449,346 3,980,518 MSF Russell 2000 Index Investment Division........ 5,292,336 7,433,659 6,680,460 MSF T. Rowe Price Large Cap Growth Investment Division................... 3,564,278 5,712,444 4,584,444 MSF T. Rowe Price Small Cap Growth Investment Division................... 10,094,477 9,130,453 6,301,609 MSF Van Eck Global Natural Resources Investment Division......... 9,747 344(d) --
(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. 186 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 7. STATEMENTS OF INVESTMENTS -- (CONCLUDED)
AS OF DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, ------------------------- ----------------------------------------- COST OF SHARES COST ($) PURCHASES ($) ----------- ------------ ----------------------------------------- 2012 2012 2012 2011 2010 ----------- ------------ ------------- ------------- ----------- MSF Western Asset Management Strategic Bond Opportunities Investment Division... 1,820,890 22,287,439 2,398,460 2,218,805 3,765,318 MSF Western Asset Management U.S. Government Investment Division.............. 1,344,866 16,268,874 1,529,728 1,868,479 1,730,763 PIMCO VIT All Asset Investment Division... 11,592 124,263 31,250 97,359(d) -- PIMCO VIT Long-Term U.S. Government Investment Division... 2,437 33,002 33,105(g) -- -- PIMCO VIT Low Duration Investment Division... 91,532 933,182 47,764 210,299 14,655 Pioneer VCT Emerging Markets Investment Division.............. 26,343 640,834 511,183 461,977 292,305 Pioneer VCT Mid Cap Value Investment Division.............. 8,814 136,154 13,669 52,297 68,084 Royce Micro-Cap Investment Division... 33,973 346,507 56,398 22,196 291,230(a) Royce Small-Cap Investment Division... 49,127 505,731 194,261 1,012,962 433,307 UIF Emerging Markets Debt Investment Division.............. 124,223 1,092,320 734,902 432,895 3,126 UIF Emerging Markets Equity Investment Division.............. 68,792 954,379 423,867 657,354 160,270 Wells Fargo VT Total Return Bond Investment Division.............. 45,232 480,809 435,287 134,983 920,218 FOR THE YEAR ENDED DECEMBER 31, ------------------------------------------ PROCEEDS FROM SALES ($) ------------------------------------------ 2012 2011 2010 ------------ --------- ------------- MSF Western Asset Management Strategic Bond Opportunities Investment Division... 2,267,683 2,678,776 1,826,322 MSF Western Asset Management U.S. Government Investment Division.............. 1,548,704 2,143,284 1,893,816 PIMCO VIT All Asset Investment Division... 4,536 -- -- PIMCO VIT Long-Term U.S. Government Investment Division... 101(g) -- -- PIMCO VIT Low Duration Investment Division... 43,068 21,217 10,848 Pioneer VCT Emerging Markets Investment Division.............. 259,048 837,851 225,049 Pioneer VCT Mid Cap Value Investment Division.............. 7,978 6,022 4,348 Royce Micro-Cap Investment Division... 11,535 9,860 4,681(a) Royce Small-Cap Investment Division... 463,815 605,050 163,799 UIF Emerging Markets Debt Investment Division.............. 65,546 19,721 1,934 UIF Emerging Markets Equity Investment Division.............. 68,649 220,179 8,134 Wells Fargo VT Total Return Bond Investment Division.............. 88,422 1,089,695 371,858
(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. 187 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
ALLIANCEBERNSTEIN GLOBAL THEMATIC GROWTH ALLIANCEBERNSTEIN INTERMEDIATE BOND INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 914,212 19,486 25,043 3,232 3,146 2,242 Units issued and transferred from other funding options. 797 943,623 5,471 3,563 191 3,226 Units redeemed and transferred to other funding options....... (903,379) (48,897) (11,028) (120) (105) (2,322) --------------- --------------- --------------- ---------------- --------------- --------------- Units end of year........ 11,630 914,212 19,486 6,675 3,232 3,146 =============== =============== =============== ================ =============== =============== ALLIANCEBERNSTEIN INTERNATIONAL VALUE AMERICAN CENTURY VP VISTA INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------------- 2012 2011 2010 (a) 2012 2011 2010 --------------- --------------- --------------- --------------- ---------------- --------------- Units beginning of year.. 9 73 -- 679 5,360 13,115 Units issued and transferred from other funding options. -- 6 73 63 753 2,722 Units redeemed and transferred to other funding options....... -- (70) -- (463) (5,434) (10,477) --------------- --------------- --------------- --------------- ---------------- --------------- Units end of year........ 9 9 73 279 679 5,360 =============== =============== =============== =============== ================ ===============
AMERICAN FUNDS BOND AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 367,699 361,073 335,183 2,037,588 2,114,920 2,152,577 Units issued and transferred from other funding options. 131,998 111,528 767,492 343,427 395,698 2,898,451 Units redeemed and transferred to other funding options....... (101,751) (104,902) (741,602) (433,428) (473,030) (2,936,108) ---------------- ---------------- --------------- ---------------- --------------- --------------- Units end of year........ 397,946 367,699 361,073 1,947,587 2,037,588 2,114,920 ================ ================ =============== ================ =============== =============== AMERICAN FUNDS GROWTH AMERICAN FUNDS GROWTH-INCOME INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 1,353,057 1,411,108 1,419,237 1,453,945 1,483,095 1,491,242 Units issued and transferred from other funding options. 191,289 236,308 1,491,854 212,605 249,184 1,511,750 Units redeemed and transferred to other funding options....... (274,936) (294,359) (1,499,983) (284,434) (278,334) (1,519,897) ---------------- ---------------- --------------- ---------------- --------------- --------------- Units end of year........ 1,269,410 1,353,057 1,411,108 1,382,116 1,453,945 1,483,095 ================ ================ =============== ================ =============== ===============
AMERICAN FUNDS HIGH-INCOME BOND AMERICAN FUNDS INTERNATIONAL INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------------------------------------- 2012 (b) 2012 2011 2010 ------------------- --------------- --------------- --------------- Units beginning of year.. -- 21,039 27,930 17,214 Units issued and transferred from other funding options. 4,621 1,746 306 13,635 Units redeemed and transferred to other funding options....... (15) (4,012) (7,197) (2,919) ------------------- --------------- --------------- --------------- Units end of year........ 4,606 18,773 21,039 27,930 =================== =============== =============== =============== AMERICAN FUNDS U.S. GOVERNMENT/ AAA-RATED SECURITIES DREYFUS VIF INTERNATIONAL VALUE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ----------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- ---------------- -------------- Units beginning of year.. 2,025 1,810 4,564 16,153 16,502 21,676 Units issued and transferred from other funding options. 292 1,074 398 77 99 505 Units redeemed and transferred to other funding options....... (345) (859) (3,152) (217) (448) (5,679) --------------- --------------- --------------- --------------- ---------------- -------------- Units end of year........ 1,972 2,025 1,810 16,013 16,153 16,502 =============== =============== =============== =============== ================ ==============
(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. 188 189 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
FIDELITY VIP ASSET MANAGER: GROWTH FIDELITY VIP CONTRAFUND INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- ---------------- ---------------- --------------- Units beginning of year.. 138,116 172,460 181,097 157,450 190,755 332,757 Units issued and transferred from other funding options. 47,327 17,093 24,042 16,403 22,512 43,442 Units redeemed and transferred to other funding options....... (20,847) (51,437) (32,679) (26,439) (55,817) (185,444) --------------- --------------- --------------- ---------------- ---------------- --------------- Units end of year........ 164,596 138,116 172,460 147,414 157,450 190,755 =============== =============== =============== ================ ================ =============== FIDELITY VIP EQUITY-INCOME FIDELITY VIP FREEDOM 2010 INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- ---------------- Units beginning of year.. 1,549 17,040 23,778 3,238 3,002 1,541 Units issued and transferred from other funding options. 3,462 2,435 4,102 200 246 1,471 Units redeemed and transferred to other funding options....... (580) (17,926) (10,840) (60) (10) (10) --------------- --------------- --------------- --------------- --------------- ---------------- Units end of year........ 4,431 1,549 17,040 3,378 3,238 3,002 =============== =============== =============== =============== =============== ================
FIDELITY VIP FREEDOM 2020 FIDELITY VIP FREEDOM 2030 INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 53,514 56,297 56,341 6,028 9,011 3,665 Units issued and transferred from other funding options. 968 121 829 83 2,929 9,042 Units redeemed and transferred to other funding options....... (3,203) (2,904) (873) (2,172) (5,912) (3,696) --------------- --------------- --------------- ---------------- --------------- --------------- Units end of year........ 51,279 53,514 56,297 3,939 6,028 9,011 =============== =============== =============== ================ =============== =============== FIDELITY VIP FREEDOM 2050 FIDELITY VIP HIGH INCOME INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- ------------------------------------------------- 2012 2011 (c) 2012 2011 2010 --------------- --------------- --------------- ---------------- --------------- Units beginning of year.. 1,492 -- 2,677 294 3,001 Units issued and transferred from other funding options. -- 1,494 6,418 2,406 -- Units redeemed and transferred to other funding options....... (24) (2) (140) (23) (2,707) --------------- --------------- --------------- ---------------- --------------- Units end of year........ 1,468 1,492 8,955 2,677 294 =============== =============== =============== ================ ===============
FIDELITY VIP INVESTMENT GRADE BOND FIDELITY VIP MID CAP INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- -------------- --------------- --------------- --------------- Units beginning of year. 117,053 38,436 18,087 24,942 16,733 10,051 Units issued and transferred from other funding options 117,701 120,433 87,556 4,204 12,194 7,750 Units redeemed and transferred to other funding options...... (90,025) (41,816) (67,207) (2,589) (3,985) (1,068) --------------- --------------- -------------- --------------- --------------- --------------- Units end of year....... 144,729 117,053 38,436 26,557 24,942 16,733 =============== =============== ============== =============== =============== =============== FTVIPT MUTUAL GLOBAL DISCOVERY SECURITIES FTVIPT TEMPLETON FOREIGN SECURITIES INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------ 2012 2011 2010 2012 2011 2010 -------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year. 44,626 53,444 54,588 203,775 558,309 520,792 Units issued and transferred from other funding options 6,077 9,519 32,229 49,290 26,853 75,062 Units redeemed and transferred to other funding options...... (10,364) (18,337) (33,373) (27,753) (381,387) (37,545) -------------- --------------- --------------- --------------- --------------- --------------- Units end of year....... 40,339 44,626 53,444 225,312 203,775 558,309 ============== =============== =============== =============== =============== ===============
(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. 190 191 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
