497 1 d444537d497.txt EQUITY ADVANTAGE VUL EQUITY ADVANTAGE VUL Flexible Premium Variable Life Insurance Policies Issued by Metropolitan Life Separate Account UL of Metropolitan Life Insurance Company 200 Park Avenue New York, New York 10166 This prospectus offers individual flexible premium variable life insurance policies (the "Policies") issued by Metropolitan Life Insurance Company ("MetLife"). You allocate net premiums among the Investment Divisions of Metropolitan Life Separate Account UL (the "Separate Account"). Each Investment Division of the Separate Account invests in shares of one of the following "Portfolios": METROPOLITAN SERIES FUND--CLASS A Baillie Gifford International Stock Portfolio Barclays Aggregate Bond Index Portfolio BlackRock Bond Income Portfolio BlackRock Capital Appreciation Portfolio BlackRock Diversified Portfolio BlackRock Large Cap Value Portfolio Davis Venture Value Portfolio Frontier Mid Cap Growth Portfolio Jennison Growth Portfolio Loomis Sayles Small Cap Core Portfolio Loomis Sayles Small Cap Growth Portfolio Met/Artisan Mid Cap Value Portfolio MetLife Conservative Allocation Portfolio MetLife Conservative to Moderate Allocation Portfolio MetLife Mid Cap Stock Index Portfolio MetLife Moderate Allocation Portfolio MetLife Moderate to Aggressive Allocation Portfolio MetLife Stock Index Portfolio MFS(R) Total Return Portfolio MFS(R) Value Portfolio MSCI EAFE(R) Index Portfolio Neuberger Berman Genesis Portfolio Russell 2000(R) Index Portfolio T. Rowe Price Large Cap Growth Portfolio T. Rowe Price Small Cap Growth Portfolio Van Eck Global Natural Resources Portfolio Western Asset Management Strategic Bond Opportunities Portfolio Western Asset Management U.S. Government Portfolio MET INVESTORS SERIES TRUST--CLASS A (EXCEPT AS NOTED) AllianceBernstein Global Dynamic Allocation Portfolio--Class B American Funds(R) Balanced Allocation Portfolio--Class B American Funds(R) Growth Allocation Portfolio--Class B American Funds(R) Moderate Allocation Portfolio--Class B AQR Global Risk Balanced Portfolio--Class B BlackRock Global Tactical Strategies Portfolio--Class B BlackRock Large Cap Core Portfolio Clarion Global Real Estate Portfolio ClearBridge Aggressive Growth Portfolio Harris Oakmark International Portfolio Invesco Balanced-Risk Allocation Portfolio--Class B Invesco Small Cap Growth Portfolio Janus Forty Portfolio JPMorgan Global Active Allocation Portfolio--Class B JPMorgan Small Cap Value Portfolio Loomis Sayles Global Markets Portfolio Lord Abbett Bond Debenture Portfolio Lord Abbett Mid Cap Value Portfolio Met/Templeton International Bond Portfolio MetLife Aggressive Strategy Portfolio MetLife Balanced Plus Portfolio--Class B MetLife Growth Strategy Portfolio MetLife Multi-Index Targeted Risk Portfolio--Class B MFS(R) Emerging Markets Equity Portfolio MFS(R) Research International Portfolio Morgan Stanley Mid Cap Growth Portfolio Oppenheimer Global Equity Portfolio PIMCO Inflation Protected Bond Portfolio PIMCO Total Return Portfolio Pyramis Managed Risk Portfolio--Class B Schroders Global Multi-Asset Portfolio--Class B SSgA Growth and Income ETF Portfolio SSgA Growth ETF Portfolio T. Rowe Price Mid Cap Growth Portfolio AMERICAN FUNDS INSURANCE SERIES(R)--CLASS 2 American Funds Bond Fund American Funds Global Small Capitalization Fund American Funds Growth Fund American Funds Growth-Income Fund FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST--CLASS 2 Franklin Income Securities Fund Mutual Shares Securities Fund You may also allocate net premiums to our Fixed Account. Special limits may apply to Fixed Account transfers and withdrawals. You receive Fixed Account performance until 20 days after we apply your initial premium payment to the Policy. Thereafter, we invest the Policy's cash value according to your instructions. NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE POLICIES OR DETERMINED IF THIS PROSPECTUS IS ACCURATE OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE. WE DO NOT GUARANTEE HOW ANY OF THE INVESTMENT DIVISIONS OR PORTFOLIOS WILL PERFORM. THE POLICIES AND THE PORTFOLIOS ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED OR ENDORSED BY, ANY FINANCIAL INSTITUTION AND ARE NOT FEDERALLY INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE FEDERAL RESERVE BOARD OR ANY OTHER GOVERNMENT AGENCY. APRIL 29, 2013 TABLE OF CONTENTS
PAGE ---- SUMMARY OF BENEFITS AND RISKS........................................... A-4 Benefits of the Policy............................................... A-4 Risks of the Policy.................................................. A-5 Risks of the Portfolios.............................................. A-7 FEE TABLES.............................................................. A-7 Transaction Fees..................................................... A-7 Periodic Charges Other Than Portfolio Operating Expenses............. A-9 Annual Portfolio Operating Expenses.................................. A-11 HOW THE POLICY WORKS.................................................... A-15 THE COMPANY, THE SEPARATE ACCOUNT AND THE PORTFOLIOS.................... A-16 The Company.......................................................... A-16 The Separate Account................................................. A-16 The Portfolios....................................................... A-16 Share Classes of the Portfolios...................................... A-20 Certain Payments We Receive with Regard to the Portfolios............ A-20 Selection of the Portfolios.......................................... A-21 Voting Rights........................................................ A-21 Rights Reserved by MetLife........................................... A-22 THE POLICIES............................................................ A-22 Purchasing a Policy.................................................. A-22 Replacing Existing Insurance......................................... A-22 Policy Owner and Beneficiary......................................... A-23 24 Month Conversion Right............................................ A-23 Exchange Right....................................................... A-23 PREMIUMS................................................................ A-23 Flexible Premiums.................................................... A-23 Amount Provided for Investment under the Policy...................... A-24 Right to Examine Policy.............................................. A-25 Allocation of Net Premiums........................................... A-25 RECEIPT OF COMMUNICATIONS AND PAYMENTS AT METLIFE'S DESIGNATED OFFICE... A-26 Payment of Proceeds.................................................. A-27 CASH VALUE.............................................................. A-28 DEATH BENEFITS.......................................................... A-28 Death Proceeds Payable............................................... A-29 Change in Death Benefit Option....................................... A-30 Increase in Face Amount.............................................. A-30 Reduction in Face Amount............................................. A-30 SURRENDERS AND PARTIAL WITHDRAWALS...................................... A-31 Surrender............................................................ A-31 Partial Withdrawal................................................... A-31 TRANSFERS............................................................... A-33 Transfer Option...................................................... A-33 AUTOMATED INVESTMENT STRATEGIES......................................... A-36 LOANS................................................................... A-37
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PAGE ---- LAPSE AND REINSTATEMENT................................................................. A-38 Lapse................................................................................ A-38 Reinstatement........................................................................ A-39 ADDITIONAL BENEFITS BY RIDER............................................................ A-39 THE FIXED ACCOUNT....................................................................... A-40 General Description.................................................................. A-40 Values and Benefits.................................................................. A-40 Policy Transactions.................................................................. A-40 CHARGES................................................................................. A-41 Deductions from Premiums............................................................. A-41 Surrender Charge..................................................................... A-42 Partial Withdrawal Charge............................................................ A-43 Transfer Charge...................................................................... A-43 Illustration of Benefits Charge...................................................... A-43 Monthly Deduction from Cash Value.................................................... A-43 Loan Interest Spread................................................................. A-45 Charges Against the Portfolios and the Investment Divisions of the Separate Account.. A-46 TAX CONSIDERATIONS...................................................................... A-46 Introduction......................................................................... A-46 Tax Status of the Policy............................................................. A-46 Tax Treatment of Policy Benefits..................................................... A-47 MetLife's Income Taxes............................................................... A-50 DISTRIBUTION OF THE POLICIES............................................................ A-50 LEGAL PROCEEDINGS....................................................................... A-53 RESTRICTIONS ON FINANCIAL TRANSACTIONS.................................................. A-53 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM........................................... A-53 FINANCIAL STATEMENTS.................................................................... A-53 GLOSSARY................................................................................ A-54 APPENDIX A: GUIDELINE PREMIUM TEST AND CASH VALUE ACCUMULATION TEST..................... A-55 APPENDIX B: ILLUSTRATIONS OF DEATH BENEFITS, CASH VALUES AND CASH SURRENDER VALUES...... A-56
A-3 SUMMARY OF BENEFITS AND RISKS This summary describes the Policy's important benefits and risks. The sections in the prospectus following this summary discuss the Policy in more detail. THE GLOSSARY AT THE END OF THE PROSPECTUS DEFINES CERTAIN WORDS AND PHRASES USED IN THIS PROSPECTUS. BENEFITS OF THE POLICY DEATH PROCEEDS. The Policy is designed to provide insurance protection. Upon receipt of satisfactory proof of the death of the insured, we pay death proceeds to the beneficiary of the Policy. Death proceeds generally equal the death benefit on the date of the insured's death plus any additional insurance provided by rider, less any outstanding loan and accrued loan interest. CHOICE OF DEATH BENEFIT OPTION. You may choose among three death benefit options: --a level death benefit that equals the Policy's face amount, --a variable death benefit that equals the Policy's face amount plus the Policy's cash value, and --a combination variable and level death benefit that equals the Policy's face amount plus the Policy's cash value until the insured attains age 65 and equals the Policy's face amount thereafter. The death benefit under any option could increase to satisfy Federal tax law requirements if the cash value reaches certain levels. After the first Policy year you may change your death benefit option, subject to our underwriting rules. A change in death benefit option may have tax consequences. PREMIUM FLEXIBILITY. You can make premium payments based on a schedule you determine, subject to some limits. You may change your payment schedule at any time or make a payment that does not correspond to your schedule. We can, however, limit or prohibit payments in some situations. RIGHT TO EXAMINE THE POLICY. During the first ten days following your receipt of the Policy, you have the right to return the Policy to us. If you exercise this right, we will refund the premiums you paid. INVESTMENT OPTIONS. You can allocate your net premiums and cash value among your choice of sixty-eight Investment Divisions in the Separate Account, each of which corresponds to a mutual fund portfolio, or "Portfolio." The Portfolios available under the Policy include several common stock funds, including funds which invest primarily in foreign securities, as well as bond funds, balanced funds, asset allocation funds and funds that invest in exchange-traded funds. You may also allocate premiums and cash value to our Fixed Account which provides guarantees of interest and principal. You may change your allocation of future premiums at any time. PARTIAL WITHDRAWALS. You may withdraw cash surrender value from your Policy at any time after the first Policy anniversary. The minimum amount you may withdraw is $500. We reserve the right to limit partial withdrawals to no more than 90% of the Policy's cash surrender value. We may limit the number of partial withdrawals to 12 per Policy year or impose a processing charge of $25 for each partial withdrawal. Partial withdrawals may have tax consequences. TRANSFERS AND AUTOMATED INVESTMENT STRATEGIES. You may transfer your Policy's cash value among the Investment Divisions or between the Investment Divisions and the Fixed Account. The minimum amount you may transfer is $50, or if less, the total amount in the Investment Division or the Fixed Account. We may limit the number of transfers among the Investment Divisions and the Fixed Account to no more than four per Policy year. We may impose a processing charge of $25 for each transfer. We may also impose restrictions on frequent transfers. (See "Transfers" for additional information on such restrictions.) We offer five automated investment strategies that allow you to periodically transfer or reallocate your cash value among the Investment Divisions and the Fixed Account. (See "Automated Investment Strategies.") LOANS. You may borrow from the cash value of your Policy. The minimum amount you may borrow is $500. The maximum amount you may borrow is an amount equal to the Policy's cash value net of the Surrender Charge, reduced by monthly deductions and interest charges through the next Policy anniversary, increased by interest credits through the next Policy anniversary, less any existing Policy loans. We charge you a maximum annual A-4 interest rate of 4.0% for the first ten Policy years and 3.0% thereafter. We credit interest at an annual rate of at least 3.0% on amounts we hold as collateral to support your loan. Loans may have tax consequences. SURRENDERS. You may surrender the Policy for its cash surrender value at any time. Cash surrender value equals the cash value reduced by any Policy loan and accrued loan interest and by any applicable Surrender Charge. A surrender may have tax consequences. TAX BENEFITS. We anticipate that the Policy should be deemed to be a life insurance contract under Federal tax law. Accordingly, undistributed increases in cash value should not be taxable to you. As long as your Policy is not a modified endowment contract, partial withdrawals should be non-taxable until you have withdrawn an amount equal to your total investment in the Policy. However, different rules apply in the first fifteen Policy years, when distributions accompanied by benefit reductions may be taxable prior to a complete withdrawal of your investment in the Policy. Always confirm in advance the tax consequences of a particular withdrawal with a qualified tax adviser. Death benefits paid to your beneficiary should generally be free of Federal income tax. Death benefits may be subject to estate taxes. 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. CONVERSION RIGHT. During the first two Policy years, you may convert the Policy to fixed benefit coverage by exchanging the Policy for a fixed benefit life insurance policy that we agree to, and that is issued by us or an affiliate that we name. We will make the exchange without evidence of insurability. SUPPLEMENTAL BENEFITS AND RIDERS. We offer a variety of riders that provide supplemental benefits under the Policy. We generally deduct any monthly charges for these riders as part of the Monthly Deduction. Your registered representative can help you determine whether any of these riders are suitable for you. PERSONALIZED ILLUSTRATIONS. You will receive personalized illustrations in connection with the purchase of this Policy that reflect your own particular circumstances. These hypothetical illustrations may help you to understand the long-term effects of different levels of investment performance, the possibility of lapse, and the charges and deductions under the Policy. They will also help you to compare this Policy to other life insurance policies. The personalized illustrations are based on hypothetical rates of return and are not a representation or guarantee of investment returns or cash value. RISKS OF THE POLICY INVESTMENT RISK. If you invest your Policy's cash value in one or more of the Investment Divisions, then 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, this deduction will have an even greater impact on your Policy's cash value. It is possible to lose your full investment and your Policy could lapse without value, unless you pay additional premium. 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 3%. SURRENDER AND WITHDRAWAL RISKS. The Policies are designed to provide lifetime insurance protection. They are not offered primarily as an investment, and should not be used as a short-term savings vehicle. If you surrender the Policy within the first ten Policy years (or within the first ten Policy years following a face amount increase), you will be subject to a Surrender Charge as well as income tax on any gain that is distributed or deemed to be distributed from the Policy. You will also be subject to a Surrender Charge if you make a partial withdrawal from the Policy within the first ten Policy years (or the first ten Policy years following the face amount increase) if the partial withdrawal reduces the face amount (or the face amount increase). If you surrender the Policy in the first Policy year (or in the first year following a face amount increase) we will also deduct an amount equal to the remaining first year Coverage Expense Charges. 