FTVIPT TEMPLETON GLOBAL BOND SECURITIES GOLDMAN SACHS MID-CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 14,004 179 204 19,234 24,643 27,552 Units issued and transferred from other funding options. 5,493 25,202 11,325 -- -- 1 Units redeemed and transferred to other funding options....... (941) (11,377) (11,350) (3,609) (5,409) (2,910) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 18,556 14,004 179 15,625 19,234 24,643 =============== =============== =============== =============== =============== =============== GOLDMAN SACHS STRUCTURED SMALL CAP EQUITY INVESCO V.I. GLOBAL REAL ESTATE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 4,148 4,258 7,623 54,002 54,093 59,960 Units issued and transferred from other funding options. 435 38 436 31,822 34,742 6,829 Units redeemed and transferred to other funding options....... (2,658) (148) (3,801) (11,890) (34,833) (12,696) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 1,925 4,148 4,258 73,934 54,002 54,093 =============== =============== =============== =============== =============== ===============
INVESCO V.I. GOVERNMENT SECURITIES INVESCO V.I. INTERNATIONAL GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- ------------------------------------------------- 2012 2011 (d) 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- Units beginning of year. 1,570 -- 1,308 14,201 1,080 Units issued and transferred from other funding options 1,091 8,213 329,534 320 20,685 Units redeemed and transferred to other funding options...... (2,639) (6,643) (16,045) (13,213) (7,564) --------------- --------------- --------------- --------------- --------------- Units end of year....... 22 1,570 314,797 1,308 14,201 =============== =============== =============== =============== =============== INVESCO V.I. VAN KAMPEN COMSTOCK JANUS ASPEN BALANCED INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------------------------------------- 2012 2011 2010 (e) 2012 2011 2010 --------------- -------------- --------------- --------------- --------------- --------------- Units beginning of year. 17,951 2,966 -- 81,522 155,834 99,381 Units issued and transferred from other funding options 2,259 15,242 2,966 9,247 8,172 79,900 Units redeemed and transferred to other funding options...... (1,363) (257) -- (31,704) (82,484) (23,447) --------------- -------------- --------------- --------------- --------------- --------------- Units end of year....... 18,847 17,951 2,966 59,065 81,522 155,834 =============== ============== =============== =============== =============== ===============
JANUS ASPEN FORTY JANUS ASPEN JANUS INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- --------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 45,616 73,218 61,130 85,791 741,523 718,894 Units issued and transferred from other funding options. 13,757 4,044 22,591 1,271 640 65,451 Units redeemed and transferred to other funding options....... (12,868) (31,646) (10,503) (5,141) (656,372) (42,822) ---------------- --------------- --------------- ---------------- --------------- --------------- Units end of year........ 46,505 45,616 73,218 81,921 85,791 741,523 ================ =============== =============== ================ =============== =============== JANUS ASPEN OVERSEAS MFS VIT GLOBAL EQUITY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 15,536 11,481 3,135 356 14,222 5,543 Units issued and transferred from other funding options. 3,116 181,594 9,125 7,683 851 11,271 Units redeemed and transferred to other funding options....... (1,025) (177,539) (779) (806) (14,717) (2,592) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 17,627 15,536 11,481 7,233 356 14,222 =============== =============== =============== =============== =============== ===============
(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. 192 193 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
MFS VIT HIGH INCOME MFS VIT NEW DISCOVERY INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 8,896 9,020 9,209 7,919 7,814 396 Units issued and transferred from other funding options. 1,126 1 106 1,553 359 7,766 Units redeemed and transferred to other funding options....... (757) (125) (295) (268) (254) (348) --------------- --------------- --------------- ---------------- --------------- --------------- Units end of year........ 9,265 8,896 9,020 9,204 7,919 7,814 =============== =============== =============== ================ =============== =============== MIST ALLIANCEBERNSTEIN GLOBAL DYNAMIC MFS VIT VALUE ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------- 2012 2011 2010 2012 (f) --------------- --------------- --------------- ------------------- Units beginning of year.. 3,138 5,577 5,803 -- Units issued and transferred from other funding options. -- -- -- 852 Units redeemed and transferred to other funding options....... (2,089) (2,439) (226) (196) --------------- --------------- --------------- ------------------- Units end of year........ 1,049 3,138 5,577 656 =============== =============== =============== ===================
MIST AMERICAN FUNDS BALANCED ALLOCATION MIST AMERICAN FUNDS GROWTH ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 50,766 41,296 23,102 82,817 71,574 15,564 Units issued and transferred from other funding options. 8,491 21,131 70,685 19,200 22,942 90,305 Units redeemed and transferred to other funding options....... (4,666) (11,661) (52,491) (17,699) (11,699) (34,295) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 54,591 50,766 41,296 84,318 82,817 71,574 =============== =============== =============== =============== =============== =============== MIST AQR GLOBAL MIST AMERICAN FUNDS MODERATE ALLOCATION RISK BALANCED INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------- 2012 2011 2010 2012 (f) --------------- --------------- --------------- ------------------- Units beginning of year.. 37,706 23,584 9,961 -- Units issued and transferred from other funding options. 18,239 16,729 29,424 2,974 Units redeemed and transferred to other funding options....... (6,361) (2,607) (15,801) (616) --------------- --------------- --------------- ------------------- Units end of year........ 49,584 37,706 23,584 2,358 =============== =============== =============== ===================
MIST BLACKROCK GLOBAL TACTICAL STRATEGIES MIST BLACKROCK LARGE CAP CORE INVESTMENT DIVISION INVESTMENT DIVISION ------------------- -------------------------------------------------- 2012 (f) 2012 2011 2010 ------------------- --------------- --------------- ---------------- Units beginning of year.. -- 12,762,727 13,468,383 14,107,746 Units issued and transferred from other funding options....... 3,964 1,483,936 1,797,760 9,046,176 Units redeemed and transferred to other funding options....... (257) (2,333,325) (2,503,416) (9,685,539) ------------------- --------------- --------------- ---------------- Units end of year........ 3,707 11,913,338 12,762,727 13,468,383 =================== =============== =============== ================ MIST CLARION GLOBAL REAL ESTATE MIST DREMAN SMALL CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- --------------- --------------- --------------- Units beginning of year.. 1,311,823 1,342,988 1,332,507 2,480 1,705 1,271 Units issued and transferred from other funding options....... 371,416 277,732 1,901,957 1,210 1,121 1,222 Units redeemed and transferred to other funding options....... (294,820) (308,897) (1,891,476) (1,390) (346) (788) ---------------- ---------------- --------------- --------------- --------------- --------------- Units end of year........ 1,388,419 1,311,823 1,342,988 2,300 2,480 1,705 ================ ================ =============== =============== =============== ===============
(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. 194 195 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
MIST INVESCO BALANCED-RISK MIST HARRIS OAKMARK INTERNATIONAL ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ------------------- 2012 2011 2010 2012 (f) --------------- ---------------- --------------- ------------------- Units beginning of year.. 1,483,192 1,473,309 1,439,875 -- Units issued and transferred from other funding options. 301,420 324,563 1,994,881 9,427 Units redeemed and transferred to other funding options....... (362,647) (314,680) (1,961,447) (2,327) --------------- ---------------- --------------- ------------------- Units end of year........ 1,421,965 1,483,192 1,473,309 7,100 =============== ================ =============== =================== MIST INVESCO SMALL CAP GROWTH MIST JANUS FORTY INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- ---------------- --------------- --------------- ---------------- Units beginning of year.. 279,254 280,254 268,049 1,093,634 1,185,626 1,122,196 Units issued and transferred from other funding options. 58,241 85,976 345,354 286,818 250,215 2,258,407 Units redeemed and transferred to other funding options....... (91,762) (86,976) (333,149) (294,792) (342,207) (2,194,977) --------------- --------------- ---------------- --------------- --------------- ---------------- Units end of year........ 245,733 279,254 280,254 1,085,660 1,093,634 1,185,626 =============== =============== ================ =============== =============== ================
MIST JPMORGAN GLOBAL ACTIVE MIST LEGG MASON CLEARBRIDGE ALLOCATION AGGRESSIVE GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------- -------------------------------------------------- 2012 (f) 2012 2011 2010 ------------------- --------------- ---------------- --------------- Units beginning of year.. -- 1,353,551 888,257 918,435 Units issued and transferred from other funding options. 20,291 230,917 760,794 862,843 Units redeemed and transferred to other funding options....... (2,480) (270,726) (295,500) (893,021) ------------------- --------------- ---------------- --------------- Units end of year........ 17,811 1,313,742 1,353,551 888,257 =================== =============== ================ =============== MIST LORD ABBETT BOND DEBENTURE MIST LORD ABBETT MID CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- --------------- --------------- --------------- --------------- ---------------- Units beginning of year.. 1,085,311 1,222,207 1,300,112 9,000 7,974 9,319 Units issued and transferred from other funding options. 167,197 200,137 833,058 3,301,144 1,279 620 Units redeemed and transferred to other funding options....... (189,305) (337,033) (910,963) (436,992) (253) (1,965) ---------------- --------------- --------------- --------------- --------------- ---------------- Units end of year........ 1,063,203 1,085,311 1,222,207 2,873,152 9,000 7,974 ================ =============== =============== =============== =============== ================
MIST MET/FRANKLIN INCOME MIST MET/FRANKLIN MUTUAL SHARES INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- ---------------- --------------- Units beginning of year.. 19,993 13,040 5,364 8,617 6,134 2,904 Units issued and transferred from other funding options....... 6,087 7,842 13,379 3,067 3,078 6,436 Units redeemed and transferred to other funding options....... (689) (889) (5,703) (491) (595) (3,206) --------------- --------------- --------------- --------------- ---------------- --------------- Units end of year........ 25,391 19,993 13,040 11,193 8,617 6,134 =============== =============== =============== =============== ================ =============== MIST MET/FRANKLIN TEMPLETON FOUNDING STRATEGY MIST MET/TEMPLETON GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 27,693 25,753 21,298 6,014 5,088 2,173 Units issued and transferred from other funding options....... 2,368 3,131 55,695 1,505 1,929 5,903 Units redeemed and transferred to other funding options....... (2,432) (1,191) (51,240) (1,298) (1,003) (2,988) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 27,629 27,693 25,753 6,221 6,014 5,088 =============== =============== =============== =============== =============== ===============
(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. 196 197 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