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. Even if you do not ask to surrender your Policy, surrender charges may play a role in determining whether A-5 your Policy will lapse (terminate without value), because surrender charges determine the cash surrender value, which is a measure we use to determine whether your Policy will enter the grace period (and possibly lapse). RISK OF LAPSE. Your Policy may lapse 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 may enter a 62-day grace period. We will notify you that the Policy will lapse unless you make a sufficient payment of additional premium during the grace period. Your Policy generally will not lapse if you pay certain required premium amounts and you are therefore protected by a Guaranteed Minimum Death Benefit. If your Policy does lapse, your insurance coverage will terminate, although you will be given an opportunity to reinstate it. Lapse of a Policy on which there is an outstanding loan may have adverse tax consequences. TAX RISKS. We anticipate that the Policy should be deemed to be a life insurance contract under Federal tax law. However, the rules are not entirely clear if your Policy is issued on a substandard basis. The death benefit 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. If your Policy is not treated as a life insurance contract under Federal tax law, increases in the Policy's cash value will be taxed currently. Even if your Policy is treated as a life insurance contract for Federal tax purposes, it may become a modified endowment contract due to the payment of excess premiums or unnecessary premiums, due to a material change or due to a reduction in your death benefit. If your Policy becomes a modified endowment contract, surrenders, partial withdrawals and loans will be treated as a distribution of the earnings in the Policy and will be taxable as ordinary income to the extent thereof. In addition, if the Policy Owner is under age 59 1/2 at the time of the surrender, partial withdrawal or loan, the amount that is included in income will generally be subject to a 10% penalty tax. 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. However, different rules apply in the first fifteen Policy years, when distributions accompanied by benefit reductions may be taxable prior to a complete withdrawal of your investment in the Policy. Moreover, loans will generally not be treated as distributions prior to termination of your Policy, whether by lapse, surrender or exchange. Additionally, the tax consequences of loans outstanding after the tenth Policy year are uncertain. Finally, neither distributions nor loans from a Policy that is not a modified endowment contract are subject to the 10% penalty tax. See "Tax Considerations." YOU SHOULD CONSULT A QUALIFIED TAX ADVISER FOR ASSISTANCE IN ALL POLICY-RELATED TAX MATTERS. LOAN RISKS. A Policy loan, whether or not repaid, will affect the cash value of your Policy over time because we subtract the amount of the loan from the Investment Divisions and/or Fixed Account as collateral, and hold it in our Loan Account. This loan collateral does not participate in the investment experience of the Investment Divisions or receive any higher current interest rate credited to the Fixed Account. We also reduce the amount we pay on the insured's death by the amount of any outstanding loan and accrued loan interest. Your Policy may lapse if your outstanding loan and accrued loan interest reduce the cash surrender value to zero. If you surrender your Policy or your Policy lapses while there is an outstanding loan, there will generally be Federal income tax payable on the amount by which loans and partial withdrawals exceed the premiums paid. Since loans and partial withdrawals reduce your Policy's cash value, any remaining cash value may be insufficient to pay the income tax due. LIMITATIONS ON CASH VALUE IN THE FIXED ACCOUNT. Transfers to and from the Fixed Account must generally be in amounts of $50 or more. Partial withdrawals from the Fixed Account must be in amounts of $500 or more. The total amount of transfers and withdrawals from the Fixed Account in a Policy year may generally not exceed the greater of 25% of the Policy's cash surrender value in the Fixed Account at the beginning of the year, or the maximum transfer amount for the preceding Policy year. We may also limit the number of transfers and partial withdrawals and may impose a processing charge for transfers and partial withdrawals. We are not currently imposing the maximum limit on transfers and withdrawals from the Fixed Account, but we reserve the right to do so. It is important to note that if we impose the maximum limit on transfers and withdrawals from the Fixed Account, 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. A-6 TAX LAW CHANGES. Tax laws, regulations, and interpretations have often been changed in the past and such changes continue to be proposed. To the extent that you purchase a Policy based on expected tax benefits, relative to other financial or investment products or strategies, there is no certainty that such advantages will always continue to exist. RISKS OF THE PORTFOLIOS A comprehensive discussion of the risks associated with each of the Portfolios can be found in the Portfolio prospectuses, which you can obtain by calling 1-800-638-5000. THERE IS NO ASSURANCE THAT ANY OF THE PORTFOLIOS WILL ACHIEVE ITS STATED INVESTMENT OBJECTIVE. FEE TABLES The following tables describe the fees and expenses that a Policy Owner will pay when buying, owning and surrendering the Policy. The first table describes the fees and expenses that a Policy Owner will pay at the time he or she buys the Policy, surrenders the Policy or transfers cash value among accounts. If the amount of a charge varies depending on the Policy Owner's or the insured's individual characteristics (such as age, sex, or risk class), the tables below show the minimum and maximum charges we assess under the Policy across the range of all possible individual characteristics, as well as the charges for a specified typical Policy Owner or insured. THESE CHARGES MAY NOT BE REPRESENTATIVE OF THE CHARGES YOU WILL ACTUALLY PAY UNDER THE POLICY. Your Policy's specifications page will indicate the maximum charges applicable to your Policy, and more detailed information concerning your charges is available on request from our Designated Office. Also, before you purchase the Policy, we will provide you personalized illustrations of your future benefits under the Policy based on the insured's age and risk class, the death benefit option, face amount, planned periodic premiums and riders requested. TRANSACTION FEES
CHARGE WHEN CHARGE IS DEDUCTED CURRENT AMOUNT DEDUCTED MAXIMUM AMOUNT DEDUCTIBLE ------------------------------------------------------------------------------------------------------- Sales Charge Imposed on On payment of premium 2.25% of premiums paid 2.25% of each premium Premiums up to the Target Premium paid per Policy year/1/ ------------------------------------------------------------------------------------------------------- Premium Tax Imposed on On payment of premium 2.0% in all Policy years 2.0% in all Policy years Premiums ------------------------------------------------------------------------------------------------------- Federal Tax Imposed on On payment of premium 1.25% in all Policy years 1.25% in all Policy years Premiums -------------------------------------------------------------------------------------------------------
/1/The target premium varies based on individual characteristics, including the insured's issue age, risk class and except for unisex policies, sex. A-7
CHARGE WHEN CHARGE IS DEDUCTED CURRENT AMOUNT DEDUCTED MAXIMUM AMOUNT DEDUCTIBLE ----------------------------------------------------------------------------------------------------------------- Surrender Charge/1/ On surrender, lapse, or face amount reduction in the first ten Policy years (and, with respect to a face amount increase, in the first ten Policy years after the increase) MINIMUM AND In Policy year 1, $3.75 to In Policy year 1, $3.75 to MAXIMUM CHARGE $38.25 per $1,000 of base $38.25 per $1,000 of base Policy face amount/2/ Policy face amount/2/ CHARGE IN THE FIRST POLICY $14.00 per $1,000 of base $14.00 per $1,000 of base YEAR FOR A MALE INSURED, Policy face amount Policy face amount AGE 35, IN THE PREFERRED NONSMOKER RISK CLASS WITH A BASE POLICY FACE AMOUNT OF $350,000 ----------------------------------------------------------------------------------------------------------------- Transfer Charge/3/ On transfer of cash value Not currently charged $25 for each transfer among the Investment Divisions and to and from the Fixed Account ----------------------------------------------------------------------------------------------------------------- Partial Withdrawal Charge On partial withdrawal of Not currently charged $25 for each partial cash value withdrawal/4/ ----------------------------------------------------------------------------------------------------------------- Illustration of Benefits On provision of each Not currently charged $25 per illustration Charge illustration in excess of one per year -----------------------------------------------------------------------------------------------------------------
/1/The Surrender Charge varies based on individual characteristics, including the insured's issue age, risk class, sex (except for unisex policies), smoker status, and the Policy's face amount. The Surrender Charge may not be representative of the charge that a particular Policy Owner would pay. You can obtain more information about the Surrender Charge and other charges that would apply for a particular insured by contacting your registered representative. /2/No Surrender Charge will apply on up to 10% of cash surrender value withdrawn each year. The Surrender Charge will remain level for one to three Policy years, and will then begin to decline on a monthly basis until it reaches zero in the last month of the tenth Policy year. The Surrender Charge applies to requested face amount reductions as well as to face amount reductions resulting from a change in death benefit option. /3/The Portfolios in which the Investment Divisions invest may impose a redemption fee on shares held for a relatively short period. /4/If imposed, the partial withdrawal charge would be in addition to any Surrender Charge that is imposed. A-8 The next table describes the fees and expenses that a Policy Owner will pay periodically during the time that he or she owns the Policy, not including Portfolio fees and expenses. PERIODIC CHARGES OTHER THAN PORTFOLIO OPERATING EXPENSES
CHARGE WHEN CHARGE IS DEDUCTED CURRENT AMOUNT DEDUCTED MAXIMUM AMOUNT DEDUCTIBLE ----------------------------------------------------------------------------------------------------------------- Cost of Insurance/1/ MINIMUM AND Monthly $.01 to $83.33 per $1,000 $.02 to $83.33 per $1,000 MAXIMUM CHARGE of net amount at risk/2/ of net amount at risk/2/ CHARGE IN THE FIRST POLICY Monthly $.02 per $1,000 of net $.09 per $1,000 of net YEAR FOR A MALE INSURED, amount at risk amount at risk AGE 35, IN THE PREFERRED NONSMOKER RISK CLASS WITH A BASE POLICY FACE AMOUNT OF $350,000 ----------------------------------------------------------------------------------------------------------------- Policy Charge/3/ POLICY FACE AMOUNT LESS Monthly $12 in Policy year 1 $12 in Policy year 1 THAN $50,000 $9 in Policy years 2+ $9 in Policy years 2+ POLICY FACE AMOUNT OF Monthly $15 in Policy year 1 $15 in Policy year 1 $50,000 OR GREATER BUT $8 in Policy years 2+ $8 in Policy years 2+ LESS THAN $250,000 ----------------------------------------------------------------------------------------------------------------- Mortality and Expense Monthly .60% in Policy years 1-10 .80% in Policy years 1-10 Risk Charge (annual rate .35% in Policy years 11-19 .35% in Policy years 11-19 imposed on cash value in .20% in Policy years 20-29 .20% in Policy years 20-29 the Separate Account)/4/ .05% in Policy years 30+ .05% in Policy years 30+ ----------------------------------------------------------------------------------------------------------------- Coverage Expense Charge/5/ MINIMUM AND Monthly $.04 to $2.30 per $1,000 of $.04 to $2.30 per $1,000 MAXIMUM CHARGE base Policy face amount in of base Policy face first eight Policy years/6/ amount CHARGE FOR A MALE Monthly $.16 per $1,000 of base $.16 per $1,000 of base INSURED, AGE 35, IN THE Policy face amount in first Policy face amount PREFERRED NONSMOKER eight Policy years/6/ RISK CLASS WITH A BASE POLICY FACE AMOUNT OF $350,000 ----------------------------------------------------------------------------------------------------------------- Loan Interest Spread/7/ Annually (or on loan 1.00% of loan collateral in 1.00% of loan collateral in termination, if earlier) Policy years 1-10 Policy years 1-10 -----------------------------------------------------------------------------------------------------------------
/1/The cost of insurance charge varies based on individual characteristics, including the Policy's face amount and the insured's age, risk class and, except for unisex policies, sex. The cost of insurance charge may not be representative of the charge that a particular Policy Owner would pay. You can obtain more information about the cost of insurance or other charges that would apply for a particular insured by contacting your registered representative. /2/The net amount at risk is the difference between the death benefit (generally discounted at the monthly equivalent of 3% per year) and the Policy's cash value. /3/No Policy Charge applies to Policies issued with face amounts equal to or greater than $250,000. /4/The Mortality and Expense Risk Charge depends on the Policy's net cash value. The percentages shown in the Current Amount Deducted column apply if the Policy's net cash value is less than an amount equal to five Target Premiums. The percentages decrease as the Policy's net cash value, measured as a multiple of Target Premiums increases. If the Policy's net A-9 cash value is equal to or greater than five but less than ten Target Premiums, the charge is 0.55% in Policy years 1-10, 0.30% in Policy years 11-19, 0.15% in Policy years 20-29 and 0.05% thereafter. If the Policy's cash value is equal to or greater than ten but less than 20 Target Premiums, the charge is 0.30% in Policy years 1-10, 0.15% in Policy years 11-19, 0.10% in Policy years 20-29 and 0.05% thereafter. If the Policy's net cash value is equal to 20 or more Target Premiums, the charge is 0.15% in Policy years 1-10, 0.10% in Policy years 11-19, and 0.05% thereafter. For cash value allocated to the Oppenheimer Global Equity Investment Division, we are waiving a portion of the Mortality and Expense Risk Charge equal to the amount by which the underlying Portfolio's expenses exceed 0.62%. /5/If you surrender the Policy in the first Policy year (or in the first year following a face amount increase) we will deduct from the surrender proceeds an amount equal to the Coverage Expense Charges due for the remainder of the first Policy year (or the first year following the face amount increase). If the Policy's face amount is reduced in the first year following a face amount increase, we will deduct from the cash value an amount equal to the Coverage Expense Charges due for the remainder of the first year following the face amount increase. /6/The Coverage Expense Charge is imposed in Policy years 1-8 and, with respect to a requested face amount increase, during the first eight years following the increase. /7/We charge interest on Policy loans at an effective rate of 4.0% per year in Policy years 1-10 and 3.0% thereafter. Cash value we hold as security for the loan ("loan collateral") earns interest at an effective rate of not less than 3.0% per year. The loan interest spread is the difference between these interest rates. CHARGES FOR OPTIONAL FEATURES (RIDERS):
CHARGE WHEN CHARGE IS DEDUCTED CURRENT AMOUNT DEDUCTED MAXIMUM AMOUNT DEDUCTIBLE ---------------------------------------------------------------------------------------------------------------- Guaranteed Survivor Income Benefit Rider MINIMUM AND Monthly $.01 to $1.08 per $1,000 $.01 to $83.33 per $1,000 MAXIMUM CHARGE of Eligible Death Benefit of Eligible Death Benefit CHARGE FOR A MALE Monthly $.02 per $1,000 of Eligible $.02 per $1,000 of Eligible INSURED, AGE 35, IN THE Death Benefit Death Benefit PREFERRED NONSMOKER RISK CLASS WITH AN ELIGIBLE DEATH BENEFIT OF $350,000 ---------------------------------------------------------------------------------------------------------------- Children's Term Monthly $.40 per $1,000 of rider $.40 per $1,000 of rider Insurance Rider face amount face amount ---------------------------------------------------------------------------------------------------------------- Waiver of Monthly Deduction Rider MINIMUM AND Monthly $.00 to $61.44 per $100 $.00 to $61.44 per $100 MAXIMUM CHARGE of Monthly Deduction of Monthly Deduction CHARGE IN THE FIRST POLICY Monthly $6.30 per $100 of $6.30 per $100 of YEAR FOR A MALE INSURED, Monthly Deduction Monthly Deduction AGE 35, IN THE STANDARD NONSMOKER RISK CLASS ---------------------------------------------------------------------------------------------------------------- Waiver of Specified Premium Rider MINIMUM AND Monthly $.00 to $21.75 per $100 $.00 to $21.75 per $100 MAXIMUM CHARGE of Specified Premium of Specified Premium CHARGE IN THE FIRST POLICY Monthly $3.00 per $100 of $3.00 per $100 of YEAR FOR A MALE INSURED, Specified Premium Specified Premium AGE 35, IN THE STANDARD NONSMOKER RISK CLASS ----------------------------------------------------------------------------------------------------------------
A-10
CHARGE WHEN CHARGE IS DEDUCTED CURRENT AMOUNT DEDUCTED MAXIMUM AMOUNT DEDUCTIBLE -------------------------------------------------------------------------------------------------------------- Options to Purchase Additional Insurance Coverage Rider MINIMUM AND Monthly $.02 to $.25 per $1,000 of $.02 to $.25 per $1,000 of MAXIMUM CHARGE Option amount Option amount CHARGE FOR A MALE Monthly $.03 per $1,000 of Option $.03 per $1,000 of Option INSURED, AGE 35, IN THE amount amount PREFERRED NONSMOKER RISK CLASS -------------------------------------------------------------------------------------------------------------- Accidental Death Benefit Rider MINIMUM AND Monthly $.00 to $.34 per $1,000 of $.00 to $83.33 per $1,000 MAXIMUM CHARGE rider face amount of rider face amount CHARGE IN THE FIRST POLICY Monthly $.05 per $1,000 of rider $.08 per $1,000 of rider YEAR FOR A MALE INSURED, face amount face amount AGE 35, IN THE PREFERRED NONSMOKER RISK CLASS -------------------------------------------------------------------------------------------------------------- Guaranteed Minimum Death Benefit Rider MINIMUM AND Monthly $.03 to $.14 per $1,000 of $.03 to $83.33 per $1,000 MAXIMUM CHARGE net amount at risk of net amount at risk CHARGE FOR A MALE Monthly $.03 per $1,000 of net $.03 per $1,000 of net INSURED, AGE 35, IN THE amount at risk amount at risk PREFERRED NONSMOKER RISK CLASS -------------------------------------------------------------------------------------------------------------- Acceleration of Death At time of benefit Not currently charged One-time fee of $150 Benefit Rider payment -------------------------------------------------------------------------------------------------------------- Overloan Protection Rider At time of exercise One-time fee of 3.5% of One-time fee of 3.5% of Policy cash value Policy cash value --------------------------------------------------------------------------------------------------------------
ANNUAL PORTFOLIO OPERATING EXPENSES The next table describes the Portfolio fees and expenses that a Policy Owner may pay periodically during the time that he or she owns the Policy. The table shows the minimum and maximum total operating expenses charged by the Portfolios for the fiscal year ended December 31, 2012. Expenses of the Portfolios may be higher or lower in the future. More detail concerning each Portfolio's fees and expenses is contained in the table that follows and in the prospectus for each Portfolio.
MINIMUM MAXIMUM ------- ------- Total Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets, including management fees, distribution (12b-1) fees and other expenses). 0.28% 9.71%
A-11 The following table describes the annual operating expenses for each Portfolio for the year ended December 31, 2012, before and after applicable fee waivers and expense reimbursements: ANNUAL OPERATING EXPENSES (AS A PERCENTAGE OF AVERAGE NET ASSETS)
DISTRIBUTION ACQUIRED TOTAL FEE WAIVER NET TOTAL AND/OR FUND FEES ANNUAL AND/OR ANNUAL MANAGEMENT SERVICE (12B-1) OTHER AND OPERATING EXPENSE OPERATING FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES ---------- --------------- -------- --------- --------- ------------- --------- METROPOLITAN SERIES FUND -- CLASS A Baillie Gifford International Stock Portfolio.................................. 0.81% -- 0.10% -- 0.91% 0.10% 0.81% Barclays Aggregate Bond Index Portfolio..... 0.25% -- 0.04% -- 0.29% 0.01% 0.28% BlackRock Bond Income Portfolio............. 0.32% -- 0.04% -- 0.36% 0.00% 0.36% BlackRock Capital Appreciation Portfolio.... 0.70% -- 0.03% -- 0.73% 0.01% 0.72% BlackRock Diversified Portfolio............. 0.46% -- 0.07% -- 0.53% -- 0.53% BlackRock Large Cap Value Portfolio......... 0.63% -- 0.03% -- 0.66% 0.03% 0.63% Davis Venture Value Portfolio............... 0.70% -- 0.03% -- 0.73% 0.05% 0.68% Frontier Mid Cap Growth Portfolio........... 0.73% -- 0.05% -- 0.78% 0.02% 0.76% Jennison Growth Portfolio................... 0.61% -- 0.03% -- 0.64% 0.07% 0.57% Loomis Sayles Small Cap Core Portfolio...... 0.90% -- 0.07% 0.10% 1.07% 0.08% 0.99% Loomis Sayles Small Cap Growth Portfolio.................................. 0.90% -- 0.06% -- 0.96% 0.09% 0.87% Met/Artisan Mid Cap Value Portfolio......... 0.81% -- 0.04% -- 0.85% -- 0.85% MetLife Conservative Allocation Portfolio... 0.09% -- 0.02% 0.54% 0.65% 0.01% 0.64% MetLife Conservative to Moderate Allocation Portfolio.................................. 0.07% -- 0.01% 0.58% 0.66% 0.00% 0.66% MetLife Mid Cap Stock Index Portfolio....... 0.25% -- 0.07% 0.02% 0.34% 0.00% 0.34% MetLife Moderate Allocation Portfolio....... 0.06% -- -- 0.63% 0.69% 0.00% 0.69% MetLife Moderate to Aggressive Allocation Portfolio.................................. 0.06% -- 0.01% 0.67% 0.74% 0.00% 0.74% MetLife Stock Index Portfolio............... 0.25% -- 0.03% -- 0.28% 0.01% 0.27% MFS(R) Total Return Portfolio............... 0.55% -- 0.05% -- 0.60% -- 0.60% MFS(R) Value Portfolio...................... 0.70% -- 0.03% -- 0.73% 0.13% 0.60% MSCI EAFE(R) Index Portfolio................ 0.30% -- 0.11% 0.01% 0.42% 0.00% 0.42% Neuberger Berman Genesis Portfolio.......... 0.82% -- 0.04% -- 0.86% 0.01% 0.85% Russell 2000(R) Index Portfolio............. 0.25% -- 0.08% 0.09% 0.42% 0.00% 0.42% T. Rowe Price Large Cap Growth Portfolio.................................. 0.60% -- 0.04% -- 0.64% 0.01% 0.63% T. Rowe Price Small Cap Growth Portfolio.................................. 0.49% -- 0.06% -- 0.55% -- 0.55% Van Eck Global Natural Resources Portfolio.................................. 0.78% -- 0.04% 0.02% 0.84% 0.01% 0.83% Western Asset Management Strategic Bond Opportunities Portfolio.................... 0.60% -- 0.05% -- 0.65% 0.04% 0.61% Western Asset Management U.S. Government Portfolio....................... 0.47% -- 0.03% -- 0.50% 0.02% 0.48% MET INVESTORS SERIES TRUST AllianceBernstein Global Dynamic Allocation Portfolio -- Class B....................... 0.62% 0.25% 0.04% 0.01% 0.92% 0.01% 0.91% American Funds(R) Balanced Allocation Portfolio -- Class B....................... 0.06% 0.25% 0.01% 0.38% 0.70% -- 0.70% American Funds(R) Growth Allocation Portfolio -- Class B....................... 0.07% 0.25% 0.01% 0.38% 0.71% -- 0.71% American Funds(R) Moderate Allocation Portfolio -- Class B....................... 0.06% 0.25% 0.01% 0.37% 0.69% -- 0.69%
A-12
DISTRIBUTION ACQUIRED TOTAL FEE WAIVER NET TOTAL AND/OR FUND FEES ANNUAL AND/OR ANNUAL MANAGEMENT SERVICE (12B-1) OTHER AND OPERATING EXPENSE OPERATING FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES ---------- --------------- -------- --------- --------- ------------- --------- AQR Global Risk Balanced Portfolio -- Class B...................................... 0.61% 0.25% 0.12% 0.06% 1.04% 0.01% 1.03% BlackRock Global Tactical Strategies Portfolio -- Class B......................... 0.66% 0.25% 0.02% 0.21% 1.14% 0.02% 1.12% BlackRock Large Cap Core Portfolio -- Class A...................................... 0.59% -- 0.05% -- 0.64% 0.01% 0.63% Clarion Global Real Estate Portfolio -- Class A...................................... 0.60% -- 0.06% -- 0.66% -- 0.66% 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 Balanced-Risk Allocation Portfolio -- Class B...................................... 0.66% 0.25% 0.12% 0.06% 1.09% -- 1.09% Invesco Small Cap Growth Portfolio -- Class A...................................... 0.85% -- 0.02% -- 0.87% 0.01% 0.86% Janus Forty Portfolio -- Class A.............. 0.63% -- 0.03% -- 0.66% 0.01% 0.65% JPMorgan Global Active Allocation Portfolio -- Class B......................... 0.79% 0.25% 0.28% -- 1.32% 0.07% 1.25% JPMorgan Small Cap Value Portfolio -- Class A...................................... 0.78% -- 0.06% -- 0.84% 0.09% 0.75% Loomis Sayles Global Markets Portfolio -- Class A...................................... 0.70% -- 0.09% -- 0.79% -- 0.79% 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% Met/Templeton International Bond Portfolio -- Class A......................... 0.60% -- 0.13% -- 0.73% -- 0.73% MetLife Aggressive Strategy Portfolio -- Class A...................................... 0.09% -- 0.01% 0.72% 0.82% -- 0.82% MetLife Balanced Plus Portfolio -- Class B...................................... 0.25% 0.25% 0.01% 0.43% 0.94% 0.01% 0.93% MetLife Growth Strategy Portfolio -- Class A...................................... 0.06% -- -- 0.69% 0.75% -- 0.75% MetLife Multi-Index Targeted Risk Portfolio -- Class B......................... 0.18% 0.25% 9.02% 0.26% 9.71% 8.85% 0.86% MFS(R) Emerging Markets Equity Portfolio -- Class A...................................... 0.91% -- 0.16% -- 1.07% 0.02% 1.05% MFS(R) Research International Portfolio -- Class A...................................... 0.68% -- 0.07% -- 0.75% 0.05% 0.70% 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% Pyramis(R) Managed Risk Portfolio -- Class B...................................... 0.45% 0.25% 0.27% 0.48% 1.45% 0.17% 1.28% Schroders Global Multi-Asset Portfolio -- Class B...................................... 0.67% 0.25% 0.32% 0.14% 1.38% 0.14% 1.24% SSgA Growth and Income ETF Portfolio -- Class A...................................... 0.31% -- 0.01% 0.24% 0.56% -- 0.56%
A-13
DISTRIBUTION ACQUIRED TOTAL FEE WAIVER NET TOTAL AND/OR FUND FEES ANNUAL AND/OR ANNUAL MANAGEMENT SERVICE (12B-1) OTHER AND OPERATING EXPENSE OPERATING FEE FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES ---------- --------------- -------- --------- --------- ------------- --------- SSgA Growth ETF Portfolio -- Class A....... 0.32% -- 0.03% 0.25% 0.60% -- 0.60% T. Rowe Price Mid Cap Growth Portfolio -- Class A................................... 0.75% -- 0.03% -- 0.78% -- 0.78% AMERICAN FUNDS INSURANCE SERIES(R) -- CLASS 2 American Funds Bond Fund................... 0.37% 0.25% 0.02% -- 0.64% -- 0.64% American Funds Global Small Capitalization Fund...................................... 0.71% 0.25% 0.04% -- 1.00% -- 1.00% American Funds Growth Fund................. 0.33% 0.25% 0.02% -- 0.60% -- 0.60% American Funds Growth-Income Fund.......... 0.27% 0.25% 0.02% -- 0.54% -- 0.54% FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST -- CLASS 2 Franklin Income Securities Fund............ 0.45% 0.25% 0.02% -- 0.72% -- 0.72% Mutual Shares Securities Fund.............. 0.60% 0.25% 0.11% -- 0.96% -- 0.96%
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. THE AMERICAN FUNDS INSURANCE SERIES AND THE FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST ARE NOT AFFILIATED WITH METROPOLITAN LIFE INSURANCE COMPANY. FOR INFORMATION CONCERNING COMPENSATION PAID FOR THE SALE OF THE POLICIES, SEE "DISTRIBUTION OF THE POLICIES." A-14 HOW THE POLICY WORKS [FLOW CHART] PREMIUM PAYMENTS - Flexible - Planned premium options - Guaranteed Minimum Death Benefit premium (5-year, 20-year, or to age 65) CHARGES FROM PREMIUM PAYMENTS - Sales Load: 2.25% up to Target Premium per Policy year (maximum 2.25% on all premiums) - Premium Tax Charge: 2.0% - Charge for Federal Taxes: 1.25% CASH VALUES - Net premium payments invested in your choice of Portfolio investments (after an initial period in the Fixed Account) or the Fixed Account - The cash value reflects investment experience, interest, premium payments, policy charges and any distributions from the Policy - We do not guarantee the cash value invested in the Portfolios - Any earnings you accumulate are generally free of any current income taxes - You may change the allocation of future net premiums at any time. You may transfer funds among Investment Divisions (and to the Fixed Account). Currently we do not limit the number of Investment Division transfers you can make in a Policy year (subject to restrictions we impose on frequent transfers). - We reserve the right to impose a $25 charge on each partial withdrawal and on each Investment Division transfer (including a transfer between an Investment Division and the Fixed Account) - We may limit the amount of transfers from (and in some cases to) the Fixed Account LOANS - You may borrow your cash value - Loan interest charge is 4.0% in Policy years 1-10 and 3.0% thereafter. - We transfer loaned funds out of the Fixed Account and the Investment Divisions into the Loan Account where we credit them with not less than 3.0% interest. RETIREMENT BENEFITS - Fixed settlement options are available for policy proceeds DEATH BENEFIT - Level, Variable and combined Level/Variable Death Benefit Options - Guaranteed not to be less than face amount (less any loan and loan interest) if the Guaranteed Minimum Death Benefit is in effect. - On or after age 121, under Options A and C, equal to the greater of (1) the face amount of the Policy as of the insured's age 121; and (2) 101% of the Policy's cash value. Under Option B, the face amount of the Policy as of the insured's age 121, plus the Policy's cash value. - Generally income tax free to named beneficiary; may be subject to estate tax. DAILY DEDUCTIONS FROM ASSETS OF THE SEPARATE ACCOUNT - Investment advisory fees and other expenses are deducted from the Portfolio values BEGINNING OF MONTH CHARGES - We deduct the cost of insurance protection (reflecting any substandard risk rating) from the cash value each month - Any Rider Charges - Policy Charge: $15.00 per month first year and $8.00 per month thereafter for Policies issued with face amounts of $50,000 or greater, but less than $250,000; $12.00 per month first year and $9.00 per month thereafter for Policies issued with face amounts of less than $50,000 - Coverage Expense Charge: Monthly charge imposed on base Policy face amount that applies during the first eight Policy years or during the first eight years following a face amount increase (in all years on a guaranteed basis). - Mortality and Expense Risk Charge applied against the cash value in the Separate Account at a maximum annual rate of .80% in Policy years 1-10; .35% in Policy years 11-19; .20% in Policy years 20-29; and .05% thereafter SURRENDER CHARGE - Applies on lapse, surrender, face amount reduction, or partial withdrawal or change in death benefit option that results in face reduction in first ten Policy years (or in the first ten Policy years following a face amount increase). Maximum charge applies in up to the first three Policy years. Thereafter, the charge decreases on a monthly basis over the remaining years of the surrender charge period. LIVING BENEFITS - If policyholder has elected and qualified for benefits for disability and becomes totally disabled, we will waive the monthly deduction or a specified amount of monthly premium during the period of disability up to certain limits. - You may surrender the Policy at any time for its cash surrender value - Deferred income taxes, including taxes on certain amounts borrowed, become payable upon surrender or lapse - Grace period for lapsing with no value is 62 days from the first date in which Monthly Deduction was not paid due to insufficient cash value - Subject to our rules, you may reinstate a lapsed Policy within three years of date of lapse if it has not been surrendered A-15 THE COMPANY, THE SEPARATE ACCOUNT AND THE PORTFOLIOS THE COMPANY Metropolitan Life Insurance Company is a wholly-owned subsidiary of MetLife, Inc., a publicly traded company. Our principal office is located at 200 Park Avenue, New York, New York 10166. MetLife is licensed to sell life insurance in all states and the District of Columbia, but we only offer the Policies in New York. We are obligated to pay all benefits under the Policies. THE SEPARATE ACCOUNT Metropolitan Life Separate Account UL is the funding vehicle for the Policies and other variable life insurance policies that we issue. 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 or losses. Although we own the assets of the Separate Account, applicable law provides that the portion of the Separate Account assets equal to the reserves and other liabilities of the Separate Account may not be charged with liabilities that arise out of any other business we conduct. This means that the assets of the Separate Account are not available to meet the claims of our general creditors, and may only be used to support the cash values of the variable life insurance policies issued by 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. 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. THE PORTFOLIOS Each Investment Division of the Separate Account invests in a corresponding Portfolio. Each Portfolio is part of an open-end management investment company, more commonly known as a mutual fund, that serves as an investment vehicle for variable life insurance and variable annuity separate accounts of various insurance companies. The mutual funds that offer the Portfolios are the Metropolitan Series Fund, the Met Investors Series Trust, the American Funds Insurance Series and the Franklin Templeton Variable Insurance Products Trust. Each of these mutual funds has an investment adviser responsible for overall management of the fund. Some investment advisers have contracted with sub-advisers to make the day-to-day investment decisions for the Portfolios. The adviser, sub-adviser and investment objective of each Portfolio are as follows:
METROPOLITAN SERIES FUND ADVISER: METLIFE ADVISERS, LLC PORTFOLIO SUB-ADVISER INVESTMENT OBJECTIVE --------- ----------- -------------------- Baillie Gifford International Stock Baillie Gifford Overseas Limited Long-term growth of capital. Portfolio Barclays Aggregate Bond Index MetLife Investment Management, To track the performance of the Portfolio (formerly Barclays LLC/1/ Barclays U.S. Aggregate Bond Capital Aggregate Bond Index Index. Portfolio)
A-16
PORTFOLIO SUB-ADVISER INVESTMENT OBJECTIVE --------- ----------- -------------------- BlackRock Bond Income Portfolio BlackRock Advisors, LLC A competitive total return primarily from investing in fixed-income securities. BlackRock Capital Appreciation BlackRock Advisors, LLC Long-term growth of capital. Portfolio (formerly BlackRock Legacy Large Cap Growth Portfolio) BlackRock Diversified Portfolio BlackRock Advisors, LLC High total return while attempting to limit investment risk and preserve capital. BlackRock Large Cap Value Portfolio BlackRock Advisors, LLC Long-term growth of capital. Davis Venture Value Portfolio Davis Selected Advisers, L.P. Growth of capital. Frontier Mid Cap Growth Portfolio Frontier Capital Management Maximum capital appreciation. (formerly BlackRock Aggressive Company, LLC/2/ Growth Portfolio) Jennison Growth Portfolio Jennison Associates LLC Long-term growth of capital. Loomis Sayles Small Cap Core Loomis, Sayles & Company, L.P. Long-term capital growth from Portfolio investments in common stocks or other equity securities. Loomis Sayles Small Cap Growth Loomis Sayles & Company, L.P. Long-term capital growth. Portfolio Met/Artisan Mid Cap Value Portfolio Artisan Partners Limited Partnership Long-term capital growth. MetLife Conservative Allocation N/A A high level of current income, with Portfolio growth of capital as a secondary objective. MetLife Conservative to Moderate N/A A high total return in the form of Allocation Portfolio income and growth of capital, with a greater emphasis on income. MetLife Mid Cap Stock Index MetLife Investment Management, To track the performance of the Portfolio LLC/1/ Standard & Poor's MidCap 400(R) Composite Stock Price Index. MetLife Moderate Allocation N/A A balance between a high level of Portfolio current income and growth of capital, with a greater emphasis on growth of capital. MetLife Moderate to Aggressive N/A Growth of capital. Allocation Portfolio MetLife Stock Index Portfolio MetLife Investment Management, To track the performance of the LLC/1/ Standard & Poor's 500(R) Composite Stock Price Index. MFS(R) Total Return Portfolio Massachusetts Financial Services Favorable total return through Company investment in a diversified portfolio. MFS(R) Value Portfolio Massachusetts Financial Services Capital appreciation. Company MSCI EAFE(R) Index Portfolio MetLife Investment Management, To track the performance of the LLC/1/ MSCI EAFE(R) Index. Neuberger Berman Genesis Neuberger Berman Management High total return, consisting Portfolio LLC principally of capital appreciation.
A-17
PORTFOLIO SUB-ADVISER INVESTMENT OBJECTIVE --------- ----------- -------------------- Russell 2000(R) Index Portfolio MetLife Investment Management, To track the performance of the LLC/1/ Russell 2000(R) Index. T. Rowe Price Large Cap Growth T. Rowe Price Associates, Inc. Long-term growth of capital and, Portfolio secondarily, dividend income. T. Rowe Price Small Cap Growth T. Rowe Price Associates, Inc. Long-term capital growth. Portfolio Van Eck Global Natural Resources Van Eck Associates Corporation Long-term capital appreciation with Portfolio income as a secondary consideration. Western Asset Management Western Asset Management To maximize total return consistent Strategic Bond Opportunities Company with preservation of capital. Portfolio Western Asset Management U.S. Western Asset Management To maximize total return consistent Government Portfolio Company with preservation of capital and maintenance of liquidity. MET INVESTORS SERIES TRUST ADVISER: METLIFE ADVISERS, LLC PORTFOLIO SUB-ADVISER INVESTMENT OBJECTIVE --------- ----------- -------------------- AllianceBernstein Global Dynamic AllianceBernstein L.P. Seeks capital appreciation and Allocation Portfolio current income. American Funds(R) Balanced N/A A balance between a high level of Allocation Portfolio current income and growth of capital, with a greater emphasis on growth of capital. American Funds(R) Growth Allocation N/A Growth of capital. Portfolio American Funds(R) Moderate N/A A high total return in the form of Allocation Portfolio income and growth of capital, with a greater emphasis on income. AQR Global Risk Balanced Portfolio AQR Capital Management, LLC Seeks total return. BlackRock Global Tactical Strategies BlackRock Financial Management, Seeks capital appreciation and Portfolio Inc. current income. BlackRock Large Cap Core Portfolio BlackRock Advisors, LLC Long-term capital growth. Clarion Global Real Estate Portfolio CBRE Clarion Securities LLC Total return through investment in real estate securities, emphasizing both capital appreciation and current income. ClearBridge Aggressive Growth ClearBridge Investments, LLC Capital appreciation. Portfolio (formerly Legg Mason (formerly ClearBridge Advisors, ClearBridge Aggressive Growth LLC) Portfolio) Harris Oakmark International Harris Associates L.P. Long-term capital appreciation. Portfolio Invesco Balanced-Risk Allocation Invesco Advisers, Inc. Seeks total return. Portfolio Invesco Small Cap Growth Portfolio Invesco Advisers, Inc. Long-term growth of capital. Janus Forty Portfolio Janus Capital Management LLC Capital appreciation. JPMorgan Global Active Allocation J.P. Morgan Investment Seeks capital appreciation and Portfolio Management Inc. current income.