MIST MET/ TEMPLETON INTERNATIONAL MIST METLIFE MIST METLIFE MIST MFS EMERGING BOND MIST AGGRESSIVE STRATEGY BALANCED PLUS MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION ------------------- ------------------------------- ------------------- -------------------------------- 2012 (f) 2012 2011 (d) 2012 (f) 2012 2011 (d) ------------------- --------------- -------------- ------------------- --------------- --------------- Units beginning of year. -- 1,049,786 -- -- 2,070 -- Units issued and transferred from other funding options 270 225,712 1,234,168 4,873 12,249 2,117 Units redeemed and transferred to other funding options...... (89) (189,824) (184,382) (586) (7,582) (47) ------------------- --------------- -------------- ------------------- --------------- --------------- Units end of year....... 181 1,085,674 1,049,786 4,287 6,737 2,070 =================== =============== ============== =================== =============== =============== MIST MFS RESEARCH INTERNATIONAL MLA MID CAP INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------ 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- -------------- --------------- --------------- Units beginning of year. 820,338 838,110 885,756 358,406 360,447 362,314 Units issued and transferred from other funding options 314,771 223,953 1,201,606 58,299 109,194 450,103 Units redeemed and transferred to other funding options...... (214,418) (241,725) (1,249,252) (82,282) (111,235) (451,970) --------------- --------------- --------------- -------------- --------------- --------------- Units end of year....... 920,691 820,338 838,110 334,423 358,406 360,447 =============== =============== =============== ============== =============== ===============
MIST MORGAN STANLEY MID CAP GROWTH MIST PIMCO INFLATION PROTECTED BOND INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 12,356,734 13,121,650 23,317 700,157 653,613 618,801 Units issued and transferred from other funding options. 1,750,563 1,773,282 24,103,485 381,726 288,475 1,507,168 Units redeemed and transferred to other funding options....... (2,275,594) (2,538,198) (11,005,152) (244,174) (241,931) (1,472,356) ---------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 11,831,703 12,356,734 13,121,650 837,709 700,157 653,613 ================ =============== =============== =============== =============== =============== MIST PIMCO TOTAL RETURN MIST PIONEER FUND INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 2,427,091 2,450,427 2,378,221 13,480 17,938 20,277 Units issued and transferred from other funding options. 550,605 620,126 2,765,705 301 399 399 Units redeemed and transferred to other funding options....... (612,124) (643,462) (2,693,499) (327) (4,857) (2,738) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 2,365,572 2,427,091 2,450,427 13,454 13,480 17,938 =============== =============== =============== =============== =============== ===============
MIST SCHRODERS MIST RCM TECHNOLOGY GLOBAL MULTI-ASSET INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------- 2012 2011 2010 2012 (f) --------------- --------------- -------------- ------------------- Units beginning of year. 1,828,123 2,007,835 2,111,049 -- Units issued and transferred from other funding options 519,280 541,643 3,754,204 7,478 Units redeemed and transferred to other funding options...... (630,576) (721,355) (3,857,418) (2,144) --------------- --------------- -------------- ------------------- Units end of year....... 1,716,827 1,828,123 2,007,835 5,334 =============== =============== ============== =================== MIST SSGA GROWTH AND INCOME ETF MIST SSGA GROWTH ETF INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------------------------------------ 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- -------------- --------------- Units beginning of year. 381,525 320,284 149,333 299,115 237,751 181,473 Units issued and transferred from other funding options 154,362 139,491 435,343 100,874 190,117 355,523 Units redeemed and transferred to other funding options...... (85,111) (78,250) (264,392) (67,322) (128,753) (299,245) --------------- --------------- --------------- --------------- -------------- --------------- Units end of year....... 450,776 381,525 320,284 332,667 299,115 237,751 =============== =============== =============== =============== ============== ===============
(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. 198 199 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
MIST T. ROWE PRICE LARGE CAP VALUE MIST T. ROWE PRICE MID CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- ---------------- --------------- --------------- ---------------- --------------- Units beginning of year.. 108,604 601,441 585,353 1,957,835 1,725,748 1,754,850 Units issued and transferred from other funding options. 5,096 1,323 46,143 314,763 685,902 2,400,707 Units redeemed and transferred to other funding options....... (1,586) (494,160) (30,055) (727,694) (453,815) (2,429,809) --------------- ---------------- --------------- --------------- ---------------- --------------- Units end of year........ 112,114 108,604 601,441 1,544,904 1,957,835 1,725,748 =============== ================ =============== =============== ================ =============== MIST THIRD AVENUE SMALL CAP VALUE MSF BAILLIE GIFFORD INTERNATIONAL STOCK INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- ---------------- --------------- --------------- ---------------- Units beginning of year.. 54,483 96,930 66,457 2,947,427 2,985,340 3,130,833 Units issued and transferred from other funding options. 8,078 30,935 54,144 466,869 537,715 2,254,216 Units redeemed and transferred to other funding options....... (12,048) (73,382) (23,671) (628,395) (575,628) (2,399,709) --------------- --------------- ---------------- --------------- --------------- ---------------- Units end of year........ 50,513 54,483 96,930 2,785,901 2,947,427 2,985,340 =============== =============== ================ =============== =============== ================
MSF BARCLAYS CAPITAL AGGREGATE BOND INDEX MSF BLACKROCK AGGRESSIVE GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- ---------------- --------------- --------------- --------------- Units beginning of year.. 5,367,889 6,069,208 5,979,612 8,613,267 9,010,506 9,655,662 Units issued and transferred from other funding options. 1,299,442 1,036,792 5,950,976 944,396 1,226,282 5,730,219 Units redeemed and transferred to other funding options....... (1,138,456) (1,738,111) (5,861,380) (1,504,257) (1,623,521) (6,375,375) --------------- --------------- ---------------- --------------- --------------- --------------- Units end of year........ 5,528,875 5,367,889 6,069,208 8,053,406 8,613,267 9,010,506 =============== =============== ================ =============== =============== =============== MSF BLACKROCK BOND INCOME MSF BLACKROCK DIVERSIFIED INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- ---------------- --------------- --------------- --------------- --------------- Units beginning of year.. 3,448,815 3,695,898 3,849,026 10,223,668 10,826,228 11,480,151 Units issued and transferred from other funding options. 453,762 476,235 2,545,294 1,214,215 1,401,995 7,504,390 Units redeemed and transferred to other funding options....... (616,053) (723,318) (2,698,422) (1,840,603) (2,004,555) (8,158,313) --------------- ---------------- --------------- --------------- --------------- --------------- Units end of year........ 3,286,524 3,448,815 3,695,898 9,597,280 10,223,668 10,826,228 =============== ================ =============== =============== =============== ===============
MSF BLACKROCK LARGE CAP VALUE MSF BLACKROCK LEGACY LARGE CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 1,036,664 1,026,360 1,018,697 533,802 494,998 480,438 Units issued and transferred from other funding options. 193,068 229,911 1,430,731 759,181 231,277 793,080 Units redeemed and transferred to other funding options....... (257,334) (219,607) (1,423,068) (209,226) (192,473) (778,520) ---------------- ---------------- --------------- ---------------- --------------- --------------- Units end of year........ 972,398 1,036,664 1,026,360 1,083,757 533,802 494,998 ================ ================ =============== ================ =============== =============== MSF BLACKROCK MONEY MARKET MSF DAVIS VENTURE VALUE INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 1,163,332 1,663,896 1,962,757 1,569,723 1,632,869 1,661,533 Units issued and transferred from other funding options. 797,800 607,896 1,839,931 233,892 320,460 1,634,097 Units redeemed and transferred to other funding options....... (655,130) (1,108,460) (2,138,792) (291,754) (383,606) (1,662,761) ---------------- ---------------- --------------- ---------------- --------------- --------------- Units end of year........ 1,306,002 1,163,332 1,663,896 1,511,861 1,569,723 1,632,869 ================ ================ =============== ================ =============== ===============
(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. 200 201 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
MSF FI VALUE LEADERS MSF JENNISON GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- -------------- --------------- --------------- --------------- Units beginning of year. 489,548 493,819 478,934 1,066,474 1,234,658 1,148,604 Units issued and transferred from other funding options 86,660 119,587 576,474 309,675 212,585 1,009,921 Units redeemed and transferred to other funding options...... (106,947) (123,858) (561,589) (224,631) (380,769) (923,867) --------------- --------------- -------------- --------------- --------------- --------------- Units end of year....... 469,261 489,548 493,819 1,151,518 1,066,474 1,234,658 =============== =============== ============== =============== =============== =============== MSF LOOMIS SAYLES SMALL CAP CORE MSF LOOMIS SAYLES SMALL CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------ 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- -------------- --------------- --------------- Units beginning of year. 95,949 115,539 116,312 639,754 597,616 592,149 Units issued and transferred from other funding options 10,523 19,557 70,304 96,222 204,191 595,787 Units redeemed and transferred to other funding options...... (17,993) (39,147) (71,077) (166,556) (162,053) (590,320) --------------- --------------- --------------- -------------- --------------- --------------- Units end of year....... 88,479 95,949 115,539 569,420 639,754 597,616 =============== =============== =============== ============== =============== ===============
MSF MET/ARTISAN MID CAP VALUE MSF METLIFE CONSERVATIVE ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- ---------------- --------------- --------------- --------------- ---------------- Units beginning of year.. 187,483 222,836 191,339 293,962 281,025 179,332 Units issued and transferred from other funding options. 37,546 55,960 303,121 138,689 187,246 672,097 Units redeemed and transferred to other funding options....... (36,252) (91,313) (271,624) (101,783) (174,309) (570,404) --------------- ---------------- --------------- --------------- --------------- ---------------- Units end of year........ 188,777 187,483 222,836 330,868 293,962 281,025 =============== ================ =============== =============== =============== ================ MSF METLIFE CONSERVATIVE TO MODERATE ALLOCATION MSF METLIFE MID CAP STOCK INDEX INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- ---------------- ---------------- --------------- --------------- Units beginning of year.. 491,119 523,187 443,689 3,140,839 3,223,737 3,313,158 Units issued and transferred from other funding options. 165,315 194,728 852,775 476,623 578,839 3,107,108 Units redeemed and transferred to other funding options....... (107,740) (226,796) (773,277) (646,076) (661,737) (3,196,529) --------------- --------------- ---------------- ---------------- --------------- --------------- Units end of year........ 548,694 491,119 523,187 2,971,386 3,140,839 3,223,737 =============== =============== ================ ================ =============== ===============