A-18
PORTFOLIO SUB-ADVISER INVESTMENT OBJECTIVE --------- ----------- -------------------- JPMorgan Small Cap Value Portfolio J.P. Morgan Investment Long-term capital growth. (formerly Dreman Small Cap Management Inc./3/ Value Portfolio) Loomis Sayles Global Markets Loomis Sayles & Company, L.P. High total investment return Portfolio through a combination of capital appreciation and income. Lord Abbett Bond Debenture Lord, Abbett & Co. LLC High current income and the Portfolio opportunity for capital appreciation to produce a high total return. Lord Abbett Mid Cap Value Portfolio Lord, Abbett & Co. LLC Capital appreciation through investments, primarily in equity securities, which are believed to be undervalued in the marketplace. Met/Templeton International Bond Franklin Advisers, Inc. Current income with capital Portfolio appreciation and growth of income. MetLife Aggressive Strategy N/A Growth of capital. Portfolio MetLife Balanced Plus Portfolio Pacific Investment Management A balance between a high level of Company LLC current income and growth of capital, with a greater emphasis on growth of capital. MetLife Growth Strategy Portfolio N/A Growth of capital. MetLife Multi-Index Targeted Risk N/A Seeks a balance between growth of Portfolio capital and current income, with a greater emphasis on growth of capital. MFS(R) Emerging Markets Equity Massachusetts Financial Services Capital appreciation. Portfolio Company MFS(R) Research International Massachusetts Financial Services Capital appreciation. Portfolio Company Morgan Stanley Mid Cap Growth Morgan Stanley Investment Capital appreciation. Portfolio Management Inc. Oppenheimer Global Equity Portfolio OppenheimerFunds, Inc. Capital appreciation. PIMCO Inflation Protected Bond Pacific Investment Management Maximum real return, consistent Portfolio Company LLC with preservation of capital and prudent investment management. PIMCO Total Return Portfolio Pacific Investment Management Maximum total return, consistent Company LLC with the preservation of capital and prudent investment management. Pyramis Managed Risk Portfolio Pyramis Global Advisors, LLC Seeks total return. Schroders Global Multi-Asset Schroder Investment Management Seeks capital appreciation and Portfolio North America Inc. current income. SSgA Growth and Income ETF SSgA Funds Management, Inc. Growth of capital and income. Portfolio SSgA Growth ETF Portfolio SSgA Funds Management, Inc. Growth of capital. T. Rowe Price Mid Cap Growth T. Rowe Price Associates, Inc. Long-term growth of capital. Portfolio
A-19
AMERICAN FUNDS INSURANCE SERIES(R) ADVISER: CAPITAL RESEARCH AND MANAGEMENT COMPANY PORTFOLIO SUB-ADVISER INVESTMENT OBJECTIVE --------- ----------- -------------------- American Funds Bond Fund N/A As high a level of current income as is consistent with the preservation of capital. American Funds Global Small N/A Long-term growth of capital. Capitalization Fund American Funds Growth Fund N/A Growth of capital. American Funds Growth-Income N/A Long-term growth of capital and Fund income. FRANKLIN TEMPLETON VARIABLE INSURANCE PRODUCTS TRUST PORTFOLIO ADVISER INVESTMENT OBJECTIVE --------- ------- -------------------- Franklin Income Securities Fund Franklin Advisers, Inc. Seeks to maximize income while maintaining prospects for capital appreciation. Mutual Shares Securities Fund Franklin Mutual Advisers, LLC Seeks capital appreciation, with income as a secondary goal.
---------- /1/Formerly MetLife Investment Advisors Company, LLC. /2/Prior to January 7, 2013, BlackRock Advisors, LLC was the sub-adviser to the Portfolio. /3/Prior to April 29, 2013, Dreman Value Management, LLC was the sub-adviser to the Portfolio. FOR MORE INFORMATION REGARDING THE PORTFOLIOS AND THEIR INVESTMENT ADVISERS AND SUB-ADVISERS, SEE THE PORTFOLIO PROSPECTUSES AND THEIR STATEMENTS OF ADDITIONAL INFORMATION, WHICH YOU CAN OBTAIN BY CALLING 1-800-638-5000. The Portfolios' investment objectives may not be met. The investment objectives and policies of certain Portfolios are similar to the investment objectives and policies of other funds that may be managed by the same investment adviser or sub-adviser. The investment results of the Portfolios may be higher or lower than the results of these funds. There is no assurance, and no representation is made, that the investment results of any of the Portfolios will be comparable to the investment results of any other fund. SHARE CLASSES OF THE PORTFOLIOS The Portfolios offer various classes of shares, each of which has a different level of expenses. The prospectuses for the Portfolios may provide information for share classes that are not available through the Policy. When you consult the prospectus for any Portfolio, you should be careful to refer to only the information regarding the class of shares that is available through the Policy. For the Metropolitan Series Fund, we offer Class A shares only; for the Met Investors Series Trust, we offer Class A and Class B shares; and for the American Funds Insurance Series and the Franklin Templeton Variable Insurance Products Trust, we offer Class 2 shares only. CERTAIN PAYMENTS WE RECEIVE WITH REGARD TO THE PORTFOLIOS An investment adviser (other than our affiliate MetLife Advisers, LLC) or subadviser 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 our 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 Portfolio 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 subadvisers (or other affiliates) may pay us more than others. These percentages currently range up to 0.50%. Additionally, an investment adviser (other than our A-20 affiliate MetLife Advisers, LLC) or subadviser of a Portfolio or its affiliates may provide us with wholesaling services that assist in the distribution of the Policies and may pay us and/or certain of our affiliates amounts to participate in sales meetings. These amounts may be significant and may provide the adviser or subadviser (or their affiliates) with increased access to persons involved in the distribution of the Policies. We and/or certain of our affiliated insurance companies have joint ownership interests in our affiliated investment adviser MetLife Advisers, LLC, which is formed 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 the Portfolios. We will benefit accordingly from assets allocated to the Portfolios to the extent they result in profits to the adviser. (See "Fee Tables--Annual Portfolio Operating Expenses" for information on the management fees paid by the Portfolios and the Statement of Additional Information for the Portfolios for information on the management fees paid by the adviser to the subadvisers.) Certain Portfolios have adopted a Distribution Plan under Rule 12b-1 of the Investment Company Act of 1940. A Portfolio's 12b-1 Plan, if any, is described in more detail in the Portfolio's prospectus. (See "Fee Tables--Annual Portfolio Expenses" and "Distribution of the Policies.") Any payments we receive pursuant to those 12b-1 Plans are paid to us or our Distributor. Payments under a Portfolio's 12b-1 Plan decrease the Portfolio's investment return. For specific information on the amounts we may receive on account of your investment in the Portfolios, you may call 1-800-638-5000. SELECTION OF THE PORTFOLIOS We select the Portfolios offered through the Policy based on a number of criteria, including asset class coverage, the strength of the adviser's or 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. We review the Portfolios periodically and may remove a Portfolio or limit its availability to new premium payments and/or transfers of cash value if we determine that the Portfolio no longer meets one or more of the selection criteria, and/or if the Portfolio has not attracted significant allocations from Policy owners. We may include Portfolios based on recommendations from selling firms. In some cases, the selling firms may receive payments from the Portfolios they recommend and may benefit accordingly from the allocation of cash value to such Portfolios. WE DO NOT PROVIDE ANY 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. We make certain payments to American Funds Distributors, Inc., principal underwriter for the American Funds Insurance Series. (See "Distribution of the Policies.") VOTING RIGHTS We own the Portfolio shares held in the Separate Account and have the right to vote those shares at meetings of the Portfolio shareholders. However, to the extent required by Federal securities law, we will give you, as Policy Owner, the right to instruct us how to vote the shares that are attributable to your Policy. We will determine, as of the record date, if you are entitled to give voting instructions and the number of shares to which you have a right of instruction. If we do not receive timely instructions from you, we will vote your shares for, against, or withhold from voting on, any proposition in the same proportion as the shares held in that Investment Division for all policies for which we have received voting instructions. The effect of this proportional voting is that a small number of Policy Owners may control the outcome of a vote. A-21 We will vote Portfolio shares held by our general account (or any unregistered separate account for which voting privileges were not extended) in the same proportion as the total of (i) shares for which voting instructions were received and (ii) shares that are voted in proportion to such voting instructions. We may disregard voting instructions for changes in the investment policy, investment adviser or principal underwriter of a Portfolio if required by state insurance law, or if we (i) reasonably disapprove of the changes and (ii) in the case of a change in investment policy or investment adviser, make a good faith determination that the proposed change is prohibited by state authorities or inconsistent with an Investment Division's investment objectives. If we do disregard voting instructions, the next semi-annual report to Policy Owners will include a summary of that action and the reasons for it. RIGHTS RESERVED BY METLIFE We and our affiliates may change the voting procedures and vote Portfolio shares without Policy Owner instructions, if the securities laws change. We also reserve the right: (1) to add Investment Divisions; (2) to combine Investment Divisions; (3) to substitute shares of another registered open-end management investment company, which may have different fees and expenses, for shares of a Portfolio; (4) to substitute or close an Investment Division to allocations of premium payments or cash value or both, and to existing investments or the investment of future premiums, or both, for any class of Policy or Policy Owner, at any time in our sole discretion; (5) to operate the Separate Account as a management investment company under the Investment Company Act of 1940 or in any other form; (6) to deregister the Separate Account under the Investment Company Act of 1940; (7) to combine it with other Separate Accounts; and (8) to transfer assets supporting the Policies from one Investment Division to another or from the Separate Account to other Separate Accounts, or to transfer assets to our general account as permitted by applicable law. We will exercise these rights in accordance with applicable law, including approval of Policy Owners if required. We will notify you if exercise of any of these rights would result in a material change in the Separate Account or its investments. We will not make any changes without receiving any necessary approval of the SEC and the New York Insurance Department. We will notify you of any changes. THE POLICIES PURCHASING A POLICY To purchase a Policy, you must submit a completed application and an initial premium to us at our Designated Office. (See "Receipt of Communications and Payments at MetLife's Designated Office.") The minimum face amount for the base Policy is $50,000 unless we consent to a lower amount. For Policies acquired through a pension or profit sharing plan qualified under Section 401 of the Internal Revenue Code of 1986, the minimum face amount is $25,000. The Policies are available for insureds age 85 or younger. We can provide you with details as to our underwriting standards when you apply for a Policy. We reserve the right to modify our minimum face amount and underwriting requirements at any time. We must receive evidence of insurability that satisfies our underwriting standards before we will issue a Policy. We reserve the right to reject an application for any reason permitted by law. We offer other variable life insurance policies that have different death benefits, Policy features, and optional programs. However, these other policies also have different charges that would affect your Investment Division performance and cash values. To obtain more information about these other policies, including their eligibility requirements, contact our Designated Office or your registered representative. REPLACING EXISTING INSURANCE It may not be in your best interest to surrender, lapse, change, or borrow from existing life insurance policies or annuity contracts in connection with the purchase of the Policy. You should compare your existing insurance and the Policy carefully. You should replace your existing insurance only when you determine that the Policy is A-22 better for you. You may have to pay a surrender charge on your existing insurance, and the Policy will impose a new surrender charge period. You should talk to your financial professional or tax adviser to make sure the exchange will be tax-free. If you surrender your existing policy for cash and then buy the Policy, you may have to pay a tax, including possibly a penalty tax, on the surrender. Because we may not issue the Policy until we have received an initial premium from your existing insurance company, the issuance of the Policy may be delayed. POLICY OWNER AND BENEFICIARY The Policy Owner is named in the application but may be changed from time to time. While the insured is living and the Policy is in force, the Policy Owner may exercise all the rights and options described in the Policy, subject to the terms of any beneficiary designation or assignment of the Policy. These rights include selecting and changing the beneficiary, changing the owner, changing the face amount of the Policy and assigning the Policy. At the death of the Policy Owner who is not the insured, his or her estate will become the Policy Owner unless a successor Policy Owner has been named. The Policy Owner's rights (except for rights to payment of benefits) terminate at the death of the insured. The beneficiary is also named in the application. You may change the beneficiary at any time before the death of the insured, unless the beneficiary designation is irrevocable. The beneficiary has no rights under the Policy until the death of the insured and must survive the insured in order to receive the death proceeds. If no named beneficiary survives the insured, we pay proceeds to the Policy Owner. A change of Policy Owner or beneficiary is subject to all payments made and actions taken by us under the Policy before we receive a signed change form. You can contact your registered representative or our Designated Office for the procedure to follow. You may assign (transfer) your rights in the Policy to someone else. An absolute assignment of the Policy is a change of Policy Owner and beneficiary to the assignee. A collateral assignment of the Policy does not change the Policy Owner or beneficiary, but their rights will be subject to the terms of the assignment. Assignments are subject to all payments made and actions taken by us under the Policy before we receive a signed copy of the assignment form. We are not responsible for determining whether or not an assignment is valid. Changing the Policy Owner or assigning the Policy may have tax consequences. (See "Tax Considerations" below.) 24 MONTH CONVERSION RIGHT GENERAL RIGHT. Generally, during the first two Policy years, or in the event of a material change in the investment policy of the Separate Account, you may convert the Policy to fixed benefit coverage by exchanging the Policy for a fixed benefit life insurance policy agreed to by us and issued by us or an affiliate that we name PROVIDED THAT you repay any Policy loans and loan interest, and the Policy has not lapsed. We make the exchange without evidence of insurability. The new policy will have the same base Policy face amount as that being exchanged. The new policy will have the same issue age, risk class and Policy Date as the variable life Policy had. Contact our Designated Office or your registered representative for more specific information about the 24 Month Conversion Right. The exchange may result in a cost or credit to you. On the exchange, you may need to make an immediate premium payment on the new policy in order to keep it in force. EXCHANGE RIGHT At least once each year you have the option to transfer all of your cash value to the Fixed Account and apply the cash surrender value to a new policy issued by us or an affiliate which provides paid-up insurance. Paid-up insurance is permanent insurance with no further premiums due. The face amount of the new policy of paid-up insurance may be less than the face amount of the Policy. PREMIUMS FLEXIBLE PREMIUMS Subject to the limits described below, you choose the amount and frequency of premium payments. You select a Planned Premium schedule, which consists of a first-year premium amount and an amount for subsequent A-23 premium payments. This schedule appears in your Policy. YOUR PLANNED PREMIUMS WILL NOT NECESSARILY KEEP YOUR POLICY IN FORCE. You may skip Planned Premium payments or make additional payments. Additional payments could be subject to underwriting. No payment can be less than $50, except with our consent. You can pay Planned Premiums on an annual, semi-annual or quarterly schedule, or on a monthly schedule if payments are drawn directly from your checking account under our pre-authorized checking arrangement. We will send premium notices for annual, semi-annual or quarterly Planned Premiums. You may make payments by check or through our pre-authorized checking arrangement. You can change your Planned Premium schedule by sending your request to us at our Designated Office. You may not make premium payments on or after the Policy anniversary when the insured reaches age 121, except for premiums required during the grace period. If any payments under the Policy exceed the "7-pay limit" under Federal tax law, your Policy will become a modified endowment contract and you may have more adverse tax consequences with respect to certain distributions than would otherwise be the case if premium payments did not exceed the "7-pay limit." The amount of your "7-pay limit" is shown in your Policy illustration and in your annual Policy statement. If you make a payment that exceeds the "7-pay limit" we will notify you and give you an opportunity to receive a refund of the excess premium to prevent your Policy from becoming a modified endowment contract. (See "Tax Considerations.") In addition, if you have selected the guideline premium test, Federal tax law limits the amount of premiums that you can pay under the Policy. You need our consent if, because of tax law requirements, a payment would increase the Policy's death benefit by more than it would increase cash value. We may require evidence of insurability before accepting the payment. We allocate net payments to your Policy's Investment Divisions as of the date we receive the payments at our Designated Office (or at our Administrative Office in Tampa, Florida), if they are received before the close of regular trading on the New York Stock Exchange. Payments received after that time, or on a day that the New York Stock Exchange is not open, will be allocated to your Policy's Investment Divisions on the next day that the New York Stock Exchange is open. (See "Receipt of Communications and Payments at MetLife's Designated Office.") Under our current processing, we treat any payment received by us as a premium payment unless it is clearly marked as a loan repayment. AMOUNT PROVIDED FOR INVESTMENT UNDER THE POLICY INVESTMENT START DATE. Your initial net premium is credited with Fixed Account interest as of the investment start date. The investment start date is the later of the Policy Date and the date we first receive a premium payment for the Policy at our Designated Office. (See "Receipt of Communications and Payments at MetLife's Designated Office.") PREMIUM WITH APPLICATION. If you make a premium payment with the application, unless you request otherwise, the Policy Date is the date the policy application is approved. Monthly Deductions begin on the Policy Date. You may only make one premium payment with the application. The minimum amount you must pay is set forth in the application. If we decline an application, we refund the premium payment made. If you make a premium payment with the application, we will cover the insured under a temporary insurance agreement beginning on the later of the date the application is signed or on the date of any required medical examination. (See "Death Benefits.") PREMIUM ON DELIVERY. If you pay the initial premium upon delivery of the Policy, unless you request otherwise, the Policy Date and the investment start date are the date your premium payment is received at our Designated Office. Monthly Deductions begin on the Policy Date. BACKDATING. We may sometimes backdate a Policy, if you request, by assigning a Policy Date earlier than the date the Policy application is approved. You may wish to backdate so that you can obtain lower cost of insurance rates, based on a younger insurance age. For a backdated Policy, you must also pay the minimum premiums due for the period between the Policy Date and the investment start date. As of the investment start date, we allocate the net premiums to the Policy, adjusted for monthly Policy charges. For a backdated Policy, the investment start date is the later of the date the policy application is approved and the date your premium is received at our Designated Office. A-24 RIGHT TO EXAMINE POLICY You may cancel the Policy within ten days after you receive it. You may return the Policy to our Designated Office (see "Receipt of Communications and Payments at MetLife's Designated Office") or your registered representative. Insurance coverage ends as soon as you return the Policy (determined by postmark, if the Policy is mailed). If you cancel the Policy, we refund any premiums paid. ALLOCATION OF NET PREMIUMS We allocate your initial net premium to the Fixed Account as of the investment start date. We will hold your initial net premium in the Fixed Account for twenty days, and then we make the allocation among the Investment Divisions as you choose. You may allocate any whole percentage to an Investment Division. You make the initial premium allocation when you apply for a Policy. You can change the allocation of future premiums at any time thereafter. The change will be effective for premiums applied on or after the date when we receive your request. You may request the change by telephone, by written request (which may be telecopied to us) or over the Internet. (See "Receipt of Communications and Payments at MetLife's Designated Office.") When we allocate net premiums to your Policy's Investment Divisions, we convert them into accumulation units of the Investment Divisions. We determine the number of accumulation units by dividing the dollar amount of the net premium by the accumulation unit value. For your initial premium, we use the accumulation unit value on the investment start date. For subsequent premiums, we use the accumulation unit value next determined after receipt of the payment. (See "Cash Value.") A-25 RECEIPT OF COMMUNICATIONS AND PAYMENTS AT METLIFE'S DESIGNATED OFFICE We will treat your request for a Policy transaction, or your submission of a payment, as received by us if we receive a request conforming to our administrative procedures or a payment at our Designated Office before the close of regular trading on the New York Stock Exchange on that day (usually 4:00 p.m. Eastern Time). If we receive it after that time, or if the New York Stock Exchange is not open that day, then we will treat it as received on the next day when the New York Stock Exchange is open. These rules apply regardless of the reason we did not receive your request 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 Designated Office for premium payments is printed on the billing statement we mail to you. If you do not have your billing statement you may call us at 1-800-638-5000 to obtain the address. The address to use depends on whether you purchase the Policy through a registered representative of one of our affiliates MetLife Securities, Inc. and New England Securities Corporation, or through another registered representative. If you purchase the Policy through a registered representative of one of these two affiliates, premium payments should be mailed to MetLife, P.O. Box 371351, Pittsburgh, PA 15250-7351. If your representative is not registered with one of these two affiliates, premium payments should be mailed to MetLife, P.O. Box 371862, Pittsburgh, PA 15250-7862. The Designated Office for other transactions is as follows: Payment Inquiries and MetLife Correspondence P.O. Box 354 Warwick, RI 02887-0354 Beneficiary and MetLife Ownership Changes P.O. Box 313 Warwick, RI 02887-0313 Surrenders, Loans, MetLife Withdrawals and P.O. Box 543 Investment Division Transfers Warwick, RI 02887-0543 Cancellations (Right to Examine Policy MetLife Period) Free Look Unit 500 Schoolhouse Road Johnstown, PA 15904 Death Claims MetLife P.O. Box 353 Warwick, RI 02887-0353 Investment Division Transfers and Other (800) 638-5000 Telephone Transactions and Inquiries