MSF METLIFE MODERATE ALLOCATION MSF METLIFE MODERATE TO AGGRESSIVE ALLOCATION INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------ 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- -------------- --------------- --------------- Units beginning of year. 3,050,810 2,825,563 2,488,914 5,400,236 5,118,269 4,732,679 Units issued and transferred from other funding options 658,640 818,677 4,421,202 1,100,174 1,298,976 8,011,177 Units redeemed and transferred to other funding options...... (623,602) (593,430) (4,084,553) (1,066,769) (1,017,009) (7,625,587) --------------- --------------- --------------- -------------- --------------- --------------- Units end of year....... 3,085,848 3,050,810 2,825,563 5,433,641 5,400,236 5,118,269 =============== =============== =============== ============== =============== =============== MSF METLIFE STOCK INDEX MSF MFS TOTAL RETURN INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------ ------------------------------------------------ 2012 2011 2010 2012 2011 2010 --------------- -------------- --------------- --------------- --------------- -------------- Units beginning of year. 36,301,700 36,664,506 36,924,505 528,477 568,106 580,613 Units issued and transferred from other funding options 4,994,055 5,857,273 25,845,802 105,811 110,243 701,621 Units redeemed and transferred to other funding options...... (6,237,155) (6,220,079) (26,105,801) (110,694) (149,872) (714,128) --------------- -------------- --------------- --------------- --------------- -------------- Units end of year....... 35,058,600 36,301,700 36,664,506 523,594 528,477 568,106 =============== ============== =============== =============== =============== ==============
(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. 202 203 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONTINUED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
MSF MFS VALUE MSF MSCI EAFE INDEX INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 3,828,828 3,975,344 4,056,273 4,910,651 4,717,340 4,618,467 Units issued and transferred from other funding options. 529,637 685,905 3,454,529 973,636 1,183,779 5,171,804 Units redeemed and transferred to other funding options....... (723,577) (832,421) (3,535,458) (1,145,550) (990,468) (5,072,931) ---------------- ---------------- --------------- ---------------- --------------- --------------- Units end of year........ 3,634,888 3,828,828 3,975,344 4,738,737 4,910,651 4,717,340 ================ ================ =============== ================ =============== =============== MSF NEUBERGER BERMAN GENESIS MSF OPPENHEIMER GLOBAL EQUITY INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 3,915,596 4,111,864 4,279,459 1,918,512 2,044,692 2,111,250 Units issued and transferred from other funding options. 506,545 590,730 3,571,339 220,361 348,871 1,375,412 Units redeemed and transferred to other funding options....... (720,799) (786,998) (3,738,934) (369,617) (475,051) (1,441,970) ---------------- ---------------- --------------- ---------------- --------------- --------------- Units end of year........ 3,701,342 3,915,596 4,111,864 1,769,256 1,918,512 2,044,692 ================ ================ =============== ================ =============== ===============
MSF RUSSELL 2000 INDEX MSF T. ROWE PRICE LARGE CAP GROWTH INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- -------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- ---------------- --------------- ---------------- --------------- --------------- Units beginning of year.. 2,653,125 2,808,600 2,972,133 2,954,760 3,148,378 3,409,767 Units issued and transferred from other funding options. 369,378 516,402 2,633,026 509,096 503,272 2,659,923 Units redeemed and transferred to other funding options....... (529,922) (671,877) (2,796,559) (561,801) (696,890) (2,921,312) ---------------- ---------------- --------------- ---------------- --------------- --------------- Units end of year........ 2,492,581 2,653,125 2,808,600 2,902,055 2,954,760 3,148,378 ================ ================ =============== ================ =============== =============== MSF VAN ECK GLOBAL MSF T. ROWE PRICE SMALL CAP GROWTH NATURAL RESOURCES INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- --------------------------------- 2012 2011 2010 2012 2011 (d) ---------------- --------------- --------------- ---------------- --------------- Units beginning of year.. 3,938,724 4,055,742 4,272,691 81 -- Units issued and transferred from other funding options. 426,779 645,717 2,453,679 295 83 Units redeemed and transferred to other funding options....... (705,119) (762,735) (2,670,628) (57) (2) ---------------- --------------- --------------- ---------------- --------------- Units end of year........ 3,660,384 3,938,724 4,055,742 319 81 ================ =============== =============== ================ ===============
MSF WESTERN ASSET MANAGEMENT MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES U.S. GOVERNMENT INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 1,068,823 1,145,809 1,115,618 957,065 1,021,769 1,063,071 Units issued and transferred from other funding options. 191,180 190,447 1,232,736 195,506 193,206 1,297,550 Units redeemed and transferred to other funding options....... (222,981) (267,433) (1,202,545) (216,214) (257,910) (1,338,852) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 1,037,022 1,068,823 1,145,809 936,357 957,065 1,021,769 =============== =============== =============== =============== =============== =============== PIMCO VIT LONG-TERM PIMCO VIT ALL ASSET U.S. GOVERNMENT PIMCO VIT LOW DURATION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------- ------------------- ------------------------------------------------- 2012 2011 (d) 2012 (g) 2012 2011 2010 --------------- --------------- ------------------- --------------- --------------- --------------- Units beginning of year.. 8,649 -- -- 80,364 65,497 66,450 Units issued and transferred from other funding options. 2,051 8,680 1,975 2,679 16,680 -- Units redeemed and transferred to other funding options....... (375) (31) (7) (3,955) (1,813) (953) --------------- --------------- ------------------- --------------- --------------- --------------- Units end of year........ 10,325 8,649 1,968 79,088 80,364 65,497 =============== =============== =================== =============== =============== ===============
(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. 204 205 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 8. SCHEDULES OF UNITS -- (CONCLUDED) FOR THE YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010:
PIONEER VCT EMERGING MARKETS PIONEER VCT MID CAP VALUE INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 22,116 41,431 37,577 3,306 2,302 586 Units issued and transferred from other funding options. 24,901 15,775 11,637 238 1,144 1,815 Units redeemed and transferred to other funding options....... (13,796) (35,090) (7,783) (155) (140) (99) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 33,221 22,116 41,431 3,389 3,306 2,302 =============== =============== =============== =============== =============== =============== ROYCE MICRO-CAP ROYCE SMALL-CAP INVESTMENT DIVISION INVESTMENT DIVISION ------------------------------------------------- ------------------------------------------------- 2012 2011 2010 (a) 2012 2011 2010 --------------- --------------- --------------- --------------- --------------- --------------- Units beginning of year.. 19,473 19,226 -- 52,075 26,235 4,703 Units issued and transferred from other funding options. 2,968 1,095 19,549 11,367 66,609 35,416 Units redeemed and transferred to other funding options....... (756) (848) (323) (30,208) (40,769) (13,884) --------------- --------------- --------------- --------------- --------------- --------------- Units end of year........ 21,685 19,473 19,226 33,234 52,075 26,235 =============== =============== =============== =============== =============== ===============
UIF EMERGING MARKETS DEBT UIF EMERGING MARKETS EQUITY INVESTMENT DIVISION INVESTMENT DIVISION -------------------------------------------------- ------------------------------------------------- 2012 2011 2010 2012 2011 2010 ---------------- --------------- ---------------- ---------------- --------------- --------------- Units beginning of year.. 13,883 259 223 43,435 13,018 442 Units issued and transferred from other funding options. 21,216 14,310 79 30,945 46,847 13,146 Units redeemed and transferred to other funding options....... (2,040) (686) (43) (4,968) (16,430) (570) ---------------- --------------- ---------------- ---------------- --------------- --------------- Units end of year........ 33,059 13,883 259 69,412 43,435 13,018 ================ =============== ================ ================ =============== =============== WELLS FARGO VT TOTAL RETURN BOND INVESTMENT DIVISION ------------------------------------------------- 2012 2011 2010 --------------- --------------- --------------- Units beginning of year.. 8,689 75,281 39,845 Units issued and transferred from other funding options. 26,948 4,877 56,222 Units redeemed and transferred to other funding options....... (6,017) (71,469) (20,786) --------------- --------------- --------------- Units end of year........ 29,620 8,689 75,281 =============== =============== ===============
(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. 206 207 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS The Company sells a number of variable life products which have unique combinations of features and fees, some of which directly affect the unit values of the Investment Divisions. Differences in the fee structures result in a variety of unit values, expense ratios, and total returns. The following table is a summary of unit values and units outstanding for the Policies, net investment income ratios, and expense ratios, excluding expenses for the underlying fund, portfolio, or series, for the respective stated periods in the five years ended December 31, 2012:
AS OF DECEMBER 31 ----------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ----------------- ------------- AllianceBernstein Global Thematic 2012 11,630 5.32 61,856 Growth Investment Division 2011 914,212 4.70 4,293,695 2010 19,486 6.13 119,488 2009 25,043 5.17 129,504 2008 14,644 3.38 49,447 AllianceBernstein Intermediate Bond 2012 6,675 15.48 103,300 Investment Division 2011 3,232 14.63 47,286 (Commenced 5/1/2005 2010 3,146 13.75 43,265 and began transactions in 2009) 2009 2,242 12.62 28,308 AllianceBernstein International Value 2012 9 17.28 156 Investment Division 2011 9 15.08 141 (Commenced 11/10/2008 2010 73 18.68 1,357 and began transactions in 2010) American Century VP Vista 2012 279 14.73 4,105 Investment Division 2011 679 12.74 8,654 2010 5,360 13.83 74,155 2009 13,115 11.17 146,455 2008 8,686 9.12 79,193 American Funds Bond Investment 2012 397,946 12.53 - 22.37 5,420,310 Division 2011 367,699 11.99 - 21.23 4,735,459 2010 361,073 11.41 - 20.00 4,365,031 2009 335,183 10.81 - 18.79 3,760,642 2008 317,147 9.69 - 16.69 3,143,128 American Funds Global Small 2012 1,947,587 27.80 - 35.48 59,237,806 Capitalization Investment Division 2011 2,037,588 23.74 - 30.03 52,474,989 2010 2,114,920 29.62 - 37.13 67,405,353 2009 2,152,577 24.42 - 30.34 56,054,284 2008 2,098,117 15.27 - 18.81 33,880,750 American Funds Growth Investment 2012 1,269,410 23.60 - 258.21 130,921,222 Division 2011 1,353,057 20.02 - 219.03 118,199,510 2010 1,411,108 20.92 - 228.81 127,437,855 2009 1,419,237 17.62 - 192.80 109,197,492 2008 1,382,286 12.64 - 138.29 76,515,292 American Funds Growth-Income 2012 1,382,116 51.99 - 175.83 79,614,717 Investment Division 2011 1,453,945 44.65 - 149.67 71,256,817 2010 1,483,095 45.89 - 152.46 73,861,194 2009 1,491,242 41.56 - 136.83 66,537,414 2008 1,461,879 31.95 - 104.26 49,610,668 FOR THE YEAR ENDED DECEMBER 31 ---------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) -------------- ---------------- ----------------- AllianceBernstein Global Thematic 2012 -- 0.00 13.24 Growth Investment Division 2011 0.43 0.00 (23.40) 2010 1.84 0.00 18.58 2009 -- 0.00 53.14 2008 -- 0.00 (47.48) AllianceBernstein Intermediate Bond 2012 3.42 0.00 5.79 Investment Division 2011 4.56 0.00 6.38 (Commenced 5/1/2005 2010 5.90 0.00 8.93 and began transactions in 2009) 2009 4.18 0.00 18.20 AllianceBernstein International Value 2012 1.66 0.00 14.53 Investment Division 2011 1.92 0.00 (19.25) (Commenced 11/10/2008 2010 2.40 0.00 13.41 and began transactions in 2010) American Century VP Vista 2012 -- 0.00 15.61 Investment Division 2011 -- 0.00 (7.90) 2010 -- 0.00 23.88 2009 -- 0.00 22.47 2008 -- 0.00 (48.63) American Funds Bond Investment 2012 2.55 0.00 - 0.90 4.42 - 5.37 Division 2011 3.08 0.00 - 0.90 5.15 - 6.10 2010 3.15 0.00 - 0.90 5.49 - 6.44 2009 3.37 0.90 11.60 - 12.61 2008 5.80 0.90 (10.12) - (9.37) American Funds Global Small 2012 1.34 0.00 - 0.90 17.11 - 18.18 Capitalization Investment Division 2011 1.33 0.00 - 0.90 (19.87) - (19.14) 2010 1.74 0.00 - 0.90 21.32 - 22.41 2009 0.29 0.90 59.85 - 61.30 2008 -- 0.90 (53.94) - (48.89) American Funds Growth Investment 2012 0.80 0.00 - 0.90 16.83 - 17.89 Division 2011 0.61 0.00 - 0.90 (5.13) - (4.27) 2010 0.73 0.00 - 0.90 17.62 - 18.68 2009 0.67 0.90 38.16 - 39.41 2008 0.86 0.90 (44.47) - 27.72 American Funds Growth-Income 2012 1.64 0.00 - 0.90 16.42 - 17.48 Investment Division 2011 1.57 0.00 - 0.90 (2.71) - (1.83) 2010 1.51 0.00 - 0.90 10.43 - 11.43 2009 1.65 0.90 30.07 - 31.24 2008 1.79 0.90 (38.41) - (35.35)
208 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ----------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ----------------- ------------- American Funds High-Income Bond 2012 4,606 12.43 57,231 Investment Division (Commenced 5/3/2010 and began transactions in 2012) American Funds International 2012 18,773 29.41 552,053 Investment Division 2011 21,039 24.94 524,711 (Commenced 4/28/2008) 2010 27,930 28.99 809,625 2009 17,214 27.03 465,344 2008 2,335 18.89 44,134 American Funds U.S. 2012 1,972 22.92 45,192 Government/AAA-Rated 2011 2,025 22.49 45,539 Securities Investment Division 2010 1,810 20.90 37,830 (Commenced 4/28/2008) 2009 4,564 19.77 90,231 2008 1,808 19.29 34,883 Dreyfus VIF International Value 2012 16,013 12.81 205,133 Investment Division 2011 16,153 11.40 184,061 2010 16,502 14.03 231,464 2009 21,676 13.45 291,742 2008 33,156 10.30 341,560 Fidelity VIP Asset Manager: Growth 2012 164,596 11.95 1,966,232 Investment Division 2011 138,116 10.36 1,430,516 2010 172,460 11.05 1,905,608 2009 181,097 9.51 1,722,435 2008 126,890 7.16 908,867 Fidelity VIP Contrafund Investment 2012 147,414 15.89 2,343,022 Division 2011 157,450 13.67 2,151,649 2010 190,755 14.04 2,677,373 2009 332,757 11.99 3,988,185 2008 218,160 8.83 1,927,330 Fidelity VIP Equity-Income 2012 4,431 14.06 62,291 Investment Division 2011 1,549 12.00 18,589 2010 17,040 11.90 202,690 2009 23,778 10.33 245,766 2008 72,691 7.95 577,801 Fidelity VIP Freedom 2010 2012 3,378 11.73 39,638 Investment Division 2011 3,238 10.55 34,144 (Commenced 4/28/2008) 2010 3,002 10.61 31,860 2009 1,541 9.44 - 12.05 14,548 2008 3,089 7.63 - 9.69 23,569 Fidelity VIP Freedom 2020 2012 51,279 11.29 - 15.34 764,724 Investment Division 2011 53,514 10.01 - 13.53 699,714 (Commenced 4/28/2008) 2010 56,297 10.16 - 13.67 738,702 2009 56,341 8.91 - 11.94 648,511 2008 4,617 6.94 - 9.26 37,721 FOR THE YEAR ENDED DECEMBER 31 ---------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) -------------- ---------------- ----------------- American Funds High-Income Bond 2012 5.70 0.00 6.93 Investment Division (Commenced 5/3/2010 and began transactions in 2012) American Funds International 2012 1.43 0.00 17.91 Investment Division 2011 1.50 0.00 (13.96) (Commenced 4/28/2008) 2010 2.23 0.00 7.23 2009 1.51 0.00 43.07 2008 2.51 0.00 (39.19) American Funds U.S. 2012 1.00 0.00 1.90 Government/AAA-Rated 2011 1.73 0.00 7.57 Securities Investment Division 2010 1.49 0.00 5.75 (Commenced 4/28/2008) 2009 3.32 0.00 2.50 2008 2.26 0.00 6.61 Dreyfus VIF International Value 2012 2.56 0.00 12.42 Investment Division 2011 1.88 0.00 (18.76) 2010 1.53 0.00 4.22 2009 3.77 0.00 30.67 2008 2.14 0.00 (37.50) Fidelity VIP Asset Manager: Growth 2012 1.40 0.00 15.34 Investment Division 2011 1.33 0.00 (6.27) 2010 1.12 0.00 16.18 2009 1.60 0.00 32.79 2008 1.87 0.00 (35.88) Fidelity VIP Contrafund Investment 2012 1.22 0.00 16.31 Division 2011 0.83 0.00 (2.64) 2010 0.96 0.00 17.11 2009 1.48 0.00 35.66 2008 0.90 0.00 (42.60) Fidelity VIP Equity-Income 2012 5.62 0.00 17.19 Investment Division 2011 0.35 0.00 0.86 2010 1.60 0.00 15.09 2009 1.95 0.00 30.03 2008 1.89 0.00 (42.69) Fidelity VIP Freedom 2010 2012 1.97 0.00 11.28 Investment Division 2011 2.18 0.00 (0.63) (Commenced 4/28/2008) 2010 2.67 0.00 12.45 2009 3.32 0.45 23.72 - 24.27 2008 6.53 0.45 (23.71) - (23.48) Fidelity VIP Freedom 2020 2012 2.06 0.00 12.87 - 13.38 Investment Division 2011 2.10 0.00 (1.47) - (1.03) (Commenced 4/28/2008) 2010 2.26 0.00 13.98 - 14.49 2009 4.16 0.45 28.40 - 28.97 2008 4.51 0.45 (30.60) - (30.39)
209 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 --------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ---------------- ------------- Fidelity VIP Freedom 2030 2012 3,939 10.87 42,834 Investment Division 2011 6,028 9.45 - 13.00 56,970 (Commenced 4/28/2008) 2010 9,011 9.75 - 13.35 108,191 2009 3,665 8.43 - 11.50 31,738 2008 3,324 6.43 - 8.74 21,387 Fidelity VIP Freedom 2050 2012 1,468 12.12 17,799 Investment Division 2011 1,492 10.34 15,438 (Commenced 5/4/2009 and began transactions in 2011) Fidelity VIP High Income 2012 8,955 18.44 165,146 Investment Division 2011 2,677 16.14 43,223 (Commenced 4/28/2008 and began 2010 294 15.52 4,565 transactions in 2009) 2009 3,001 13.63 40,915 Fidelity VIP Investment Grade Bond 2012 144,729 15.79 2,285,792 Investment Division 2011 117,053 14.93 1,747,852 2010 38,436 13.93 535,344 2009 18,087 12.93 233,950 2008 3,908 11.18 43,701 Fidelity VIP Mid Cap Investment 2012 26,557 28.20 748,919 Division (Commenced 4/28/2008) 2011 24,942 24.62 613,958 2010 16,733 27.61 462,031 2009 10,051 21.48 215,869 2008 2,071 15.37 31,825 FTVIPT Mutual Global Discovery 2012 40,339 19.91 803,176 Securities Investment Division 2011 44,626 17.56 783,835 2010 53,444 18.10 967,332 2009 54,588 16.17 882,515 2008 140,006 13.11 1,835,518 FTVIPT Templeton Foreign Securities 2012 225,312 17.59 3,962,470 Investment Division 2011 203,775 14.83 3,021,785 2010 558,309 16.56 9,244,694 2009 520,792 15.24 7,935,141 2008 527,866 11.09 5,856,168 FTVIPT Templeton Global Bond 2012 18,556 23.82 442,101 Securities Investment Division 2011 14,004 20.66 289,345 (Commenced 5/4/2009) 2010 179 20.79 3,728 2009 204 18.12 3,704 Goldman Sachs Mid-Cap Value 2012 15,625 16.52 258,154 Investment Division 2011 19,234 13.95 268,248 2010 24,643 14.90 367,089 2009 27,552 11.92 328,341 2008 102,102 8.95 913,808 FOR THE YEAR ENDED DECEMBER 31 -------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ----------------- Fidelity VIP Freedom 2030 2012 1.84 0.00 15.06 Investment Division 2011 1.97 0.00 (3.03) - (2.59) (Commenced 4/28/2008) 2010 2.42 0.00 15.56 - 16.08 2009 2.47 0.45 31.07 - 31.66 2008 6.89 0.45 (35.65) - (35.46) Fidelity VIP Freedom 2050 2012 2.12 0.00 17.20 Investment Division 2011 1.77 0.00 (5.36) (Commenced 5/4/2009 and began transactions in 2011) Fidelity VIP High Income 2012 14.49 0.00 14.23 Investment Division 2011 37.24 0.00 4.03 (Commenced 4/28/2008 and began 2010 4.94 0.00 13.82 transactions in 2009) 2009 26.74 0.00 43.96 Fidelity VIP Investment Grade Bond 2012 1.95 0.00 5.77 Investment Division 2011 4.67 0.00 7.21 2010 4.23 0.00 7.68 2009 10.75 0.00 15.67 2008 1.19 0.00 (3.35) Fidelity VIP Mid Cap Investment 2012 0.42 0.00 14.56 Division (Commenced 4/28/2008) 2011 0.03 0.00 (10.85) 2010 0.15 0.00 28.57 2009 0.29 0.00 39.75 2008 0.15 0.00 (46.25) FTVIPT Mutual Global Discovery 2012 2.67 0.00 13.36 Securities Investment Division 2011 2.31 0.00 (2.96) 2010 1.39 0.00 11.96 2009 0.75 0.00 23.31 2008 2.51 0.00 (28.44) FTVIPT Templeton Foreign Securities 2012 3.26 0.00 18.60 Investment Division 2011 1.67 0.00 (10.44) 2010 2.02 0.00 8.67 2009 3.61 0.00 37.34 2008 2.58 0.00 (40.23) FTVIPT Templeton Global Bond 2012 6.56 0.00 15.31 Securities Investment Division 2011 3.79 0.00 (0.61) (Commenced 5/4/2009) 2010 0.20 0.00 14.71 2009 -- 0.00 95.55 Goldman Sachs Mid-Cap Value 2012 1.06 0.00 18.47 Investment Division 2011 0.67 0.00 (6.37) 2010 0.70 0.00 25.00 2009 1.09 0.00 33.15 2008 1.06 0.00 (37.33)
210 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 --------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ---------------- ------------- Goldman Sachs Structured Small Cap 2012 1,925 13.67 26,317 Equity Investment Division 2011 4,148 12.12 50,259 2010 4,258 12.04 51,252 2009 7,623 9.25 70,508 2008 6,818 7.24 49,396 Invesco V.I. Global Real Estate 2012 73,934 35.37 2,614,736 Investment Division 2011 54,002 27.60 1,490,644 2010 54,093 29.53 1,597,111 2009 59,960 25.13 1,506,522 2008 76,172 19.10 1,455,085 Invesco V.I. Government Securities 2012 22 13.99 311 Investment Division 2011 1,570 13.69 21,491 (Commenced 5/2/2011) Invesco V.I. International Growth 2012 314,797 20.67 6,506,152 Investment Division 2011 1,308 17.89 23,407 (Commenced 4/28/2008 2010 14,201 19.18 272,411 and began transactions in 2009) 2009 1,080 17.00 18,360 Invesco V.I. Van Kampen Comstock 2012 18,847 12.59 237,306 Investment Division 2011 17,951 10.59 190,062 (Commenced 5/3/2010) 2010 2,966 10.82 32,084 Janus Aspen Balanced Investment 2012 59,065 18.63 1,100,549 Division 2011 81,522 16.43 1,339,788 2010 155,834 16.22 2,526,859 2009 99,381 15.00 1,490,464 2008 20,633 11.94 246,409 Janus Aspen Forty Investment 2012 46,505 19.09 887,847 Division 2011 45,616 15.41 703,136 2010 73,218 16.56 1,212,768 2009 61,130 15.56 950,941 2008 45,182 10.65 475,295 Janus Aspen Janus Investment 2012 81,921 11.86 971,677 Division 2011 85,791 10.00 858,094 2010 741,523 10.56 7,832,002 2009 718,894 9.22 6,630,451 2008 685,791 6.76 4,638,873 Janus Aspen Overseas Investment 2012 17,627 25.07 441,942 Division (Commenced 4/28/2008) 2011 15,536 22.15 344,135 2010 11,481 32.74 375,851 2009 3,135 26.19 82,093 2008 1,777 14.62 25,984 MFS VIT Global Equity Investment 2012 7,233 18.72 135,428 Division 2011 356 15.23 5,414 2010 14,222 15.95 226,794 2009 5,543 14.23 78,884 2008 5,386 10.80 58,159 FOR THE YEAR ENDED DECEMBER 31 --------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ----------------- Goldman Sachs Structured Small Cap 2012 1.02 0.00 12.83 Equity Investment Division 2011 0.82 0.00 0.67 2010 0.57 0.00 30.12 2009 1.46 0.00 27.67 2008 0.66 0.00 (33.96) Invesco V.I. Global Real Estate 2012 0.56 0.00 28.12 Investment Division 2011 4.08 0.00 (6.51) 2010 5.17 0.00 17.51 2009 -- 0.00 31.53 2008 5.47 0.00 (44.65) Invesco V.I. Government Securities 2012 -- 0.00 10.11 Investment Division 2011 -- 0.00 7.73 (Commenced 5/2/2011) Invesco V.I. International Growth 2012 1.58 0.00 15.53 Investment Division 2011 1.52 0.00 (6.74) (Commenced 4/28/2008 2010 2.40 0.00 12.86 and began transactions in 2009) 2009 1.38 0.00 35.24 Invesco V.I. Van Kampen Comstock 2012 1.58 0.00 18.92 Investment Division 2011 0.44 0.00 (2.11) (Commenced 5/3/2010) 2010 -- 0.00 19.94 Janus Aspen Balanced Investment 2012 2.26 0.00 13.37 Division 2011 2.04 0.00 1.36 2010 2.71 0.00 8.12 2009 2.93 0.00 25.58 2008 3.65 0.00 (16.08) Janus Aspen Forty Investment 2012 0.56 0.00 23.86 Division 2011 0.24 0.00 (6.94) 2010 0.24 0.00 6.48 2009 0.01 0.00 46.01 2008 0.01 0.00 (44.31) Janus Aspen Janus Investment 2012 0.56 0.00 18.59 Division 2011 0.24 0.00 (5.30) 2010 1.09 0.00 14.52 2009 0.54 0.00 36.35 2008 0.74 0.00 (39.71) Janus Aspen Overseas Investment 2012 0.63 0.00 13.18 Division (Commenced 4/28/2008) 2011 0.10 0.00 (32.34) 2010 0.73 0.00 25.02 2009 0.46 0.00 79.07 2008 -- 0.00 (52.68) MFS VIT Global Equity Investment 2012 0.22 0.00 22.98 Division 2011 0.67 0.00 (4.53) 2010 0.78 0.00 12.05 2009 2.04 0.00 31.80 2008 0.76 0.00 (33.95)