You may request a cash value transfer or reallocation of future premiums by written request (which may be telecopied) to us, by telephoning us or over the Internet (subject to our restrictions on frequent transfers). To request a transfer or reallocation by telephone, you should contact your registered representative or contact us at 1-800-638-5000. To request a transfer over the Internet, you may log on to our website at www.metlife.com. We use reasonable procedures to confirm that instructions communicated by telephone, facsimile or Internet are genuine. Any telephone, facsimile or Internet instructions that we reasonably believe to be genuine are your responsibility, including losses arising from any errors in the communication of instructions. However, because telephone and Internet 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 or Internet instructions, or that you have authorized any such person to act for you. Telephone, facsimile, and computer systems (including the Internet) may not always be available. Any telephone, facsimile or computer system, whether it is yours, your service provider's, your registered 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 A-26 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. If you send your 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 premium payment or transaction to your Policy. PAYMENT OF PROCEEDS We ordinarily pay any cash surrender value, loan value or death benefit proceeds from the Investment Divisions within seven days after we receive a request, or satisfactory proof of death of the insured (and any other information we need to pay the death proceeds). (See "Receipt of Communications and Payments at MetLife's Designated Office.") However, we may delay payment (except when a loan is made to pay a premium to us) or transfers from the Investment Divisions: (i) if the New York Stock Exchange is closed for other than weekends or holidays, or if trading on the New York Stock Exchange is restricted as determined by the SEC, (ii) if the SEC by order permits postponement or determines that an emergency exists that makes payments or Investment Division transfers impractical, or (iii) at any other time when the Portfolios or the Separate Account have the legal right to suspend payment. We may withhold payment of surrender, withdrawal or loan proceeds if any portion of those proceeds would be derived from a Policy Owner's check that has not yet cleared (I.E., that could still be dishonored by your banking institution). We may use telephone, facsimile, Internet or other means of communications to verify that payment from the Policy Owner's 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. Policy Owners may avoid the possibility of delay in the disbursement of proceeds coming from a check that has not yet cleared by providing us with a certified check. 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 available in the Statement of Information and on request from our Designated Office. We will pay interest on the proceeds as required by applicable state law. Unless otherwise requested and subject to state law, the Policy's death proceeds will generally be paid to the beneficiary through a settlement option called the Total Control Account. The Total Control Account is an interest-bearing account through which the beneficiary has immediate and full access to the proceeds, with unlimited draft writing privileges. We credit interest to the account at a rate that will not be less than a guaranteed minimum annual effective rate. You may also elect to have any Policy surrender proceeds paid into a Total Control Account established for you. Assets backing the Total Control Accounts are maintained in our general account and are subject to the claims of our creditors. We will bear the investment experience of such assets; however, regardless of the investment experience of such assets, the interest credited to the Total Control Account will never fall below the applicable guaranteed minimum annual effective rate. Because we bear the investment experience of the assets backing the Total Control Accounts, we may receive a profit from these assets. The Total Control Account is not insured by the FDIC or any other governmental agency. 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 "Receipt of Communications and Payments at MetLife's Designated Office.") A-27 CASH VALUE Your Policy's total cash value includes its cash value in the Separate Account and in the Fixed Account. If you have a Policy loan, the cash value also includes the amount we hold in the Loan Account as a result of the loan. The cash value reflects: --net premium payments --the net investment experience of the Policy's Investment Divisions --interest credited to cash value in the Fixed Account --interest credited to amounts held in the Loan Account for a Policy loan --the death benefit option you choose --Policy charges --partial withdrawals --transfers among the Investment Divisions and the Fixed Account. The Policy's total cash value in the Separate Account equals the number of accumulation units credited in each Investment Division multiplied by that Investment Division's accumulation unit value. We convert any premium, interest earned on loan cash value, or cash value allocated to an Investment Division into accumulation units of the Investment Division. Surrenders, partial withdrawals, Policy loans, transfers and charges deducted from the cash value reduce the number of accumulation units credited in an Investment Division. We determine the number of accumulation units by dividing the dollar amount of the transaction by the Investment Division's accumulation unit value next determined following the transaction. (In the case of an initial premium, we use the accumulation unit value on the investment start date). The accumulation unit value of an Investment Division depends on the net investment experience of its corresponding Portfolio and reflects fees and expenses of the Portfolio. We determine the accumulation unit value as of the close of regular trading on the New York Stock Exchange on each day that the Exchange is open for trading by multiplying the most recent accumulation unit value by the net investment factor ("NIF") for that day (see below). The NIF for an Investment Division reflects: --the change in net asset value per share of the corresponding Portfolio (as of the close of regular trading on the Exchange) from its last value, --the amount of dividends or other distributions from the Portfolio since the last determination of net asset value per share, and --any deductions for taxes that we make from the Separate Account. The NIF can be greater or less than one. DEATH BENEFITS If the insured dies while the Policy is in force, we pay a death benefit to the beneficiary. Coverage under the Policy generally begins when you pay the initial premium. If you make a premium payment with the application, we will cover the insured under a temporary insurance agreement for a limited time that begins on the later of the date we receive the premium payment or the date of any required medical examination. Temporary coverage is not available for proposed insureds who have received medical treatment for, or been diagnosed as having, certain conditions or diseases specified in the temporary insurance agreement. The maximum temporary coverage is the lesser of the amount of insurance applied for and $1,000,000. DEATH BENEFIT OPTIONS. When you apply for a Policy, you must choose among three death benefit options. If you fail to select a death benefit option in the application, we will seek the required information from you. A-28 The Option A death benefit is equal to the face amount of the Policy. The Option A death benefit is fixed, subject to increases required by the Internal Revenue Code of 1986 (the "Code"). The Option B death benefit is equal to the face amount of the Policy, plus the Policy's cash value, if any. The Option B death benefit is also subject to increases required by the Code. The Option C death benefit (available if the insured is age 60 or younger) is equal to the face amount of the Policy plus the Policy's cash value until the insured attains age 65, at which time we will increase the Policy's face amount by the amount of the Policy's cash value and thereafter the death benefit will remain level, at the increased face amount, subject to increases required by the Code. CHOICE OF TAX TEST. The Internal Revenue Code requires the Policy's death benefit to be not less than an amount defined in the Code. As a result, if the cash value grows to certain levels, the death benefit increases to satisfy tax law requirements. When you apply for your Policy, you select which tax test will apply to the death benefit. You will choose between: (1) the guideline premium test, and (2) the cash value accumulation test. The test you choose at issue cannot be changed. Under the GUIDELINE PREMIUM TEST, the amount of premium that can be paid is subject to tax law limits. Additionally, the death benefit will not be less than the cash value times the guideline premium factor. See Appendix A. Under the CASH VALUE ACCUMULATION TEST, the death benefit will not be less than the cash value times the net single premium factor set by the Code. Net single premium factors are based on the age, smoking status, risk class and sex of the insured at the time of the calculation. Sample net single premium factors appear in Appendix A. If cash value growth in the later Policy years is your main objective, the guideline premium test may be the appropriate choice because it does not require as high a death benefit as the cash value accumulation test, and therefore cost of insurance charges may be lower once the Policy's death benefit is subject to increases required by the Code. If you select the cash value accumulation test, you can generally make a higher amount of premium payments for any given face amount, and a higher death benefit may result in the long term. If cash value growth in the early Policy years is your main objective, the cash value accumulation test may be the appropriate choice because it allows you to invest more premiums in the Policy for each dollar of death benefit. AGE 121. The death benefit payable under Option A or Option C on or after the insured's attained age 121 will be the greater of: --101% of the cash value on the date of death, or --the face amount of the base Policy on the Policy anniversary at the insured's attained age 121. The death benefit payable under Option B on or after the insured's attained age 121 will be the face amount of the base Policy on the Policy anniversary at the insured's attained age 121, plus the cash value on the date of death. The tax consequences of keeping the Policy in force beyond the insured's attained age 121 are unclear. DEATH PROCEEDS PAYABLE The death proceeds we pay are equal to the death benefit on the date of the insured's death, reduced by any outstanding loan and accrued loan interest on that date. If death occurs during the grace period, we reduce the proceeds by the amount of unpaid Monthly Deductions. (See "Lapse and Reinstatement.") We increase the death proceeds (1) by any rider benefits payable and (2) by any cost of insurance charge made for a period beyond the date of death. Riders that can have an effect on the amount of death proceeds payable are the Accelerated Death Benefit Rider, the Accidental Death Benefit Rider and the Options to Purchase Additional Insurance Coverage Rider. (See "Additional Benefits by Rider.") We may adjust the death proceeds if the insured's age or sex was misstated in the application, if death results from the insured's suicide within two years from the Policy's date of issue, or if a rider limits the death benefit. A-29 SUICIDE. If the insured commits suicide within two years from the date of issue, the death benefit will be limited to premiums paid less any partial withdrawals, less any loan and loan interest outstanding on the date of death. If the insured commits suicide within two years after the effective date of an increase in face amount, the death benefit for such increase will be limited to the Monthly Deductions for the increase. CHANGE IN DEATH BENEFIT OPTION After the first Policy year you may change your death benefit option, subject to our underwriting rules, by written request to our Designated Office. The change will be effective on the monthly anniversary on or following the date we approve your request. We may require proof of insurability. A change in death benefit option may have tax consequences. If you change from Option A (or from Option C after the insured's attained age 65) to Option B (or to Option C on or before the insured's attained age 60), we reduce the Policy's face amount if necessary so that the death benefit is the same immediately before and after the change. A face amount reduction below $50,000 requires our consent. If we reduce the face amount, we will first reduce any prior increases in face amount that you applied for, in the reverse order in which the increases occurred, then any remaining initial face amount, and then any increase in face amount from a prior change in death benefit option, but not below the Policy minimum. A partial withdrawal of cash value may be necessary to meet Federal tax law limits on the amount of premiums that you can pay into the Policy. A Surrender Charge may apply to a Policy face amount reduction or partial withdrawal that reduces the face amount on a change from Option A (or from Option C after the insured's attained age 65) to Option B (or to Option C on or before the insured's attained age 60). (See "Surrender Charge.") In addition, if the face amount reduction occurs within 12 months after a face amount increase, we will deduct a proportionate part of the Coverage Expense Charges due with respect to the face amount increase for the remainder of the 12-month period. If you change from Option B (or from Option C on or before the insured's attained age 65) to Option A, we increase the Policy's face amount, if necessary, so that the death benefit is the same immediately before and after the change. The increase in face amount is not subject to the Coverage Expense Charge and will not be subject to any Surrender Charge. INCREASE IN FACE AMOUNT You may increase the Policy's face amount. We require satisfactory evidence of insurability, and the insured's attained age must be 85 or less. The minimum amount of increase permitted is $5,000. The increase is effective on the monthly anniversary on or next following our approval of your request. Requests for face amount increases should be submitted to our Designated Office. An increase in face amount may have tax consequences. The face amount increase will have its own Target Premium, as well as its own Surrender Charge, current cost of insurance rates, Coverage Expense Charge, and Right to Examine Policy and suicide and contestability periods as if it were a new Policy. (See "Surrender Charge", "Monthly Deduction from Cash Value", "Partial Withdrawal" and "Reduction in Face Amount.") When calculating the monthly cost of insurance charge, we attribute the Policy's cash value first to any remaining initial face amount (including any increase in face amount from a prior change in death benefit option), then to any face amount increases in the order in which they were issued, for purposes of determining the net amount at risk. We reserve the right to (i) restrict certain Policy changes, such as death benefit increases, or (ii) require the issuance of a new Policy in connection with such Policy changes if we deem it administratively necessary or prudent to do so in order to comply with applicable law, including applicable Federal income tax law. REDUCTION IN FACE AMOUNT After the first Policy year, you may reduce the face amount of your Policy without receiving a distribution of any Policy cash value. If you reduce the face amount of your Policy, we deduct any Surrender Charge that applies from the Policy's cash value in proportion to the amount of the face amount reduction. If the face amount of your Policy is reduced in the first year following a face amount increase, we will also deduct a proportionate part of the Coverage Expense Charges due for the remainder of the first year following the face amount increase. A-30 A face amount reduction will decrease the Policy's death benefit unless we are increasing the death benefit to satisfy Federal income tax laws, in which case a face amount reduction will not decrease the death benefit unless we deduct a Surrender Charge from the cash value. A reduction in face amount in this situation may not be advisable. The amount of any face reduction must be at least $5,000, and the face amount remaining after a reduction must meet our minimum face amount requirements for issue, except with our consent. If you choose to reduce your Policy's face amount, unless you request otherwise, we will first decrease any prior increases in base Policy face amount that you applied for, in the reverse order in which the increases occurred, then any remaining initial base Policy face amount, and then any increase in face amount from a prior change in death benefit option. A reduction in face amount reduces the Federal tax law limits on the amount of premiums that you can pay under the Policy under the guideline premium test. In these cases, a portion of the Policy's cash value may have to be paid to you to comply with Federal tax law. A face amount reduction takes effect on the monthly anniversary on or next following the date we receive your request. You can contact your registered representative or the Designated Office for information on face amount reduction procedures. A reduction in the face amount of a Policy may create a modified endowment contract or have other adverse tax consequences. If you are contemplating a reduction in face amount, you should consult your tax adviser regarding the tax consequences of the transaction. (See "Tax Considerations.") SURRENDERS AND PARTIAL WITHDRAWALS SURRENDER You may surrender the Policy for its cash surrender value at any time while the insured is living. We determine the cash surrender value as of the date when we receive the surrender request. (See "Receipt of Communications and Payments at MetLife's Designated Office.") The cash surrender value equals the cash value reduced by any Policy loan and accrued interest and by any applicable Surrender Charge. (See "Surrender Charge.") If you surrender the Policy in the first Policy year (or in the first year following a face amount increase), we will also deduct an amount equal to the remaining first year Coverage Expense Charges. We reserve the right to also deduct an amount equal to the remaining first year Policy Charges. If you surrender the Policy, coverage will terminate on the monthly anniversary on or next following the date of surrender. If the insured dies on or after the surrender date, but before the termination date, we will reverse the surrender and will pay the Policy's death benefit to the beneficiary, but we will deduct from the death proceeds an amount equal to the cash surrender value paid to you. You may apply all or part of the surrender proceeds to a payment option. Once a Policy is surrendered, all coverage and benefits cease and cannot be reinstated. A surrender may result in adverse tax consequences. (See "Tax Considerations" below.) The Policies are designed to be long-term investments. As a result, you should be aware that if you surrender your Policy in the first Policy year, the Surrender Charge is likely to exceed the cash value of your Policy and you will receive no proceeds upon surrender. PARTIAL WITHDRAWAL After the first Policy anniversary you may withdraw a portion of the Policy's cash surrender value. A partial withdrawal reduces the Policy's death benefit and may reduce the Policy's face amount if necessary so that the amount at risk under the Policy will not increase. A partial withdrawal may also reduce rider benefits. The minimum amount of a partial withdrawal request must be $500. We have the right to limit partial withdrawals to no more than 90% of the cash surrender value. In addition, a partial withdrawal will be limited by any restriction that we currently impose on withdrawals from the Fixed A-31 Account. (See "The Fixed Account.") Currently, we permit partial withdrawals equal to the lesser of 100% of the Policy's cash surrender value in the Separate Account as of the beginning of the year, or the maximum amount that can be withdrawn without causing the Policy's face amount to fall below the minimum permitted. (However, we may allow the face amount to fall below the minimum if the Policy has been in force for at least 15 years and the insured's attained age is greater than 55.) You may not make a partial withdrawal that would reduce your cash surrender value to less than the amount of two monthly deductions. We have the right to limit partial withdrawals to 12 per Policy year. Currently we do not limit the number of partial withdrawals. We reserve the right to impose a charge of $25 on each partial withdrawal. If a partial withdrawal reduces your Policy's face amount, the amount of the Surrender Charge that will be deducted from your cash value is an amount that is proportional to the amount of the face reduction. The amount deducted will reduce the remaining Surrender Charge payable under the Policy. No Surrender Charge will apply on up to 10% of the cash surrender value withdrawn each year, measured as a percentage of each withdrawal. EXAMPLE. The following example assumes that a Policy Owner withdraws, in the first month of the second Policy year, 20% of the cash surrender value of a Policy. The insured under the Policy is assumed to be the representative insured shown in the fee table on page A-8 of the prospectus. As shown in the fee table, the Surrender Charge for that insured is $14.00 per $1,000 of Policy face amount. The Policy is assumed to have the other characteristics shown below: Face Amount:............. $ 350,000 Death Benefit Option:.... Option A -- Level Cash Value:.............. $ 12,000 Surrender Charge:........ $ - 4,900 ($ 14.00 x $350,000/1,000) ------------------ Cash Surrender Value:.... $ 7,100 x 20% ------------------ Withdrawal Amount:....... $ 1,420
The first 10% of cash surrender value, or $710, can be withdrawn free of Surrender Charge. The remaining $710 withdrawn is subject to a portion of the Policy's Surrender Charge -- based on the ratio that such excess withdrawal amount bears to the Policy's face amount less the Surrender Charge, as shown in the formula below: Withdrawal Amount in Excess of Free Withdrawal ---------------------------------- Surrender Charge Surrender Charge x Face Amount less Surrender Charge = On Withdrawal $710 ---------------------------------- $4,900 x $350,000 - $4,900 = $10
Because the Policy has a level death benefit, the withdrawal will cause a dollar for dollar reduction in the Policy's face amount, so that the cash value and the face amount will both be reduced by the $1,420 withdrawal and by the $10 Surrender Charge. A-32 The effect of the withdrawal on the Policy would be as follows: Face Amount before Withdrawal................ $350,000 Withdrawal.................................. - 1,420 Surrender Charge on Withdrawal.............. - 10 -------- Face Amount after Withdrawal................. $348,570 Surrender Charge before Withdrawal........... $ 4,900 Surrender Charge on Withdrawal.............. - 10 -------- Surrender Charge after Withdrawal............ $ 4,890 Cash Value before Withdrawal................. $ 12,000 Withdrawal.................................. - 1,420 Surrender Charge on Withdrawal.............. - 10 -------- Cash Value after Withdrawal.................. $ 10,570 Surrender Charge after Withdrawal............ - 4,890 -------- Cash Surrender Value after Withdrawal........ $ 5,680
Any face amount reduction resulting from a partial withdrawal will reduce the face amount in the following order: any prior increases in base Policy face amount that you applied for, in the reverse order in which the increases occurred; any remaining initial face amount; and then any face amount increases resulting from a change in death benefit option, down to the required minimum. A partial withdrawal reduces the cash value in the Investment Divisions of the Separate Account and the Fixed Account in the same proportion that the cash value in each bears to the Policy's total unloaned cash value. We determine the amount of cash surrender value paid upon a partial withdrawal as of the date when we receive a request. You can contact your registered representative or our Designated Office for information on partial withdrawal procedures. (See "Receipt of Communications and Payments at MetLife's Designated Office.") A reduction in the death benefit as a result of a partial withdrawal may create a modified endowment contract or have other adverse tax consequences. If you are contemplating a partial withdrawal, you should consult your tax adviser regarding the tax consequences. (See "Tax Considerations.") TRANSFERS TRANSFER OPTION You may transfer your Policy's cash value between and among the Investment Divisions and the Fixed Account. Your right to transfer begins 20 days after we apply your initial premium to the Policy. We reserve the right to limit transfers to four per Policy year and to impose a charge of $25 per transfer. Currently we do not limit the number of transfers per Policy year or impose a charge on transfers. We treat all transfer requests made at the same time as a single request. The transfer is effective as of the date when we receive the transfer request, if the request is received before the close of regular trading on the New York Stock Exchange. Transfer requests received after that time, or on a day that the New York Stock Exchange is not open, will be effective on the next day that the New York Stock Exchange is open. (See "Receipt of Communications and Payments at MetLife's Designated Office.") For special rules regarding transfers involving the Fixed Account, see "The Fixed Account". 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 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). A-33 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., the Baillie Gifford International Stock Portfolio, Loomis Sayles Global Markets Portfolio, Loomis Sayles Small Cap Core Portfolio, Loomis Sayles Small Cap Growth Portfolio, MSCI EAFE Index Portfolio, Neuberger Berman Genesis Portfolio, Oppenheimer Global Equity Portfolio, Russell 2000 Index Portfolio, Western Asset Management Strategic Bond Opportunities Portfolio, T. Rowe Price Small Cap Growth Portfolio, Van Eck Global Natural Resources Portfolio, Clarion Global Real Estate Portfolio, JPMorgan Small Cap Value Portfolio, Harris Oakmark International Portfolio, Lord Abbett Bond Debenture Portfolio, Invesco Small Cap Growth Portfolio, Met/Templeton International Bond Portfolio, MFS Emerging Markets Equity Portfolio, MFS Research International Portfolio and American Funds Global Small Capitalization Fund--the "Monitored Portfolios") and we monitor transfer activity in those Monitored Portfolios. In addition, as described below, we treat all American Funds Insurance Series 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 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 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 either (i) in writing with an original signature or (ii) by telephone prior to 10:00 a.m. A first occurrence will result in the imposition of this restriction for a six-month period; a second occurrence will result in the permanent imposition of the restriction. Transfers made under an Automated Investment Strategy 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 also may 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 Portfolio 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. A-34 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 retirement plans or separate accounts funding variable insurance products. The omnibus orders reflect the aggregation and netting of multiple orders from individual owners of variable insurance products 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 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 Portfolio prospectuses for more details. RESTRICTIONS ON LARGE TRANSFERS. Large transfers may increase brokerage and administrative costs of the underlying Portfolios and may disrupt portfolio management strategy, requiring a Portfolio to maintain a high cash position and possibly resulting in lost investment opportunities and forced liquidations. We do not monitor for large transfers to or from Portfolios except where the portfolio 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 Policy 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 either (i) in writing with an original signature or (ii) by telephone prior to 10:00 a.m. 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. In addition to the foregoing, your right to make transfers is subject to limitations or modifications by us if we determine, in our sole opinion, that the exercise of the right by one or more owners with interests in the Investment Divisions is, or would be, to the disadvantage of other owners. Restrictions may be applied in any manner reasonably designed to prevent any use of the transfer right that we consider to be to the disadvantage of other owners. A limitation or modification could be applied to transfers to and from one or more of the Investment Divisions and could include, but is not limited to: (1) the requirement of a minimum time period between each transfer; (2) not accepting a transfer request from a third party acting under authorization on behalf of more than one owner; (3) limiting the dollar amount that may be transferred by an owner between Investment Divisions at any one time; or (4) requiring that a transfer request be provided in writing and signed by the owner. A-35 AUTOMATED INVESTMENT STRATEGIES You can choose one of five automated investment strategies. You can change or cancel your choice at any time. EQUITY GENERATOR(R). The Equity Generator allows you to transfer the interest earned in the Fixed Account to any one of the Investment Divisions on each monthly anniversary. The interest earned in the month must be at least $20 in order for the transfer to take place. If less than $20 is earned, no transfer will occur, and the interest not transferred cannot be counted towards the next month's minimum. ALLOCATOR/SM/. The Allocator allows you to systematically transfer cash value from the Fixed Account or any one Investment Division (the "source fund") to any number of Investment Divisions. The transfers will take place on each monthly anniversary. You can choose to transfer a specified dollar amount (1) for a specified number of months, or (2) until the source fund is depleted. In either case, you must select a dollar amount that would allow transfers to continue for at least three months. ENHANCED DOLLAR COST AVERAGER. With the Enhanced Dollar Cost Averager, cash value is transferred from the EDCA fixed account to the Investment Divisions monthly. You elect the EDCA at issue and select the total amount of cash value to be transferred. The cash value earmarked for the strategy is held in the EDCA fixed account where it may be credited with a rate of interest that is higher than the Fixed Account's current crediting rate. The amount transferred each month to the Investment Divisions equals the total amount earmarked for the strategy divided by 12. REBALANCER(R). The Rebalancer allows your Policy's cash value to be automatically redistributed on a quarterly basis among the Investment Divisions and the Fixed Account in accordance with the allocation percentages you have selected. INDEX SELECTOR(R). The Index Selector allows you to choose one of five asset allocation models which are designed to correlate to various risk tolerance levels. Based on your selection, we allocate 100% of your cash value among the five Investment Divisions that invest in the five index Portfolios available under the Policy (the Barclays Aggregate Bond Index, MSCI EAFE Index, MetLife Stock Index, MetLife Mid Cap Stock Index and Russell 2000 Index Portfolios) and the Fixed Account. On a quarterly basis, we will redistribute your cash value among these Investment Divisions and the Fixed Account in order to return your cash value to the original allocation percentages. If you change your allocation of net premiums the Index Selector strategy, including the rebalancing feature, will be terminated. We will continue to implement the Index Selector strategy using the percentage allocations of the model that was in effect when you elected the Index Selector strategy. You should consider whether it is appropriate for you to continue using this strategy over time if your risk tolerance, time horizon or financial situation changes. The asset allocation models used in Index Selector may change from time to time. If you are interested in an updated model, please contact your registered representative. You may not elect Index Selector unless you purchase the Policy through a registered representative of one of our affiliated broker-dealers MetLife Securities, Inc. and New England Securities Corporation. However, ask your registered representative how you might design a similar investment strategy using Rebalancer. These automated investment strategies allow you to take advantage of investment fluctuations, but none assures a profit nor protects against a loss. Because certain strategies involve continuous investment in securities regardless of fluctuating price levels of such securities, you should consider your financial ability to continue purchases through periods of fluctuating price levels. We reserve the right to modify or terminate any of the automated investment strategies for any reason, including, without limitation, a change in regulatory requirements applicable to such programs. For more information about the automated investment strategies, please contact your registered representative. A-36 LOANS You may borrow from your Policy at any time. The maximum amount you may borrow, calculated as of the date of the loan, is the greater of 75% of the Policy's cash surrender value or: --the Policy's cash value, less --any Policy loan balance, less --loan interest due to the next Policy anniversary, less --the most recent Monthly Deduction times the number of months to the next Policy anniversary, less --any Surrender Charge, plus --interest credited on the cash value at the guaranteed interest rate to the next Policy anniversary. The minimum loan amount is $500. We make the loan as of the date when we receive a loan request. (See "Receipt of Communications and Payments at MetLife's Designated Office.") You may increase your risk of lapse if you take a loan. You should contact our Designated Office or your registered representative for information on loan procedures. A Policy loan reduces the Policy's cash value in the Investment Divisions by the amount of the loan. A loan repayment increases the cash value in the Investment Divisions by the amount of the repayment. We attribute Policy loans to the Investment Divisions and the Fixed Account in proportion to the cash value in each. We transfer cash value equal to the amount of the loan from the Investment Divisions and the Fixed Account to the Loan Account (which is part of our general account). You may repay all or part of your loan at any time while the insured is still alive. When you make a loan repayment, we transfer an amount of cash value equal to the repayment from the Loan Account to the Divisions of the Separate Account and to the Fixed Account in proportion to the cash value in each. (See "Receipt of Communications and Payments at MetLife's Designated Office.") We guarantee that the interest rate charged on Policy loans will not be more than 4.0% per year in Policy years 1-10 and 3.0% per year thereafter. Policy loan interest is due and payable annually on each Policy anniversary. If not paid when due, we add the interest accrued to the loan amount, and we transfer an amount of cash value equal to the unpaid interest from the Investment Divisions and the Fixed Account to the Loan Account in the same manner as a new loan. Cash value in the Loan Account earns interest at not less than 3.0% per year and is transferred on each Policy anniversary to the Investment Divisions and to the Fixed Account in proportion to the cash value in each. The interest credited will also be transferred: (1) when you take a new loan; (2) when you make a full or partial loan repayment; and (3) when the Policy enters the grace period. The amount taken from the Policy's Investment Divisions as a result of a loan does not participate in the investment experience of the Investment Divisions. Therefore, loans can permanently affect the death benefit and cash value of the Policy, even if repaid. In addition, we reduce any proceeds payable under a Policy by the amount of any outstanding loan plus accrued interest. If a Policy loan is outstanding, it may be better to repay the loan than to pay a premium, because the payment is subject to sales and premium tax charges, and the loan repayment is not subject to charges. (See "Deductions from Premiums.") If you want us to treat a payment as a loan repayment, it should be clearly marked as such. A loan that is taken from, or secured by, a Policy may have tax consequences. Although the issue is not free from doubt, we believe that a loan from or secured by a Policy that is not classified as a modified endowment contract should generally not be treated as a taxable distribution. Nevertheless, the tax consequences associated with loans outstanding after the tenth Policy year are uncertain. A tax adviser should be consulted when considering a loan. A-37 LAPSE AND REINSTATEMENT LAPSE In general, in any month that your Policy's cash surrender value is not large enough to cover a Monthly Deduction, your Policy will be in default, and may lapse. However, you can prevent your Policy from lapsing, regardless of the amount of your cash surrender value, if the premiums you pay are sufficient to keep the Guaranteed Minimum Death Benefit ("GMDB") in effect. The base Policy offers, at no additional charge, a five-year GMDB, a 20-year GMDB and a GMDB that lasts until the insured's age 65. For an additional charge, you can add a Policy rider at issue that provides a GMDB to age 85 or a GMDB to age 121. All Policies are issued with a GMDB, which guarantees that the Policy will remain in force for at least five years if the required Guaranteed Minimum Death Benefit Monthly Premiums ("GMDB Monthly Premiums") are paid when due. The five-year GMDB Monthly Premium is set forth in your Policy. It is the minimum initial periodic premium you can pay into the Policy. Policies will be issued with the 20-year GMDB or the GMDB to age 65 to eligible Policy Owners who elect either of these GMDBs at issue. The GMDB Monthly Premium varies depending on the guarantee period, the insured's age, sex (except for unisex policies), smoking status and risk class, the Policy's face amount and the death benefit option chosen. The GMDB Monthly Premium may change in the event that any of the following events occur: an increase or decrease in the base Policy face amount; adding, deleting or changing a rider; a change in death benefit option or the insured's risk class; or a misstatement of the insured's age or sex in the Policy application. On each monthly anniversary we test the Policy to determine if the cumulative premiums you have paid, less any partial withdrawals or outstanding loans you have taken, equal or exceed the sum of the GMDB Monthly Premiums due to date for the GMDB you selected. If you meet this test, the GMDB you selected will be in effect. However, even if you have not elected the 20-year GMDB or the GMDB to age 65, if the amount of premiums you pay into the Policy for each Policy month since the Policy Date is sufficient to meet the requirements of the 20-year GMDB or the GMDB to age 65, in your third annual statement we will notify you that the applicable GMDB is in effect. Conversely, if you have elected the 20-year GMDB or the GMDB to age 65 and your premium payments are insufficient to satisfy the GMDB Monthly Premium requirements, we will notify you that your GMDB will be reduced to the five-year GMDB, the GMDB to age 65, or the 20-year GMDB, as applicable, unless you pay sufficient premiums within 62 days to meet the requirements of the GMDB you originally selected. If, during the first five Policy years, you fail to pay sufficient premiums to keep the five-year GMDB in effect, we will notify you that the GMDB will terminate within 62 days if you fail to pay the required Monthly Premiums. If the guarantee provided by the GMDB terminates, the Policy will continue in force for as long as there is cash surrender value sufficient to pay the Monthly Deduction. If the GMDB terminates, you may reinstate it within nine months provided the Policy remains in force. In order to reinstate the GMDB, you must pay sufficient premiums to satisfy the cumulative premium requirement for the applicable GMDB (five-year, 20-year or to age 65) at the time of reinstatement. If the GMDB is in effect and the Policy's cash surrender value is insufficient to cover the Monthly Deduction, the Policy will not lapse. We will take the Monthly Deduction from the Policy's cash value until the cash value has been reduced to zero. At that point, future Monthly Deductions will be waived for as long as the GMDB is in effect. If the GMDB is not in effect and the cash surrender value is insufficient to pay the Monthly Deduction, the Policy will enter a 62-day grace period during which you will have an opportunity to pay a premium sufficient to keep the Policy in force. The minimum amount you must pay is the lesser of three Monthly Deductions or, if applicable, the amount necessary to reinstate the GMDB. We will tell you the amount due. If you fail to pay this amount before the end of the grace period, the Policy will terminate. Your Policy may also lapse if Policy loans plus accrued interest exceed the Policy's cash value less the Surrender Charge. Your Policy may be protected against lapse in these circumstances if it has been in force for 15 years, the insured has attained age 75, and the other requirements for coverage under the Overloan Protection Rider are met. If your Policy is not so protected, we will notify you that the Policy is going to terminate. The Policy terminates without value unless you make a sufficient payment within the later of 62 days from the monthly anniversary immediately before the date when the excess loan occurs or 31 days after we mail the notice. If the Policy lapses with a loan outstanding, adverse tax consequences may result. (See "Tax Considerations" below.) A-38 REINSTATEMENT If your Policy has lapsed, you may reinstate it within three years after the date of lapse if the insured has not attained age 121. If more than three years have passed, you need our consent to reinstate. Reinstatement in all cases requires payment of certain charges described in the Policy and usually requires evidence of insurability that is satisfactory to us. If the Policy lapses and is reinstated during the first five Policy years, only the five-year GMDB will be reinstated. If the Policy lapses after the first five Policy years, the GMDB will terminate and cannot be reinstated. Under no circumstances can the GMDB provided by Policy rider be reinstated following a Policy lapse. If we deducted a Surrender Charge on lapse, we credit it back to the Policy's cash value