211 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ----------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ------------ ----------------- ------------- MFS VIT High Income Investment 2012 9,265 17.41 161,267 Division 2011 8,896 15.21 135,311 2010 9,020 14.65 132,109 2009 9,209 12.80 117,897 2008 354 8.82 3,111 MFS VIT New Discovery Investment 2012 9,204 18.68 171,983 Division 2011 7,919 15.46 122,395 2010 7,814 17.27 134,923 2009 396 12.70 5,029 2008 249 7.80 1,942 MFS VIT Value Investment Division 2012 1,049 16.36 17,162 2011 3,138 14.12 44,299 2010 5,577 14.18 79,095 2009 5,803 12.75 74,001 2008 6,081 10.41 63,334 MIST AllianceBernstein Global 2012 656 10.82 7,098 Dynamic Allocation Investment Division (Commenced 4/30/2012) MIST American Funds Balanced 2012 54,591 11.57 631,423 Allocation Investment Division 2011 50,766 10.16 515,995 (Commenced 4/28/2008) 2010 41,296 10.35 427,406 2009 23,102 9.21 212,728 2008 1,427 7.08 10,107 MIST American Funds Growth 2012 84,318 10.99 926,978 Allocation Investment Division 2011 82,817 9.43 781,245 (Commenced 4/28/2008) 2010 71,574 9.87 706,300 2009 15,564 8.67 134,986 2008 2,439 6.45 15,747 MIST American Funds Moderate 2012 49,584 11.85 587,686 Allocation Investment Division 2011 37,706 10.65 401,606 (Commenced 4/28/2008) 2010 23,584 10.60 250,094 2009 9,961 9.63 95,893 2008 593 7.77 4,607 MIST AQR Global Risk Balanced 2012 2,358 10.51 24,784 Investment Division (Commenced 4/30/2012) MIST BlackRock Global Tactical 2012 3,707 10.54 39,078 Strategies Investment Division (Commenced 4/30/2012) MIST BlackRock Large Cap Core 2012 11,913,338 9.54 - 41.30 307,558,825 Investment Division 2011 12,762,727 8.43 - 36.66 291,615,739 2010 13,468,383 8.42 - 36.79 309,489,536 2009 14,107,746 7.50 - 32.93 291,577,776 2008 14,670,780 6.31 - 27.82 258,799,279 FOR THE YEAR ENDED DECEMBER 31 ----------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ------------------ MFS VIT High Income Investment 2012 7.49 0.00 14.43 Division 2011 8.93 0.00 3.86 2010 7.00 0.00 14.40 2009 1.48 0.00 45.22 2008 10.38 0.00 (28.67) MFS VIT New Discovery Investment 2012 -- 0.00 20.90 Division 2011 -- 0.00 (10.49) 2010 -- 0.00 35.94 2009 -- 0.00 62.92 2008 -- 0.00 (39.52) MFS VIT Value Investment Division 2012 1.77 0.00 15.88 2011 1.45 0.00 (0.47) 2010 1.32 0.00 11.22 2009 1.24 0.00 22.45 2008 6.73 0.00 (32.72) MIST AllianceBernstein Global 2012 -- 0.00 4.39 Dynamic Allocation Investment Division (Commenced 4/30/2012) MIST American Funds Balanced 2012 1.94 0.00 13.80 Allocation Investment Division 2011 1.44 0.00 (1.80) (Commenced 4/28/2008) 2010 1.26 0.00 12.40 2009 -- 0.00 30.06 2008 5.25 0.00 (29.27) MIST American Funds Growth 2012 1.55 0.00 16.54 Allocation Investment Division 2011 1.38 0.00 (4.41) (Commenced 4/28/2008) 2010 0.62 0.00 13.78 2009 -- 0.00 34.36 2008 8.38 0.00 (35.51) MIST American Funds Moderate 2012 2.15 0.00 11.28 Allocation Investment Division 2011 1.66 0.00 0.44 (Commenced 4/28/2008) 2010 1.38 0.00 10.15 2009 -- 0.00 23.90 2008 6.80 0.00 (22.46) MIST AQR Global Risk Balanced 2012 -- 0.00 4.63 Investment Division (Commenced 4/30/2012) MIST BlackRock Global Tactical 2012 -- 0.00 4.21 Strategies Investment Division (Commenced 4/30/2012) MIST BlackRock Large Cap Core 2012 1.21 0.00 - 0.90 12.66 - 13.68 Investment Division 2011 1.12 0.00 - 0.90 (0.36) - 0.54 2010 1.34 0.00 - 0.90 11.73 - 12.73 2009 1.61 0.45 - 0.90 18.37 - 19.43 2008 0.70 0.45 - 0.90 (37.68) - (31.87)
212 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 --------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ---------------- ------------- MIST Clarion Global Real Estate 2012 1,388,419 17.60 - 19.03 26,083,318 Investment Division 2011 1,311,823 14.06 - 15.06 19,560,387 2010 1,342,988 14.98 - 15.90 21,160,564 2009 1,332,507 13.00 - 13.68 18,066,465 2008 1,247,223 9.71 - 10.12 12,525,455 MIST Dreman Small Cap Value 2012 2,300 16.76 38,553 Investment Division 2011 2,480 14.49 35,938 (Commenced 4/28/2008) 2010 1,705 16.12 27,489 2009 1,271 13.49 17,136 2008 11 10.45 120 MIST Harris Oakmark International 2012 1,421,965 12.34 - 24.19 33,602,695 Investment Division 2011 1,483,192 9.53 - 18.68 27,216,742 2010 1,473,309 20.09 - 21.72 31,544,698 2009 1,439,875 17.38 - 18.61 26,459,351 2008 1,337,674 11.28 - 11.97 15,844,670 MIST Invesco Balanced-Risk 2012 7,100 1.06 7,513 Allocation Investment Division (Commenced 4/30/2012) MIST Invesco Small Cap Growth 2012 245,733 17.38 - 21.67 4,616,668 Investment Division 2011 279,254 14.80 - 18.28 4,412,967 2010 280,254 15.06 - 18.44 4,469,898 2009 268,049 12.01 - 14.58 3,392,636 2008 230,618 9.03 - 10.86 2,187,257 MIST Janus Forty Investment Division 2012 1,085,660 12.25 - 404.14 15,566,776 2011 1,093,634 10.07 - 329.01 12,484,277 2010 1,185,626 10.96 - 355.01 14,254,655 2009 1,122,196 10.08 - 323.68 12,100,411 2008 943,170 7.10 - 226.02 6,915,393 MIST JPMorgan Global Active 2012 17,811 1.06 18,883 Allocation Investment Division (Commenced 4/30/2012) MIST Legg Mason ClearBridge 2012 1,313,742 9.48 - 11.14 14,226,385 Aggressive Growth Investment 2011 1,353,551 7.98 - 9.38 12,365,794 Division 2010 888,257 7.56 - 9.05 7,832,576 2009 918,435 6.11 - 7.30 6,533,459 2008 929,444 4.59 - 5.47 4,956,827 MIST Lord Abbett Bond Debenture 2012 1,063,203 23.01 - 34.98 28,515,095 Investment Division 2011 1,085,311 20.52 - 30.90 25,730,993 2010 1,222,207 19.75 - 29.48 27,673,730 2009 1,300,112 17.61 - 26.05 26,033,742 2008 1,205,110 12.96 - 19.00 17,548,678 MIST Lord Abbett Mid Cap Value 2012 2,873,152 15.40 - 32.87 74,892,920 Investment Division 2011 9,000 13.43 120,858 2010 7,974 13.94 111,190 2009 9,319 11.11 103,521 2008 10,463 8.78 91,851 FOR THE YEAR ENDED DECEMBER 31 --------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ----------------- MIST Clarion Global Real Estate 2012 2.22 0.00 - 0.90 25.16 - 26.30 Investment Division 2011 4.03 0.00 - 0.90 (6.12) - (5.28) 2010 8.28 0.00 - 0.90 15.24 - 16.28 2009 3.50 0.90 33.91 - 35.12 2008 2.00 0.90 (44.73) - (41.56) MIST Dreman Small Cap Value 2012 0.95 0.00 15.66 Investment Division 2011 1.63 0.00 (10.12) (Commenced 4/28/2008) 2010 0.82 0.00 19.53 2009 -- 0.00 29.09 2008 -- 0.00 (25.08) MIST Harris Oakmark International 2012 1.82 0.00 - 0.90 28.31 - 29.47 Investment Division 2011 0.03 0.00 - 0.90 (14.75) - (13.98) 2010 2.05 0.00 - 0.90 15.63 - 16.67 2009 7.87 0.90 54.07 - 55.46 2008 1.96 0.90 (41.26) - (37.26) MIST Invesco Balanced-Risk 2012 0.66 0.00 4.67 Allocation Investment Division (Commenced 4/30/2012) MIST Invesco Small Cap Growth 2012 -- 0.00 - 0.90 17.44 - 18.51 Investment Division 2011 -- 0.00 - 0.90 (1.73) - (0.85) 2010 -- 0.00 - 0.90 25.34 - 26.47 2009 -- 0.90 33.01 - 34.21 2008 -- 0.90 (38.73) - (34.43) MIST Janus Forty Investment Division 2012 0.43 0.00 - 0.90 21.73 - 22.83 2011 1.80 0.00 - 0.90 (8.16) - (7.32) 2010 1.71 0.00 - 0.90 8.70 - 9.68 2009 -- 0.90 41.93 - 43.21 2008 4.58 0.90 (44.68) - (41.84) MIST JPMorgan Global Active 2012 1.08 0.00 4.66 Allocation Investment Division (Commenced 4/30/2012) MIST Legg Mason ClearBridge 2012 0.21 0.00 - 0.90 8.91 - 18.81 Aggressive Growth Investment 2011 0.08 0.00 - 0.90 (8.33) - 3.56 Division 2010 0.06 0.00 - 0.90 22.94 - 24.05 2009 0.12 0.90 32.26 - 33.45 2008 0.01 0.90 (39.49) - (36.35) MIST Lord Abbett Bond Debenture 2012 7.24 0.00 - 0.90 12.17 - 13.19 Investment Division 2011 5.96 0.00 - 0.90 3.89 - 4.83 2010 6.47 0.00 - 0.90 12.16 - 13.18 2009 7.18 0.45 - 0.90 35.89 - 37.12 2008 4.38 0.45 - 0.90 (19.13) - (18.40) MIST Lord Abbett Mid Cap Value 2012 -- 0.00 - 0.90 2.78 - 3.71 Investment Division 2011 0.53 0.00 (3.69) 2010 0.58 0.00 25.53 2009 2.10 0.00 26.53 2008 0.25 0.00 (38.78)
213 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ---------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ----------------- ------------- MIST Met/Franklin Income 2012 25,391 13.39 340,094 Investment Division 2011 19,993 11.88 237,483 (Commenced 4/28/2008) 2010 13,040 11.60 151,292 2009 5,364 10.35 55,505 2008 2,408 8.08 19,461 MIST Met/Franklin Mutual Shares 2012 11,193 10.59 118,548 Investment Division 2011 8,617 9.27 79,913 (Commenced 4/28/2008) 2010 6,134 9.30 57,042 2009 2,904 8.36 24,280 2008 1,208 6.68 8,064 MIST Met/Franklin Templeton 2012 27,629 11.60 320,390 Founding Strategy Investment 2011 27,693 9.96 275,812 Division (Commenced 4/28/2008) 2010 25,753 10.11 260,280 2009 21,298 9.16 195,055 2008 1,503 7.11 10,681 MIST Met/Templeton Growth 2012 6,221 10.90 67,807 Investment Division 2011 6,014 8.90 53,526 (Commenced 4/28/2008) 2010 5,088 9.53 48,492 2009 2,173 8.83 19,197 2008 480 6.64 3,188 MIST Met/Templeton International 2012 181 14.36 2,605 Bond Investment Division (Commenced 4/30/2012) MIST MetLife Aggressive 2012 1,085,674 12.72 - 133.49 15,142,596 Strategy Investment Division 2011 1,049,786 10.97 - 114.35 12,472,661 (Commenced 5/2/2011) MIST MetLife Balanced Plus 2012 4,287 10.71 45,933 Investment Division (Commenced 4/30/2012) MIST MFS Emerging Markets 2012 6,737 13.20 88,957 Equity Investment Division 2011 2,070 11.09 22,950 (Commenced 5/2/2011) MIST MFS Research International 2012 920,691 15.26 - 17.85 15,720,813 Investment Division 2011 820,338 13.07 - 15.26 12,176,899 2010 838,110 14.64 - 17.04 13,920,818 2009 885,756 13.14 - 15.26 13,178,754 2008 870,603 9.99 - 11.57 9,814,566 MIST MLA Mid Cap Investment 2012 334,423 13.59 - 18.16 5,197,739 Division 2011 358,406 12.90 - 17.20 5,277,678 2010 360,447 13.62 - 18.13 5,585,124 2009 362,314 11.09 - 14.71 4,569,758 2008 371,732 8.11 - 10.73 3,422,640 FOR THE YEAR ENDED DECEMBER 31 ----------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) -------------- ---------------- ------------------ MIST Met/Franklin Income 2012 4.65 0.00 12.76 Investment Division 2011 4.33 0.00 2.39 (Commenced 4/28/2008) 2010 3.26 0.00 12.13 2009 -- 0.00 28.05 2008 4.29 0.00 (19.19) MIST Met/Franklin Mutual Shares 2012 0.74 0.00 14.20 Investment Division 2011 2.90 0.00 (0.27) (Commenced 4/28/2008) 2010 -- 0.00 11.23 2009 -- 0.00 25.15 2008 3.53 0.00 (33.20) MIST Met/Franklin Templeton 2012 4.13 0.00 16.43 Founding Strategy Investment 2011 1.86 0.00 (1.45) Division (Commenced 4/28/2008) 2010 -- 0.00 10.36 2009 -- 0.00 28.84 2008 7.79 0.00 (28.92) MIST Met/Templeton Growth 2012 1.65 0.00 22.48 Investment Division 2011 1.44 0.00 (6.61) (Commenced 4/28/2008) 2010 0.98 0.00 7.88 2009 0.02 0.00 33.08 2008 1.08 0.00 (33.62) MIST Met/Templeton International 2012 -- 0.00 8.00 Bond Investment Division (Commenced 4/30/2012) MIST MetLife Aggressive 2012 0.85 0.00 - 0.90 (0.17) - 3.96 Strategy Investment Division 2011 -- 0.00 - 0.90 (13.94) - (10.95) (Commenced 5/2/2011) MIST MetLife Balanced Plus 2012 -- 0.00 5.63 Investment Division (Commenced 4/30/2012) MIST MFS Emerging Markets 2012 1.57 0.00 19.10 Equity Investment Division 2011 -- 0.00 (22.19) (Commenced 5/2/2011) MIST MFS Research International 2012 2.10 0.00 - 0.90 15.92 - 16.97 Investment Division 2011 2.07 0.00 - 0.90 (11.23) - (10.44) 2010 1.89 0.00 - 0.90 10.65 - 11.65 2009 3.35 0.90 30.75 - 31.93 2008 2.06 0.90 (42.78) - (41.00) MIST MLA Mid Cap Investment 2012 0.63 0.00 - 0.90 4.64 - 5.59 Division 2011 0.92 0.00 - 0.90 (5.98) - (5.13) 2010 1.05 0.00 - 0.90 22.15 - 23.25 2009 1.34 0.90 35.92 - 37.14 2008 1.17 0.90 (38.70) - (36.07)
214 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ---------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ----------------- ------------- MIST Morgan Stanley Mid Cap 2012 11,831,703 6.82 - 19.14 186,491,111 Growth Investment Division 2011 12,356,734 6.22 - 17.47 178,350,417 2010 13,121,650 6.67 - 18.71 203,754,931 2009 23,317 13.14 - 14.13 306,427 2008 1,987 8.35 - 8.96 16,600 MIST PIMCO Inflation Protected 2012 837,709 12.64 - 19.05 13,671,560 Bond Investment Division 2011 700,157 11.56 - 17.42 10,519,501 2010 653,613 12.97 - 15.63 8,812,538 2009 618,801 12.12 - 14.47 7,734,444 2008 523,888 10.33 - 12.23 5,523,166 MIST PIMCO Total Return 2012 2,365,572 11.82 - 21.86 50,485,893 Investment Division 2011 2,427,091 10.79 - 19.95 47,131,879 2010 2,450,427 17.69 - 19.29 46,602,262 2009 2,378,221 16.46 - 17.80 41,820,317 2008 2,287,745 14.03 - 15.03 34,041,059 MIST Pioneer Fund Investment 2012 13,454 14.47 194,664 Division (Commenced 5/4/2009) 2011 13,480 13.08 176,354 2010 17,938 13.71 245,860 2009 20,277 11.79 239,136 MIST RCM Technology Investment 2012 1,716,827 7.43 - 8.25 13,932,280 Division 2011 1,828,123 6.67 - 7.34 13,216,535 2010 2,007,835 7.46 - 8.14 16,113,886 2009 2,111,049 5.87 - 6.34 13,221,048 2008 1,806,845 3.72 - 3.99 7,121,496 MIST Schroders Global Multi-Asset 2012 5,334 1.08 5,752 Investment Division (Commenced 4/30/2012) MIST SSgA Growth and Income 2012 450,776 12.95 - 14.59 6,167,640 ETF Investment Division 2011 381,525 11.55 - 12.90 4,611,127 2010 320,284 11.51 - 12.74 3,818,907 2009 149,333 10.31 - 11.31 1,581,109 2008 39,742 8.33 - 9.05 336,449 MIST SSgA Growth ETF Investment 2012 332,667 12.10 - 13.90 4,244,488 Division 2011 299,115 10.59 - 12.05 3,309,518 2010 237,751 10.89 - 12.28 2,679,381 2009 181,473 9.61 - 10.74 1,789,007 2008 59,898 7.48 - 8.29 457,331 MIST T. Rowe Price Large Cap Value 2012 112,114 11.78 1,320,515 Investment Division 2011 108,604 9.96 1,081,554 2010 601,441 10.35 6,224,061 2009 585,353 8.82 5,163,011 2008 569,914 7.43 - 48.32 4,235,811 MIST T. Rowe Price Mid Cap Growth 2012 1,544,904 12.50 - 20.49 21,145,655 Investment Division 2011 1,957,835 11.07 - 18.03 25,204,627 2010 1,725,748 11.33 - 18.33 21,234,908 2009 1,754,850 8.93 - 14.35 16,772,681 2008 1,702,757 6.18 - 9.87 11,162,717 FOR THE YEAR ENDED DECEMBER 31 ----------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) -------------- ---------------- ------------------ MIST Morgan Stanley Mid Cap 2012 -- 0.00 - 0.90 8.57 - 9.55 Growth Investment Division 2011 0.73 0.00 - 0.90 (7.50) - (6.67) 2010 -- 0.00 - 0.90 17.91 - 32.19 2009 -- 0.00 57.27 - 57.83 2008 1.36 0.00 (46.77) - (43.85) MIST PIMCO Inflation Protected 2012 3.14 0.00 - 0.90 8.34 - 20.51 Bond Investment Division 2011 1.74 0.00 - 0.90 10.23 - 11.49 2010 2.54 0.00 - 0.90 7.04 - 8.00 2009 3.75 0.90 17.31 - 18.37 2008 3.28 0.90 (9.73) - (6.61) MIST PIMCO Total Return 2012 3.30 0.00 - 0.90 8.57 - 9.56 Investment Division 2011 2.84 0.00 - 0.90 2.50 - 3.42 2010 3.66 0.00 - 0.90 7.44 - 8.41 2009 7.36 0.90 17.33 - 18.39 2008 3.92 0.90 (1.28) - 0.61 MIST Pioneer Fund Investment 2012 1.53 0.00 10.59 Division (Commenced 5/4/2009) 2011 1.21 0.00 (4.55) 2010 0.90 0.00 17.93 2009 -- 0.00 17.93 MIST RCM Technology Investment 2012 -- 0.00 - 0.90 11.42 - 12.43 Division 2011 -- 0.00 - 0.90 (10.60) - (9.79) 2010 -- 0.00 - 0.90 27.12 - 28.27 2009 -- 0.90 57.74 - 59.17 2008 13.07 0.90 (44.79) - (37.82) MIST Schroders Global Multi-Asset 2012 1.48 0.00 6.68 Investment Division (Commenced 4/30/2012) MIST SSgA Growth and Income 2012 2.40 0.00 - 0.90 12.09 - 13.11 ETF Investment Division 2011 1.79 0.00 - 0.90 0.37 - 1.28 2010 1.29 0.00 - 0.90 11.60 - 12.61 2009 1.61 0.90 23.84 - 24.96 2008 1.95 0.90 (25.54) - (23.99) MIST SSgA Growth ETF Investment 2012 2.07 0.00 - 0.90 14.28 - 15.32 Division 2011 1.76 0.00 - 0.90 (2.75) - (1.86) 2010 1.57 0.00 - 0.90 13.35 - 14.37 2009 1.53 0.90 28.34 - 29.51 2008 1.65 0.90 (33.42) - (30.82) MIST T. Rowe Price Large Cap Value 2012 1.62 0.00 18.27 Investment Division 2011 0.51 0.00 (3.77) 2010 1.22 0.00 17.33 2009 2.45 0.00 18.67 2008 1.80 0.00 (36.20) - (32.76) MIST T. Rowe Price Mid Cap Growth 2012 -- 0.00 - 0.90 12.90 - 13.93 Investment Division 2011 -- 0.00 - 0.90 (2.28) - (1.39) 2010 -- 0.00 - 0.90 26.93 - 28.07 2009 -- 0.90 44.54 - 45.85 2008 0.07 0.90 (40.16) - (37.28)
215 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ----------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ------------ ---------------- ------------- MIST Third Avenue Small Cap Value 2012 50,513 17.46 881,737 Investment Division 2011 54,483 14.79 806,051 2010 96,930 16.25 1,575,589 2009 66,457 13.56 900,994 2008 22,742 10.72 243,831 MSF Baillie Gifford International 2012 2,785,901 11.92 - 17.95 40,399,665 Stock Investment Division 2011 2,947,427 10.02 - 15.01 35,919,561 2010 2,985,340 12.56 - 18.74 45,766,876 2009 3,130,833 11.77 - 17.48 45,163,862 2008 3,272,041 9.71 - 14.31 38,994,328 MSF Barclays Capital Aggregate 2012 5,528,875 18.38 - 21.34 116,415,557 Bond Index Investment Division 2011 5,367,889 17.85 - 20.54 108,763,587 2010 6,069,208 16.75 - 19.11 114,484,755 2009 5,979,612 15.94 - 18.02 106,351,639 2008 5,705,639 15.30 - 17.13 96,524,738 MSF BlackRock Aggressive Growth 2012 8,053,406 18.55 - 70.35 190,699,476 Investment Division 2011 8,613,267 16.80 - 63.39 184,990,795 2010 9,010,506 17.39 - 65.35 200,141,525 2009 9,655,662 15.15 - 56.68 187,532,635 2008 10,226,808 10.19 - 37.93 134,277,037 MSF BlackRock Bond Income 2012 3,286,524 20.08 - 95.09 85,513,325 Investment Division 2011 3,448,815 18.67 - 88.42 84,065,205 2010 3,695,898 17.52 - 82.97 84,862,836 2009 3,849,026 16.17 - 76.59 82,419,233 2008 4,137,787 14.77 - 69.96 81,985,350 MSF BlackRock Diversified 2012 9,597,280 17.41 - 70.46 266,981,783 Investment Division 2011 10,223,668 15.50 - 62.70 255,554,192 2010 10,826,228 14.93 - 60.41 263,102,316 2009 11,480,151 13.61 - 55.09 257,391,816 2008 12,136,197 11.61 - 46.97 235,715,981 MSF BlackRock Large Cap Value 2012 972,398 13.53 - 14.89 14,290,950 Investment Division 2011 1,036,664 11.95 - 13.03 13,313,052 2010 1,026,360 11.78 - 12.73 12,899,137 2009 1,018,697 10.88 - 11.66 11,723,889 2008 924,995 9.87 - 10.48 9,571,372 MSF BlackRock Legacy Large Cap 2012 1,083,757 10.67 - 42.95 14,012,099 Growth Investment Division 2011 533,802 9.33 - 37.56 7,367,810 2010 494,998 10.25 - 41.25 7,322,523 2009 480,438 8.55 - 34.42 5,950,495 2008 413,693 6.25 - 25.16 3,786,888 MSF BlackRock Money Market 2012 1,306,002 17.35 - 17.98 23,274,454 Investment Division 2011 1,163,332 17.51 - 17.98 20,783,208 2010 1,663,896 17.66 - 17.98 29,818,336 2009 1,962,757 17.82 - 17.98 35,228,518 2008 3,533,477 17.90 - 17.91 63,265,014 FOR THE YEAR ENDED DECEMBER 31 ---------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ----------------- MIST Third Avenue Small Cap Value 2012 -- 0.00 17.99 Investment Division 2011 0.92 0.00 (8.98) 2010 1.05 0.00 19.90 2009 0.62 0.00 26.45 2008 0.70 0.00 (29.73) MSF Baillie Gifford International 2012 1.37 0.00 - 0.90 18.44 - 19.52 Stock Investment Division 2011 1.77 0.00 - 0.90 (20.59) - (19.87) 2010 1.57 0.00 - 0.90 6.25 - 7.21 2009 0.71 0.45 - 0.90 21.07 - 22.17 2008 3.13 0.45 - 0.90 (44.63) - (40.37) MSF Barclays Capital Aggregate 2012 3.71 0.00 - 0.90 2.97 - 3.90 Bond Index Investment Division 2011 3.52 0.00 - 0.90 6.55 - 7.51 2010 3.72 0.00 - 0.90 5.10 - 6.05 2009 5.95 0.45 - 0.90 4.22 - 5.17 2008 4.55 0.45 - 0.90 4.32 - 5.99 MSF BlackRock Aggressive Growth 2012 -- 0.00 - 0.90 9.98 - 10.97 Investment Division 2011 0.30 0.00 - 0.90 (3.87) - (3.00) 2010 0.07 0.00 - 0.90 14.27 - 15.30 2009 0.20 0.45 - 0.90 48.10 - 49.44 2008 -- 0.45 - 0.90 (46.22) - (44.59) MSF BlackRock Bond Income 2012 2.69 0.00 - 0.90 6.58 - 7.55 Investment Division 2011 3.92 0.00 - 0.90 5.61 - 6.56 2010 3.95 0.00 - 0.90 7.37 - 8.34 2009 7.04 0.45 - 0.90 8.49 - 9.47 2008 5.16 0.45 - 0.90 (4.31) - (3.43) MSF BlackRock Diversified 2012 2.28 0.00 - 0.90 11.36 - 12.38 Investment Division 2011 2.43 0.00 - 0.90 2.87 - 3.81 2010 1.90 0.00 - 0.90 8.67 - 9.65 2009 5.15 0.45 - 0.90 16.25 - 17.30 2008 2.81 0.45 - 0.90 (25.47) - (20.65) MSF BlackRock Large Cap Value 2012 1.63 0.00 - 0.90 13.25 - 14.28 Investment Division 2011 1.11 0.00 - 0.90 1.43 - 2.35 2010 1.05 0.00 - 0.90 8.24 - 9.22 2009 1.58 0.90 10.22 - 11.21 2008 0.82 0.90 (35.46) - (30.94) MSF BlackRock Legacy Large Cap 2012 0.31 0.00 - 0.90 13.34 - 14.37 Growth Investment Division 2011 0.19 0.00 - 0.90 (9.76) - (8.94) 2010 0.23 0.00 - 0.90 18.75 - 19.82 2009 0.62 0.90 35.56 - 36.79 2008 0.43 0.90 (37.07) - (34.56) MSF BlackRock Money Market 2012 -- 0.00 - 0.90 (0.90) - 0.00 Investment Division 2011 -- 0.00 - 0.90 (0.89) - 0.00 2010 0.01 0.00 - 0.90 (0.89) - 0.01 2009 0.45 0.90 (0.48) - 0.42 2008 2.81 0.90 1.92 - 2.84
216 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ----------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- ----------------- ------------- MSF Davis Venture Value Investment 2012 1,511,861 14.11 - 46.62 58,219,352 Division 2011 1,569,723 12.50 - 41.31 53,650,792 2010 1,632,869 13.03 - 43.04 57,910,618 2009 1,661,533 11.63 - 38.43 52,773,242 2008 1,580,625 8.81 - 29.12 38,001,762 MSF FI Value Leaders Investment 2012 469,261 11.38 - 37.48 6,748,157 Division 2011 489,548 9.83 - 32.38 6,065,829 2010 493,819 10.47 - 34.50 6,488,932 2009 478,934 9.14 - 30.11 5,481,161 2008 451,406 7.50 - 24.71 4,225,438 MSF Jennison Growth Investment 2012 1,151,518 7.50 - 16.55 17,774,611 Division 2011 1,066,474 6.47 - 14.29 14,166,486 2010 1,234,658 6.44 - 14.22 15,408,401 2009 1,148,604 5.77 - 12.74 13,473,347 2008 1,170,101 4.12 - 9.10 9,813,769 MSF Loomis Sayles Small Cap Core 2012 88,479 18.49 - 409.49 18,836,597 Investment Division 2011 95,949 16.14 - 357.46 17,443,984 2010 115,539 16.04 - 355.36 18,282,784 2009 116,312 12.58 - 278.66 14,825,414 2008 116,157 9.66 - 213.94 11,034,259 MSF Loomis Sayles Small Cap 2012 569,420 12.93 - 14.36 8,095,037 Growth Investment Division 2011 639,754 11.74 - 12.92 8,179,779 2010 597,616 11.50 - 12.54 7,430,441 2009 592,149 8.22 - 9.52 5,593,368 2008 579,322 5.93 - 7.33 4,206,928 MSF Met/Artisan Mid Cap Value 2012 188,777 20.91 - 299.35 50,145,783 Investment Division 2011 187,483 18.74 - 267.60 47,188,989 2010 222,836 17.60 - 250.67 46,601,141 2009 191,339 35.18 - 217.89 41,071,915 2008 196,801 24.85 - 153.92 29,975,616 MSF MetLife Conservative 2012 330,868 14.29 - 150.19 5,385,935 Allocation Investment Division 2011 293,962 13.17 - 137.56 4,371,255 2010 281,025 12.84 - 133.23 4,036,496 2009 179,332 11.74 - 121.06 2,188,237 2008 133,696 9.82 - 10.14 1,350,130 MSF MetLife Conservative to 2012 548,694 14.12 - 148.28 8,676,630 Moderate Allocation Investment 2011 491,119 12.75 - 133.03 6,564,562 Division 2010 523,187 12.70 - 131.65 6,925,701 2009 443,689 11.47 - 118.05 5,262,543 2008 336,506 9.33 - 9.64 3,218,477 MSF MetLife Mid Cap Stock Index 2012 2,971,386 21.35 - 23.88 69,807,817 Investment Division 2011 3,140,839 18.32 - 20.31 62,847,615 2010 3,223,737 18.84 - 20.70 65,796,062 2009 3,313,158 14.93 - 16.39 53,691,851 2008 3,450,115 10.90 - 11.97 40,733,135 FOR THE YEAR ENDED DECEMBER 31 ---------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) -------------- ---------------- ----------------- MSF Davis Venture Value Investment 2012 0.83 0.00 - 0.90 11.85 - 12.86 Division 2011 1.15 0.00 - 0.90 (4.89) - (4.03) 2010 1.00 0.00 - 0.90 11.00 - 12.00 2009 1.57 0.90 30.80 - 31.99 2008 1.34 0.90 (39.89) - (37.59) MSF FI Value Leaders Investment 2012 1.21 0.00 - 0.90 14.72 - 15.77 Division 2011 1.10 0.00 - 0.90 (6.99) - (6.15) 2010 1.56 0.00 - 0.90 13.54 - 14.56 2009 2.80 0.90 20.75 - 21.85 2008 1.93 0.90 (39.49) - (34.25) MSF Jennison Growth Investment 2012 0.22 0.00 - 0.90 14.74 - 15.78 Division 2011 0.28 0.00 - 0.90 (0.39) - 0.51 2010 0.59 0.00 - 0.90 10.63 - 11.66 2009 0.19 0.90 38.73 - 39.99 2008 2.43 0.90 (37.00) - (26.98) MSF Loomis Sayles Small Cap Core 2012 -- 0.00 - 0.90 13.52 - 14.55 Investment Division 2011 0.11 0.00 - 0.90 (0.31) - 0.59 2010 0.09 0.00 - 0.90 26.38 - 27.53 2009 0.28 0.90 29.08 - 30.25 2008 -- 0.90 (36.47) - (30.05) MSF Loomis Sayles Small Cap 2012 -- 0.00 - 0.90 10.19 - 11.19 Growth Investment Division 2011 -- 0.00 - 0.90 2.06 - 2.98 2010 -- 0.00 - 0.90 30.53 - 31.71 2009 -- 0.90 28.77 - 38.63 2008 -- 0.90 (41.67) - (36.32) MSF Met/Artisan Mid Cap Value 2012 0.99 0.00 - 0.90 10.86 - 11.86 Investment Division 2011 0.95 0.00 - 0.90 5.80 - 6.76 2010 0.74 0.00 - 0.90 7.99 - 15.04 2009 1.13 0.90 40.30 - 41.56 2008 0.37 0.90 (46.49) - (42.81) MSF MetLife Conservative 2012 2.97 0.00 - 0.90 8.50 - 9.49 Allocation Investment Division 2011 2.46 0.00 - 0.90 2.55 - 3.48 2010 3.52 0.00 - 0.90 9.35 - 10.34 2009 3.20 0.90 19.65 - 20.73 2008 1.41 0.90 (14.87) - (13.89) MSF MetLife Conservative to 2012 2.88 0.00 - 0.90 10.73 - 11.74 Moderate Allocation Investment 2011 2.28 0.00 - 0.90 0.37 - 1.28 Division 2010 3.39 0.00 - 0.90 10.78 - 11.78 2009 3.27 0.90 22.89 - 24.00 2008 1.34 0.90 (22.11) - (20.23) MSF MetLife Mid Cap Stock Index 2012 0.99 0.00 - 0.90 16.54 - 17.60 Investment Division 2011 0.90 0.00 - 0.90 (2.77) - (1.89) 2010 0.99 0.00 - 0.90 25.15 - 26.28 2009 1.81 0.90 35.77 - 36.99 2008 1.41 0.90 (36.75) - (35.42)