on reinstatement. The Surrender Charge on the date of reinstatement is the same as it was on the date of lapse. When we determine the Surrender Charge and other charges except cost of insurance and the Policy loan interest rate, we do not count the amount of time that a Policy was lapsed. ADDITIONAL BENEFITS BY RIDER You can add additional benefits to the Policy by rider, subject to our underwriting and issuance standards. These additional benefits usually require an additional charge as part of the Monthly Deduction from cash value. The rider benefits available with the Policy provide fixed benefits that do not vary with the investment experience of the Separate Account. There is no limit on the number of riders you can elect to add to your Policy at issue. However, you may not elect both the Waiver of Monthly Deduction Rider and the Waiver of Specified Premium Rider. The following riders, some of which have been described previously, are available: CHILDREN'S TERM INSURANCE RIDER, which provides term insurance on the lives of children of the insured. WAIVER OF MONTHLY DEDUCTION RIDER, which provides for waiver of Monthly Deductions in the event of the disability of the insured. WAIVER OF SPECIFIED PREMIUM RIDER, which provides for waiver of a specified amount of monthly premium in the event of the disability of the insured. OPTIONS TO PURCHASE ADDITIONAL INSURANCE COVERAGE RIDER, which allows the Owner to purchase additional coverage on the insured without providing evidence of insurability. ACCELERATION OF DEATH BENEFIT RIDER, which allows a Policy Owner to accelerate payment of all or part of the Policy's death benefit if the insured is terminally ill. In calculating the Accelerated Death Benefit, we assume that death occurs one year from the date of claim and we discount the future death benefit using an interest rate not to exceed the greater of (1) the current yield on 90-day Treasury bills, and (2) the maximum policy loan interest rate under the Policy. The Policy Owner must accelerate at least $50,000 (or 25% of the death benefit, if less), but not more than the greater of $250,000 or 10% of the death benefit. As an example, if a Policy Owner accelerated the death benefit of a Policy with a face amount of $1,000,000, the maximum amount that could be accelerated would be $250,000. Assuming an interest rate of 6%, the present value of the benefit would be $235,849. If we exercised our reserved right to impose a $150 processing fee, the benefit payable would be $235,849 less $150, or $235,699. GUARANTEED SURVIVOR INCOME BENEFIT RIDER, which provides the beneficiary with the option of exchanging the Policy's death benefit for enhanced monthly income payments for life. ACCIDENTAL DEATH BENEFIT RIDER, which provides for the payment of an additional death benefit in the event of the insured's death by accident. GUARANTEED MINIMUM DEATH BENEFIT RIDER, which provides for a guaranteed death benefit until the insured's age 85 or the insured's age 121. OVERLOAN PROTECTION RIDER, which provides protection from Policy lapse due to an excess Policy loan. Riders in addition to those listed above may be made available. You should consult your registered representative regarding the availability of riders. A-39 THE FIXED ACCOUNT You may allocate net premiums and transfer cash value to the Fixed Account, which is part of MetLife's general account. Because of exemptive and exclusionary provisions in the Federal securities laws, interests in the Fixed Account are not registered under the Securities Act of 1933. Neither the Fixed Account nor the general account is registered as an investment company under the Investment Company Act of 1940. Therefore, neither the Fixed Account, the general account nor any interests therein are generally subject to the provisions of these Acts, and the SEC does not review Fixed Account disclosure. This disclosure may, however, be subject to certain provisions of the Federal securities laws on the accuracy and completeness of prospectuses. GENERAL DESCRIPTION Our general account includes all of our assets except assets in the Separate Account or in our other separate accounts. We decide how to invest our general account assets. Fixed Account allocations do not share in the actual investment experience of the general account. Instead, we guarantee that the Fixed Account will credit interest at an annual effective rate of at least 3%. We may or may not credit interest at a higher rate. We declare the current interest rate for the Fixed Account periodically. The Fixed Account earns interest daily. VALUES AND BENEFITS Cash value in the Fixed Account increases from net premiums allocated and transfers to the Fixed Account and Fixed Account interest, and decreases from loans, partial withdrawals made from the Fixed Account, charges and transfers from the Fixed Account. We deduct charges from the Fixed Account and the Policy's Investment Divisions in proportion to the amount of cash value in each. (See "Monthly Deduction from Cash Value.") A Policy's total cash value includes cash value in the Separate Account, the Fixed Account, and any cash value held in the Loan Account due to a Policy loan. Cash value in the Fixed Account is included in the calculation of the Policy's death benefit in the same manner as the cash value in the Separate Account. (See "Death Benefits.") POLICY TRANSACTIONS Except as described below, the Fixed Account has the same rights and limitations regarding premium allocations, transfers, loans, surrenders and partial withdrawals as the Separate Account. The following special rules apply to the Fixed Account. Twenty days after we apply the initial premium to the Policy you may transfer cash value from the Fixed Account to the Separate Account. The amount of any transfer must be at least $50, unless the balance remaining would be less than $50, in which case you may withdraw or transfer the entire Fixed Account cash value. After the first Policy year you may withdraw cash value from the Fixed Account. The amount of any partial withdrawal, net of applicable Surrender Charges, must be at least $500. No amount may be withdrawn from the Fixed Account that would result in there being insufficient cash value to meet any Surrender Charges that would be payable immediately following the withdrawal upon the surrender of the remaining cash value in the Policy. We reserve the right to only allow transfers and withdrawals from the Fixed Account during the 30-day period that follows the Policy anniversary. The total amount of transfers and withdrawals in a Policy year may not exceed the greater of (a) 25% of the Policy's cash surrender value in the Fixed Account at the beginning of the Policy year, (b) the previous Policy year's maximum allowable withdrawal amount and (c) 100% of the cash surrender value in the Fixed Account if withdrawing the greater of (a) and (b) would result in a Fixed Account balance of $50 or less. We are not currently imposing the maximum limit on transfers and withdrawals from the Fixed Account, but we reserve the right to do so. There is currently no transaction charge for partial withdrawals or transfers. We reserve the right to limit partial withdrawals to 12 and transfers to four in a Policy year and to impose a charge of $25 for each partial withdrawal or transfer. We may revoke or modify the privilege of transferring amounts to the Fixed Account at any time. We may also modify the privilege of transferring amounts from the Fixed Account at any time. Partial withdrawals will result in the imposition of any applicable Surrender Charges. A-40 Unless you request otherwise, a Policy loan reduces the Policy's cash value in the Investment Divisions and the Fixed Account proportionately. We allocate all loan repayments in the same proportion that the cash value in each Investment Division and the Fixed Account bears to the Policy's total unloaned cash value. The amount transferred from the Policy's Investment Divisions and the Fixed Account as a result of a loan earns interest at an effective rate of at least 3% per year, which we credit to the Policy's cash value in the Investment Divisions and the Fixed Account in proportion to the Policy's cash value in each on the day it is credited. We take partial withdrawals from the Policy's Investment Divisions and the Fixed Account in the same proportion that the cash value in each account bears to the Policy's total unloaned cash value. We can delay transfers, surrenders, withdrawals and Policy loans from the Fixed Account for up to six months. We will not delay loans to pay premiums on policies issued by us. CHARGES We make certain charges and deductions under the Policy. These charges and deductions compensate us for: (1) services and benefits we provide; (2) costs and expenses we incur; and (3) risks we assume. Services and benefits we provide: . the death benefit, cash, and loan benefits under the Policy . investment options, including premium allocations . administration of elective options . the distribution of reports to Policy Owners Costs and expenses we incur: . costs associated with processing and underwriting applications, and with issuing and administering the Policy (including any riders) . overhead and other expenses for providing services and benefits . sales and marketing expenses . other costs of doing business, such as collecting premiums, maintaining records, processing claims, effecting transactions, and paying federal, state, and local premium and other taxes and fees Risks we assume: . that the cost of insurance charges we may deduct are insufficient to meet our actual claims because the insureds die sooner than we estimate . that the cost of providing the services and benefits under the Policies exceed the charges we deduct The amount of a charge may not necessarily correspond to the costs of the services or benefits that are implied by the name of the charge or that are associated with the particular Policy. For example, the sales charge and Surrender Charge may not fully cover all of our sales and distribution expenses, and we may use proceeds from other charges, including the Mortality and Expense Risk Charge and the cost of insurance charge, to help cover those expenses. We may profit from certain Policy charges. DEDUCTIONS FROM PREMIUMS Prior to the allocation of a premium, we deduct a percentage of your premium payment. We credit the remaining amount (the net premium) to your cash value according to your allocation instructions. The deductions we make from each premium payment are the sales charge, the premium tax charge, and the federal tax charge. SALES CHARGE. We deduct a 2.25% sales charge from each premium payment. Currently, the sales charge is only deducted from premium payments that are less than or equal to the Target Premium. A-41 PREMIUM TAX CHARGE. We deduct 2.0% from each premium for premium taxes and administrative expenses. Premium taxes vary from state to state, but we deduct a flat 2.0%, which is based on an average of such taxes. Administrative expenses covered by this charge include those related to premium tax and certain other state filings. FEDERAL TAX CHARGE. We deduct 1.25% from each premium for our Federal income tax liability related to premiums. EXAMPLE: The following chart shows the net amount that we would allocate to the Policy assuming a premium payment of $4,000 (and a Target Premium of $2,000). NET PREMIUM PREMIUM ------- ------- $4,000 $4,000 -175 (5.5% x $2,000) + (3.25% x $2,000) = total sales, premium tax and Federal tax charges ------ $3,825 Net Premium
SURRENDER CHARGE If, during the first ten Policy years, or during the first ten Policy years following a face amount increase, you surrender or lapse your Policy, reduce the face amount, or make a partial withdrawal or change in death benefit option that reduces the face amount, then we will deduct a Surrender Charge from the cash value. The maximum Surrender Charge is shown in your Policy. No Surrender Charge will apply on up to 10% of the cash surrender value withdrawn each year. The Surrender Charge depends on the face amount of your Policy and the issue age, sex (except for unisex policies), risk class and smoker status of the insured. The Surrender Charge will remain level for up to three Policy years, or for up to three years after a face amount increase, and will then decline on a monthly basis until it reaches zero at the end of the tenth Policy year (or the tenth year following the face amount increase). The table below shows the maximum Surrender Charge that applies if the lapse, surrender or face amount reduction occurs at any time in the first Policy year, and in the last month of each Policy year thereafter.
FOR POLICIES WHICH THE MAXIMUM ARE SURRENDERED, SURRENDER CHARGE LAPSED OR PER $1,000 OF BASE REDUCED DURING POLICY FACE AMOUNT ------------------ ------------------ Entire Policy Year 1 $38.25 Last Month of Policy Year 2 35.81 3 32.56 4 31.74 5 29.84 6 27.13 7 24.42 8 18.99 9 9.50 10 0.00
In the case of a face amount reduction or a partial withdrawal or change in death benefit option that results in a face amount reduction, we deduct any Surrender Charge that applies from the Policy's remaining cash value in an amount that is proportional to the amount of the Policy's face amount surrendered. (See "Reduction in Face Amount," "Partial Withdrawal" and "Change in Death Benefit Option.") If you surrender the Policy (or a face amount increase) in the first Policy year (or in the first year following the face amount increase) we will deduct from the surrender proceeds an amount equal to the remaining first year Coverage Expense Charges. We reserve the right to also deduct an amount equal to the remaining first year Policy Charges. If you reduce the face amount of your Policy in the first year following a face amount increase, we will A-42 deduct from your cash value a proportionate amount of the remaining first year Coverage Expense Charges, based on the ratio of the face amount reduction to the Policy's original face amount. The Surrender Charge reduces the Policy's cash value in the Investment Divisions and the Fixed Account in proportion to the amount of the Policy's cash value in each. However, if you designate the accounts from which a partial withdrawal is to be taken, the charge will be deducted proportionately from the cash value of the designated accounts. PARTIAL WITHDRAWAL CHARGE We reserve the right to impose a processing charge on each partial withdrawal. If imposed, this charge would compensate us for administrative costs in generating the withdrawn payment and in making all calculations that may be required because of the partial withdrawal. TRANSFER CHARGE We reserve the right to impose a processing charge on each transfer between Investment Divisions or between an Investment Division and the Fixed Account to compensate us for the costs of processing these transfers. Transfers under one of our Automated Investment Strategies do not count as transfers for the purpose of assessing this charge. ILLUSTRATION OF BENEFITS CHARGE We reserve the right to impose a charge for each illustration of Policy benefits that you request in excess of one per year. If imposed, this charge would compensate us for the cost of preparing and delivering the illustration to you. MONTHLY DEDUCTION FROM CASH VALUE On the first day of each Policy month, starting with the Policy Date, we deduct the "Monthly Deduction" from your cash value. --If your Policy is protected against lapse by a Guaranteed Minimum Death Benefit, we make the Monthly Deduction each month regardless of the amount of your cash surrender value. If your cash surrender value is insufficient to pay the Monthly Deduction in any month, your Policy will not lapse, but the shortfall will, in effect, cause your cash surrender value to have a negative balance. (See "Lapse and Reinstatement.") --If a Guaranteed Minimum Death Benefit is not in effect, and the cash surrender value is not large enough to cover the entire Monthly Deduction, we will make the deduction to the extent cash value is available, but the Policy will be in default, and it may lapse. (See "Lapse and Reinstatement.") There is no Monthly Deduction on or after the Policy anniversary when the insured attains age 121. The Monthly Deduction reduces the cash value in each Investment Division and in the Fixed Account (and, if applicable, in the EDCA account) in proportion to the cash value in each. However, you may request that we charge the Monthly Deduction to a specific Investment Division or to the Fixed Account. If, in any month, the designated account has insufficient cash value to cover the Monthly Deduction, we will first reduce the designated account cash value to zero and then charge the remaining Monthly Deduction to all Investment Divisions and, if applicable, the Fixed Account, in proportion to the cash value in each. The Monthly Deduction includes the following charges: POLICY CHARGE. The Policy Charge is equal to $15.00 per month in the first Policy year and $8.00 per month thereafter. The Policy Charge is $12 per month in the first Policy year and $9 per month thereafter for Policies issued with face amounts of less than $50,000. No Policy Charge applies to Policies issued with face amounts equal to or greater than $250,000. The Policy Charge compensates us for administrative costs such as record keeping, processing death benefit claims and policy changes, preparing and mailing reports, and overhead costs. A-43 COVERAGE EXPENSE CHARGE. We impose a monthly charge for the costs of underwriting, issuing (including sales commissions), and administering the Policy or the face amount increase. The monthly charge is imposed on the base Policy face amount and varies by the base Policy's face amount and duration, and by the insured's issue age, smoking status, risk class (at the time the Policy or a face amount increase is issued), and, except for unisex Policies, the insured's sex. Currently, we only impose the Coverage Expense Charge during the first eight Policy years, and during the first eight Policy years following a requested face amount increase. MONTHLY CHARGES FOR THE COST OF INSURANCE. This charge covers the cost of providing insurance protection under your Policy. The cost of insurance charge for a Policy month is equal to the "amount at risk" under the Policy, multiplied by the cost of insurance rate for that Policy month. We determine the amount at risk on the first day of the Policy month. The amount at risk is the amount by which the death benefit (generally discounted at the monthly equivalent of 3% per year) exceeds the Policy's cash value. The amount at risk is affected by investment performance, loans, premium payments, fees and charges, partial withdrawals and face amount reductions. The guaranteed cost of insurance rates for a Policy depend on the insured's --smoking status --risk class --attained age --sex (if the Policy is sex-based). The current cost of insurance rates will depend on the above factors, plus --the insured's age at issue (and at the time of any face amount increase) --the Policy year (and the year of any face amount increase) --the Policy's face amount. We guarantee that the rates for underwritten Policies will not be higher than rates based on --the 2001 Commissioners Standard Ordinary Mortality Tables (the "2001 CSO Tables") with smoker/ nonsmoker modifications, for Policies issued on non-juvenile insureds (age 18 and above at issue), adjusted for substandard ratings or flat extras, if applicable --the 2001 CSO Aggregate Tables (Nonsmoker Tables for attained age 16 and older), for Policies issued on juvenile insureds (below age 18 at issue). The actual rates we use may be lower than the maximum rates, depending on our expectations about our future mortality and expense experience, lapse rates, taxes and investment earnings. We review the adequacy of our cost of insurance rates and other non-guaranteed charges periodically and may adjust them. Any change will apply prospectively. The risk classes we use are --for Policies issued on non-juvenile insureds: preferred smoker, standard smoker, rated smoker, elite nonsmoker, preferred nonsmoker, standard nonsmoker, and rated nonsmoker. --for Policies issued on juvenile insureds: standard and rated (with our consent). Rated Policies have higher cost of insurance deductions. We base the guaranteed maximum mortality charges for substandard ratings on multiples of the 2001 CSO Tables. The following standard or better smoker and non-smoker classes are available for underwritten Policies: --elite nonsmoker for Policies with face amounts of $250,000 or more where the issue age is 18 through 80; --preferred smoker and preferred nonsmoker for Policies with face amounts of $100,000 or more where the issue age is 18 through 80; A-44 --standard smoker and standard nonsmoker for Policies with face amounts of $50,000 or more ($25,000 for pension plans) where the issue age is 18 through 85. The elite nonsmoker class generally offers the best current cost of insurance rates, and the preferred classes generally offer better current cost of insurance rates than the standard classes. Cost of insurance rates are generally lower for nonsmokers than for smokers and generally lower for females than for males. Within a given risk class, cost of insurance rates are generally lower for insureds with lower issue ages. For Policies sold in connection with some employee benefit plans, cost of insurance rates (and Policy values and benefits) do not vary based on the sex of the insured. We may offer Policies on a guaranteed issue basis to certain group or sponsored arrangements. We issue these Policies up to predetermined face amount limits. Because we issue these Policies based on minimal underwriting information, they may present a greater mortality cost to us than Policies issued in a standard class. Therefore, these Policies will be issued with a risk class of standard smoker or standard nonsmoker, but will be subject to an additional flat extra charge. However, the overall cost of insurance deduction for a Policy issued on a guaranteed issue basis will not exceed the maximum cost of insurance deduction imposed under fully underwritten Policies. CHARGES FOR ADDITIONAL BENEFITS. We charge for the cost of any additional rider benefits as described in the rider form. MORTALITY AND EXPENSE RISK CHARGE. We impose a monthly charge for our mortality and expense risks. The mortality risk we assume is that insureds may live for shorter periods of time than we estimated. The expense risk is that our costs of issuing and administering the Policies may be more than we estimated. The charge is imposed on the cash value in the Separate Account, but the rate we charge is determined by the cash value in the Separate Account and the Fixed Account. The rate is determined on each monthly anniversary and varies based on the Policy year and the Policy's net cash value in relation to the Policy's Target Premium. As shown in the table below, the rate declines as the Policy's net cash value and the Policy years increase. The charge is guaranteed not to exceed 0.80% in Policy years 1-10, 0.35% in Policy years 11-19, 0.20% in Policy years 20-29 and 0.05% thereafter.