217 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ----------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ------------ ----------------- ------------- MSF MetLife Moderate Allocation 2012 3,085,848 13.74 - 144.51 45,401,738 Investment Division 2011 3,050,810 12.22 - 127.62 39,588,309 2010 2,825,563 12.48 - 129.39 37,214,331 2009 2,488,914 11.09 - 114.33 28,790,175 2008 2,031,439 8.82 - 90.36 18,535,109 MSF MetLife Moderate to Aggressive 2012 5,433,641 13.34 - 14.29 77,039,719 Allocation Investment Division 2011 5,400,236 11.62 - 12.34 66,170,247 2010 5,118,269 12.16 - 126.24 65,064,069 2009 4,732,679 10.68 - 110.06 52,449,221 2008 3,956,910 8.33 - 8.61 33,871,944 MSF MetLife Stock Index Investment 2012 35,058,600 14.48 - 64.83 739,806,231 Division 2011 36,301,700 12.50 - 56.01 668,626,167 2010 36,664,506 12.28 - 55.00 671,751,965 2009 36,924,505 10.69 - 47.90 597,707,546 2008 36,120,853 8.47 - 37.94 472,610,929 MSF MFS Total Return Investment 2012 523,594 14.32 - 75.73 8,143,436 Division 2011 528,477 12.95 - 67.87 7,362,338 2010 568,106 12.76 - 66.27 7,708,272 2009 580,613 11.70 - 60.20 7,134,157 2008 469,855 9.95 - 50.76 4,861,537 MSF MFS Value Investment Division 2012 3,634,888 14.55 - 21.23 57,891,425 2011 3,828,828 12.53 - 18.20 52,363,369 2010 3,975,344 12.48 - 18.04 54,052,850 2009 4,056,273 11.25 - 16.19 49,365,491 2008 4,061,727 9.35 - 13.40 41,012,912 MSF MSCI EAFE Index Investment 2012 4,738,737 11.42 - 16.34 68,221,885 Division 2011 4,910,651 9.74 - 13.81 59,759,550 2010 4,717,340 11.23 - 15.78 65,367,829 2009 4,618,467 10.47 - 14.59 58,913,857 2008 4,548,869 8.21 - 11.34 44,991,420 MSF Neuberger Berman Genesis 2012 3,701,342 20.16 - 22.55 82,409,606 Investment Division 2011 3,915,596 18.49 - 20.50 79,279,066 2010 4,111,864 17.63 - 19.37 78,718,096 2009 4,279,459 14.59 - 15.93 67,433,059 2008 4,285,033 12.90 - 14.08 59,706,219 MSF Oppenheimer Global Equity 2012 1,769,256 22.75 - 26.22 41,848,339 Investment Division 2011 1,918,512 18.89 - 21.58 37,497,219 2010 2,044,692 20.77 - 23.52 43,706,570 2009 2,111,250 18.03 - 20.23 38,882,417 2008 2,250,790 12.94 - 14.42 29,644,684 MSF Russell 2000 Index Investment 2012 2,492,581 16.83 - 24.76 55,930,600 Division 2011 2,653,125 14.59 - 21.28 51,171,784 2010 2,808,600 15.35 - 22.19 56,596,227 2009 2,972,133 12.21 - 17.49 47,243,288 2008 2,979,566 9.77 - 13.88 37,446,370 FOR THE YEAR ENDED DECEMBER 31 ----------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ----------------- MSF MetLife Moderate Allocation 2012 2.48 0.00 - 0.90 12.45 - 13.47 Investment Division 2011 1.72 0.00 - 0.90 (2.02) - (1.14) 2010 2.69 0.00 - 0.90 12.45 - 13.47 2009 3.09 0.90 25.71 - 26.84 2008 1.08 0.90 (29.06) - (26.51) MSF MetLife Moderate to Aggressive 2012 2.10 0.00 - 0.90 14.77 - 15.82 Allocation Investment Division 2011 1.59 0.00 - 0.90 (4.42) - (3.55) 2010 2.27 0.00 - 0.90 13.86 - 14.89 2009 2.75 0.90 28.27 - 29.43 2008 0.84 0.90 (35.55) - (32.36) MSF MetLife Stock Index Investment 2012 1.76 0.00 - 0.90 14.72 - 15.76 Division 2011 1.66 0.00 - 0.90 0.93 - 1.84 2010 1.75 0.00 - 0.90 13.79 - 14.82 2009 2.70 0.45 - 0.90 25.11 - 26.26 2008 1.94 0.45 - 0.90 (37.67) - (34.22) MSF MFS Total Return Investment 2012 2.81 0.00 - 0.90 10.58 - 11.58 Division 2011 2.71 0.00 - 0.90 1.50 - 2.42 2010 3.01 0.00 - 0.90 9.09 - 10.08 2009 4.19 0.90 17.54 - 18.60 2008 3.50 0.90 (22.84) - (20.13) MSF MFS Value Investment Division 2012 1.92 0.00 - 0.90 15.60 - 16.65 2011 1.56 0.00 - 0.90 (0.05) - 0.85 2010 1.43 0.00 - 0.90 10.43 - 11.42 2009 -- 0.45 - 0.90 19.74 - 20.82 2008 1.91 0.45 - 0.90 (34.05) - (17.37) MSF MSCI EAFE Index Investment 2012 3.07 0.00 - 0.90 17.26 - 18.33 Division 2011 2.43 0.00 - 0.90 (13.28) - (12.50) 2010 2.68 0.00 - 0.90 7.22 - 8.19 2009 4.28 0.45 - 0.90 27.52 - 28.67 2008 2.87 0.45 - 0.90 (42.58) - (40.15) MSF Neuberger Berman Genesis 2012 0.37 0.00 - 0.90 9.04 - 10.03 Investment Division 2011 0.74 0.00 - 0.90 4.85 - 5.80 2010 0.51 0.00 - 0.90 20.49 - 21.58 2009 1.12 0.90 12.14 - 13.15 2008 0.54 0.90 (38.96) - (35.81) MSF Oppenheimer Global Equity 2012 1.64 0.00 - 0.90 20.42 - 21.52 Investment Division 2011 1.98 0.00 - 0.90 (9.05) - (8.24) 2010 1.54 0.00 - 0.90 15.19 - 16.23 2009 2.57 0.45 - 0.90 39.06 - 40.31 2008 2.15 0.45 - 0.90 (40.90) - (37.34) MSF Russell 2000 Index Investment 2012 1.15 0.00 - 0.90 15.30 - 16.35 Division 2011 1.05 0.00 - 0.90 (4.96) - (4.10) 2010 1.10 0.00 - 0.90 25.78 - 26.92 2009 2.05 0.45 - 0.90 24.88 - 26.01 2008 1.26 0.45 - 0.90 (34.09) - (30.11)
218 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED) 9. FINANCIAL HIGHLIGHTS -- (CONTINUED)
AS OF DECEMBER 31 ------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- --------------- ------------ MSF T. Rowe Price Large Cap Growth 2012 2,902,055 12.65 - 20.21 49,402,465 Investment Division 2011 2,954,760 10.73 - 16.99 42,317,336 2010 3,148,378 10.95 - 17.18 45,775,087 2009 3,409,767 9.44 - 14.68 42,520,597 2008 3,522,287 6.64 - 10.23 30,702,575 MSF T. Rowe Price Small Cap Growth 2012 3,660,384 23.20 - 27.18 93,411,008 Investment Division 2011 3,938,724 20.15 - 23.40 86,825,771 2010 4,055,742 19.98 - 22.99 88,004,866 2009 4,272,691 14.95 - 17.11 68,810,021 2008 4,498,247 10.85 - 12.37 52,291,217 MSF Van Eck Global Natural 2012 319 167.46 53,423 Resources Investment Division 2011 81 162.89 13,179 (Commenced 5/2/2011) MSF Western Asset Management 2012 1,037,022 22.40 - 39.30 25,456,035 Strategic Bond Opportunities 2011 1,068,823 20.28 - 35.25 23,536,888 Investment Division 2010 1,145,809 19.28 - 33.21 23,786,502 2009 1,115,618 17.25 - 29.46 20,580,082 2008 1,106,833 13.17 - 22.28 15,464,462 MSF Western Asset Management 2012 936,357 16.15 - 24.71 16,622,548 U.S. Government Investment 2011 957,065 15.77 - 23.91 16,435,798 Division 2010 1,021,769 15.08 - 22.66 16,633,651 2009 1,063,071 14.38 - 21.41 16,359,270 2008 1,059,598 13.91 - 20.52 15,636,881 PIMCO VIT All Asset Investment 2012 10,325 12.78 131,919 Division (Commenced 5/2/2011) 2011 8,649 11.12 96,138 PIMCO VIT Long-Term U.S. 2012 1,968 15.30 30,108 Government Investment Division (Commenced 5/4/2009 and began transactions in 2012) PIMCO VIT Low Duration 2012 79,088 12.46 985,514 Investment Division 2011 80,364 11.77 946,008 (Commenced 5/4/2009) 2010 65,497 11.64 762,531 2009 66,450 11.06 734,746 Pioneer VCT Emerging Markets 2012 33,221 20.26 673,079 Investment Division 2011 22,116 18.14 401,298 (Commenced 4/28/2008) 2010 41,431 23.75 984,166 2009 37,577 20.55 772,123 2008 13,031 11.81 153,859 Pioneer VCT Mid Cap Value 2012 3,389 45.30 153,545 Investment Division 2011 3,306 40.77 134,780 (Commenced 4/28/2008 and began 2010 2,302 43.21 99,478 transactions in 2009) 2009 586 36.55 21,403 FOR THE YEAR ENDED DECEMBER 31 ------------------------------------------------ INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ---------------- MSF T. Rowe Price Large Cap Growth 2012 0.12 0.00 - 0.90 17.90 - 18.97 Investment Division 2011 0.09 0.00 - 0.90 (1.99) - (1.11) 2010 0.27 0.00 - 0.90 16.00 - 17.05 2009 0.63 0.90 42.15 - 43.44 2008 0.59 0.90 (41.89) - (38.27) MSF T. Rowe Price Small Cap Growth 2012 -- 0.00 - 0.90 15.13 - 16.18 Investment Division 2011 -- 0.00 - 0.90 0.86 - 1.77 2010 -- 0.00 - 0.90 33.69 - 34.90 2009 0.35 0.45 - 0.90 37.72 - 38.97 2008 -- 0.45 - 0.90 (36.76) - (33.41) MSF Van Eck Global Natural 2012 -- 0.00 2.80 Resources Investment Division 2011 -- 0.00 (22.34) (Commenced 5/2/2011) MSF Western Asset Management 2012 3.61 0.00 - 0.90 10.49 - 11.50 Strategic Bond Opportunities 2011 5.05 0.00 - 0.90 5.19 - 6.14 Investment Division 2010 6.04 0.00 - 0.90 11.72 - 12.73 2009 6.60 0.90 31.04 - 32.22 2008 4.07 0.90 (15.76) - (14.42) MSF Western Asset Management 2012 2.09 0.00 - 0.90 2.44 - 3.37 U.S. Government Investment 2011 1.49 0.00 - 0.90 4.56 - 5.51 Division 2010 2.70 0.00 - 0.90 4.86 - 5.81 2009 4.49 0.90 3.40 - 4.33 2008 4.27 0.90 (1.23) - (0.36) PIMCO VIT All Asset Investment 2012 5.69 0.00 10.96 Division (Commenced 5/2/2011) 2011 3.04 0.00 (3.47) PIMCO VIT Long-Term U.S. 2012 0.76 0.00 5.45 Government Investment Division (Commenced 5/4/2009 and began transactions in 2012) PIMCO VIT Low Duration 2012 1.91 0.00 5.86 Investment Division 2011 1.68 0.00 1.11 (Commenced 5/4/2009) 2010 1.62 0.00 5.29 2009 1.55 0.00 10.57 Pioneer VCT Emerging Markets 2012 0.24 0.00 11.66 Investment Division 2011 -- 0.00 (23.62) (Commenced 4/28/2008) 2010 0.33 0.00 15.61 2009 0.96 0.00 74.02 2008 -- 0.00 (55.11) Pioneer VCT Mid Cap Value 2012 1.05 0.00 11.11 Investment Division 2011 0.87 0.00 (5.64) (Commenced 4/28/2008 and began 2010 1.08 0.00 18.22 transactions in 2009) 2009 -- 0.00 25.58
219 METROPOLITAN LIFE SEPARATE ACCOUNT UL OF METROPOLITAN LIFE INSURANCE COMPANY NOTES TO THE FINANCIAL STATEMENTS -- (CONCLUDED) 9. FINANCIAL HIGHLIGHTS -- (CONCLUDED)
AS OF DECEMBER 31 ------------------------------------------- UNIT VALUE LOWEST TO NET UNITS HIGHEST ($) ASSETS ($) ----------- --------------- ------------ Royce Micro-Cap Investment 2012 21,685 17.16 372,006 Division (Commenced 11/10/2008 2011 19,473 15.94 310,463 and began transactions in 2010) 2010 19,226 18.14 348,709 Royce Small-Cap Investment 2012 33,234 16.30 541,872 Division (Commenced 11/10/2008 2011 52,075 14.49 754,742 and began transactions in 2009) 2010 26,235 14.99 393,142 2009 4,703 12.43 58,471 UIF Emerging Markets Debt 2012 33,059 35.77 1,182,598 Investment Division 2011 13,883 30.33 420,998 (Commenced 11/10/2008 2010 259 28.33 7,343 and began transactions in 2009) 2009 223 25.82 5,747 UIF Emerging Markets Equity 2012 69,412 14.90 1,033,944 Investment Division 2011 43,435 12.42 539,388 (Commenced 11/10/2008 2010 13,018 15.18 197,669 and began transactions in 2009) 2009 442 12.76 5,643 Wells Fargo VT Total Return Bond 2012 29,620 16.51 489,060 Investment Division 2011 8,689 15.56 135,214 2010 75,281 14.37 1,081,415 2009 39,845 13.42 534,737 2008 15,329 11.98 183,674 FOR THE YEAR ENDED DECEMBER 31 ------------------------------------------------- INVESTMENT(1) EXPENSE RATIO(2) TOTAL RETURN(3) INCOME LOWEST TO LOWEST TO RATIO (%) HIGHEST (%) HIGHEST (%) ------------- ---------------- ---------------- Royce Micro-Cap Investment 2012 -- 0.00 7.60 Division (Commenced 11/10/2008 2011 2.46 0.00 (12.10) and began transactions in 2010) 2010 3.02 0.00 29.96 Royce Small-Cap Investment 2012 0.09 0.00 12.50 Division (Commenced 11/10/2008 2011 0.36 0.00 (3.28) and began transactions in 2009) 2010 0.14 0.00 20.52 2009 -- 0.00 35.20 UIF Emerging Markets Debt 2012 2.41 0.00 17.96 Investment Division 2011 3.50 0.00 7.03 (Commenced 11/10/2008 2010 4.24 0.00 9.74 and began transactions in 2009) 2009 2.19 0.00 30.21 UIF Emerging Markets Equity 2012 -- 0.00 19.95 Investment Division 2011 0.35 0.00 (18.22) (Commenced 11/10/2008 2010 0.57 0.00 19.02 and began transactions in 2009) 2009 -- 0.00 69.84 Wells Fargo VT Total Return Bond 2012 1.38 0.00 6.11 Investment Division 2011 2.74 0.00 8.33 2010 3.35 0.00 7.04 2009 4.42 0.00 12.00 2008 4.82 0.00 2.41
1 These amounts represent the dividends, excluding distributions of capital gains, received by the Investment Division from the underlying fund, portfolio, or series, net of management fees assessed by the fund manager, divided by the average net assets, regardless of share class, if any. These ratios exclude those expenses, such as mortality and expense risk charges, that are assessed against policy owner accounts either through reductions in the unit values or the redemption of units. The investment income ratio is calculated for each period indicated or from the effective date through the end of the reporting period. The recognition of investment income by the Investment Division is affected by the timing of the declaration of dividends by the underlying fund, portfolio, or series, in which the Investment Division invests. The investment income ratio is calculated as a weighted average ratio since the Investment Division may invest in two or more share classes, if any, within the underlying fund, portfolio, or series of the Trusts which may have unique investment income ratios. 2 These amounts represent annualized policy expenses of each of the applicable Investment Divisions, consisting primarily of mortality and expense risk charges, for each period indicated. The ratios include only those expenses that result in a direct reduction to unit values. Charges made directly to policy owner accounts through the redemption of units and expenses of the underlying fund, portfolio, or series have been excluded. 3 These amounts represent the total return for the period indicated, including changes in the value of the underlying fund, portfolio, or series, and expenses assessed through the reduction of unit values. These ratios do not include any expenses assessed through the redemption of units. The total return is calculated for each period indicated or from the effective date through the end of the reporting period. The total return is presented as a range of minimum to maximum returns, based on the minimum and maximum returns within each product grouping of the applicable Investment Division. 220