CHARGE APPLIED TO CASH VALUE IN POLICY YEAR NET CASH VALUE SEPARATE ACCOUNT ---------------------------------------------------------- < 5 target premiums 0.60% 1 - 10 5 but < 10 target premiums 0.55% 10 but < 20 target premiums 0.30% 20 target premiums or more 0.15% ---------------------------------------------------------- < 5 target premiums 0.35% 11 - 19 5 but < 10 target premiums 0.30% 10 but < 20 target premiums 0.15% 20 target premiums or more 0.10% ---------------------------------------------------------- < 5 target premiums 0.20% 5 but < 10 target premiums 0.15% 20 - 29 10 but < 20 target premiums 0.10% 20 target premiums or more 0.05% ---------------------------------------------------------- 30+ 0.05% ----------------------------------------------------------
LOAN INTEREST SPREAD We charge you interest on a loan at a maximum effective rate of 4.0% per year in Policy years 1-10 and 3.0% per year thereafter, compounded daily. We also credit interest on the amount we take from the Policy's accounts as a result of the loan at a minimum annual effective rate of 3% per year, compounded daily. As a result, the loan interest spread will never be more than 1.00%. A-45 CHARGES AGAINST THE PORTFOLIOS AND THE INVESTMENT DIVISIONS OF THE SEPARATE ACCOUNT CHARGES FOR INCOME TAXES. We currently do not charge the Separate Account for income taxes, but in the future we may make such a charge, if appropriate. We have the right to make a charge for any taxes imposed on the Policies in the future. (See "MetLife's Income Taxes.") PORTFOLIO EXPENSES. There are daily charges against the Portfolio assets for investment advisory services and fund operating expenses. These are described in the Fee Table as well as in the Portfolio prospectuses. TAX CONSIDERATIONS INTRODUCTION The following summary provides a general description of the Federal income tax considerations associated with the Policy and does not purport to be complete or to cover all tax situations. The summary does not address state, local or foreign tax issues related to the Policy. This discussion is not intended as tax advice. Counsel or other competent tax advisers should be consulted for more complete information. This discussion is based upon our understanding of the present Federal income tax laws. No representation is made as to the likelihood of continuation of the present Federal income tax laws or as to how they may be interpreted by the Internal Revenue Service. 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. TAX STATUS OF THE POLICY In order to qualify as a life insurance contract for Federal income tax purposes and to receive the tax treatment normally accorded life insurance contracts under Federal tax law, a Policy must satisfy certain requirements which are set forth in the Internal Revenue Code. Guidance as to how these requirements are to be applied is limited. Nevertheless, we anticipate that the Policy should be deemed to be a life insurance contract under Federal tax law. However, if your Policy is issued on a substandard basis, there is additional uncertainty. Moreover, if you elect the Acceleration of Death Benefit Rider, the tax qualification consequences associated with continuing the Policy after a distribution is made under the rider are unclear. We may take appropriate steps to bring the Policy into compliance with applicable requirements, and we reserve the right to restrict Policy transactions in order to do so. The insurance proceeds payable on the death of the insured will never be less than the minimum amount required for the Policy to be treated as life insurance under section 7702 of the Internal Revenue Code, as in effect on the date the Policy was issued. In some circumstances, owners of variable contracts who retain excessive control over the investment of the underlying separate account assets may be treated as the owners of those assets. 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 the owner of the Separate Account assets. 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. In addition, the Code requires that the investments of the Separate Account be "adequately diversified" in order for the Policies to be treated as life insurance contracts for Federal income tax purposes. It is intended that the Separate Account, through the Portfolios, will satisfy these diversification requirements. If Portfolio shares are sold directly to either non-qualified plans or to tax-qualified retirement plans that later lose their tax qualified status, there could be adverse consequences under the diversification rules. The following discussion assumes that the Policy will qualify as a life insurance contract for Federal income tax purposes. A-46 TAX TREATMENT OF POLICY BENEFITS IN GENERAL. The death benefit under a Policy should generally be excludible from the gross income of the beneficiary for Federal income tax purposes. 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. Generally, the Policy Owner will not be deemed to be in constructive receipt of the Policy cash value until there is a distribution or a deemed distribution. When distributions from a Policy occur, or when loans are taken from or secured by a Policy, the tax consequences depend on whether the Policy is classified as a modified endowment contract ("MEC"). MODIFIED ENDOWMENT CONTRACTS. Under the Internal Revenue Code, certain life insurance contracts are classified as modified endowment contracts, with less favorable income tax treatment than other life insurance contracts. Due to the Policy's flexibility with respect to premium payments and benefits, each Policy's circumstances will determine whether the Policy is a MEC. In general a Policy will be classified as a modified endowment contract if the amount of premiums paid into the Policy causes the Policy to fail the "7-pay test." A Policy will fail the 7-pay test if at any time in the first seven Policy years, the amount paid into the Policy exceeds the sum of the level premiums that would have been paid at that point under a Policy that provided for paid-up future benefits after the payment of seven level annual payments. If there is a reduction in the benefits under the Policy during the first seven Policy years, for example, as a result of a partial withdrawal, the 7-pay test will have to be reapplied as if the Policy had originally been issued at the reduced face amount. If there is a "material change" in the Policy's benefits or other terms, even after the first seven Policy years, the Policy may have to be retested as if it were a newly issued Policy. A material change can occur, for example, when there is an increase in the death benefit which is due to the payment of an unnecessary premium. Unnecessary premiums are premiums paid into the Policy which are not needed in order to provide a death benefit equal to the lowest death benefit that was payable in the first seven Policy years. To prevent your Policy from becoming a modified endowment contract, it may be necessary to limit premium payments or to limit reductions in benefits. A current or prospective Policy Owner should consult a tax adviser to determine whether a Policy transaction will cause the Policy to be classified as a modified endowment contract. DISTRIBUTIONS OTHER THAN DEATH BENEFITS FROM MODIFIED ENDOWMENT CONTRACTS. Policies classified as modified endowment contracts are subject to the following tax rules: (1) All distributions other than death benefits, including distributions upon surrender and withdrawals, from a modified endowment contract will be treated first as distributions of gain taxable as ordinary income and as tax-free recovery of the Policy Owner's investment in the Policy only after all gain has been distributed. (2) Loans taken from or secured by a Policy classified as a modified endowment contract are treated as distributions and taxed accordingly. (3) A 10 percent additional income tax is imposed on the amount subject to tax except where the distribution or loan is made when the Policy Owner has attained age 59 1/2 or is disabled, or where the distribution is part of a series of substantially equal periodic payments for the life (or life expectancy) of the Policy Owner or the joint lives (or joint life expectancies) of the Policy Owner and the Policy Owner's beneficiary. A-47 If a Policy becomes a modified endowment contract, distributions 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. DISTRIBUTIONS OTHER THAN DEATH BENEFITS FROM POLICIES THAT ARE NOT MODIFIED ENDOWMENT CONTRACTS. Distributions other than death benefits from a Policy that is not classified as a modified endowment contract are generally treated first as a recovery of the Policy Owner's investment in the Policy and only after the recovery of all investment in the Policy as taxable income. However, certain distributions which must be made in order to enable the Policy to continue to qualify as a life insurance contract for Federal income tax purposes if Policy benefits are reduced during the first 15 Policy years may be treated in whole or in part as ordinary income subject to tax. Loans from or secured by a Policy that is not a modified endowment contract are generally not treated as distributions. However, the tax consequences associated with Policy loans that are outstanding after the first ten Policy years are less clear and a tax adviser should be consulted about such loans. Finally, neither distributions from nor loans from or secured by a Policy that is not a modified endowment contract are subject to the 10 percent additional income tax. INVESTMENT IN THE POLICY. Your investment in the Policy is generally your aggregate premiums. When a distribution is taken from the Policy, your investment in the Policy is reduced by the amount of the distribution that is tax-free. POLICY LOANS. In general, interest on a Policy loan will not be deductible. If a Policy loan is outstanding when a Policy is canceled or lapses, the amount of the outstanding indebtedness will be added to the amount distributed and will be taxed accordingly. A loan may also be taxed when a Policy is exchanged. Before taking out a Policy loan, you should consult a tax adviser as to the tax consequences. MULTIPLE POLICIES. All modified endowment contracts that are issued by MetLife (or its affiliates) to the same Policy Owner during any calendar year are treated as one modified endowment contract for purposes of determining the amount includible in the Policy Owner's income when a taxable distribution occurs. 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 purchase of the Policy. ACCELERATION OF DEATH BENEFIT RIDER. Payments received under the Acceleration of Death Benefit Rider should be excludable from the gross income of the beneficiary except in certain business contexts. However, you should consult a qualified tax adviser about the consequences of adding this rider to a Policy or requesting payment under this rider. OVERLOAN PROTECTION RIDER. If you are contemplating the purchase of the Policy with the Overloan Protection Rider, you should be aware that the tax consequences of the Overloan Protection Rider have not been ruled on by the IRS or the courts. It is possible that the IRS could assert that the outstanding loan balance should be treated as a taxable distribution when the Overloan Protection Rider causes the Policy to be converted into a fixed Policy. You should consult a tax adviser as to the tax risks associated with the Overloan Protection Rider. 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 A-48 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 insured possessed incidents of ownership in the Policy at the time of death, or if the insured made a gift transfer of the Policy within three years of death. If the Policy Owner was not the insured, the fair market value of the Policy would be included in the Policy Owner's estate upon the Policy Owner's death. Moreover, under certain circumstances, the Internal Revenue Code may impose a "generation-skipping transfer tax" when all or part of a life insurance policy is transferred to, or a death benefit is paid to, an individual two or more generations younger than the Policy Owner. Regulations issued under the Internal Revenue Code may require us to deduct the tax from your Policy, or from any applicable payment, and pay it directly to the IRS. Qualified tax advisers should be consulted concerning the estate and gift tax consequences of Policy ownership and distributions under Federal, state and local law. The individual situation of each Policy Owner or beneficiary will determine the extent, if any, to which Federal, state, and local transfer and inheritance taxes may be imposed and how ownership or receipt of Policy proceeds will be treated for purposes of Federal, state and local estate, inheritance, generation-skipping 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 2010 and 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. OTHER POLICY OWNER TAX MATTERS. The application of certain tax rules after age 100 is not entirely clear. The tax consequences of continuing the Policy beyond the insured's attained age 121 are also unclear. You should consult a tax adviser if you intend to keep the Policy in force beyond the insured's attained age 121. If a trustee under a pension or profit-sharing plan, or similar deferred compensation arrangement, owns a Policy, the Federal, state and estate tax consequences could differ. The amounts of life insurance that may be purchased on behalf of a participant in a pension or profit-sharing plan are limited. Providing excessive life insurance coverage in a retirement plan will have adverse tax consequences. The inclusion of riders, such as waiver of premium riders, may also have adverse tax consequences. Therefore, it is important to discuss with your tax adviser the suitability of the Policy, including the suitability of coverage amounts and Policy riders, before any purchase by a retirement plan. Any proposed distribution or sale of a Policy by a retirement plan will also need to be discussed with a tax adviser. The current cost of insurance for the net amount at risk is treated as a "current fringe benefit" and must be included annually in the plan participant's gross income. If the plan participant dies while covered by the plan and the Policy proceeds are paid to the participant's beneficiary, then the excess of the death benefit over the cash value is not income taxable. However, the cash value will generally be taxable to the extent it exceeds the participant's cost basis in the Policy. Policies owned under these types of plans may be subject to restrictions under the Employee Retirement Income Security Act of 1974 ("ERISA"). You should consult a qualified adviser regarding ERISA. Department of Labor ("DOL") regulations impose requirements for participant loans under retirement plans covered by ERISA. Plan loans must also satisfy tax requirements to be treated as nontaxable. Plan loan requirements and provisions may differ from the Policy loan provisions. Failure of plan loans to comply with the requirements and provisions of the DOL regulations and of tax law may result in adverse tax consequences and/or adverse consequences under ERISA. Plan fiduciaries and participants should consult a qualified adviser before requesting a loan under a Policy held in connection with a retirement plan. Businesses can use the Policies in various arrangements, including nonqualified deferred compensation or salary continuance plans, split dollar insurance plans, executive bonus plans, tax exempt and 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. In recent years, moreover, Congress has adopted new rules relating to life insurance owned by businesses. Any business contemplating the purchase of a new Policy or a change in an existing Policy should consult a tax adviser. A-49 Ownership of the Policy by a corporation, trust or other non-natural person could jeopardize some (or all) of such entity's interest deduction under Internal Revenue Code Section 264, even where such entity's indebtedness is in no way connected to the Policy. In addition, under Section 264(f)(5), if a business (other than a sole proprietorship) is directly or indirectly a beneficiary of the Policy, the Policy could be treated as held by the business for purposes of the Section 264(f) entity-holder rules. Therefore, it would be advisable to consult with a qualified tax adviser before any non-natural person is made an owner or holder of the Policy, or before a business (other than a sole proprietorship) is made a beneficiary of the Policy. GUIDANCE ON SPLIT DOLLAR PLANS. 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. If your Policy is part of an equity split dollar arrangement taxed under the economic benefit regime, there is a risk that some portion of the Policy cash value may be taxed prior to any Policy distribution. If your split dollar plan provides deferred compensation, recently enacted rules governing deferred compensation arrangements may apply. Failure to adhere to these rules will result in adverse tax consequences. Consult a tax adviser. In addition, the Sarbanes-Oxley Act of 2002 (the "Act"), which was signed into law on July 30, 2002, prohibits, with limited exceptions, publicly-traded companies, including non-U.S. companies that have securities listed on U.S. exchanges, from extending, directly or indirectly or through a subsidiary, many types of personal loans to their directors or executive officers. It is possible that this prohibition may be interpreted to apply to split-dollar life insurance arrangements for directors and executive officers of such companies, since 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. ALTERNATIVE MINIMUM TAX. There may also be an indirect tax upon the income in the Policy or the proceeds of a Policy under the Federal corporate alternative minimum tax, if the Policy Owner is subject to that tax. POSSIBLE TAX LAW CHANGES. Although the likelihood of legislative changes is uncertain, there is always the possibility that the tax treatment of the Policy could change by legislation or otherwise. Consult a tax adviser with respect to legislative developments and their effect on the Policy. FOREIGN TAX CREDITS. To the extent permitted under Federal tax law, we may claim the benefit of certain foreign tax credits attributable to taxes paid by certain Portfolios to foreign jurisdictions. METLIFE'S INCOME TAXES Under current Federal income tax law, MetLife is not taxed on the Separate Account's operations. Thus, currently we do not deduct a charge from the Separate Account for Federal income taxes. We reserve the right to charge the Separate Account for any future Federal income taxes we may incur. Under current laws in several states, 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. DISTRIBUTION OF THE POLICIES We have entered into a distribution agreement with our affiliate, MetLife Investors Distribution Company ("Distributor"), for the distribution of the Policies. We and Distributor have entered into selling agreements with other affiliated and unaffiliated broker-dealers ("selling firms") for the sale of the Policies through their registered representatives. Our affiliated broker-dealers are MetLife Securities, Inc. ("MSI"), New England Securities Corporation ("NES"), Tower Square Securities, Inc. and Walnut Street Securities, Inc. Distributor, MSI, NES and our other affiliated selling firms are registered with the SEC as broker-dealers under the Securities Exchange Act of 1934 and are members 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. A-50 COMMISSIONS AND OTHER CASH COMPENSATION All selling firms receive commissions. The portion of the commission payments that selling firms pass on to their sales representatives is determined in accordance with their internal compensation programs. Those programs may also include other types of cash and non-cash compensation and other benefits. A selling firm or a sales representative of a selling firm may receive different compensation for selling one product over another and/or may be inclined to favor one product provider over another due to differing compensation rates. MSI and NES sales representatives receive cash payments for the products they sell and service based on a "gross dealer concession" model. The cash payment is equal to a percentage of the gross dealer concession amount described below. The percentage is determined based on a formula that takes into consideration the amount of proprietary products the sales representative sells and services. Proprietary products are products issued by us or an affiliate. Because sales of proprietary products are a factor in determining the percentage of the gross dealer concession amount to which MSI and NES sales representative are entitled, these sales representatives have an incentive to favor sale of the Policy over similar products issued by non-affiliates. In the first Policy year, the gross dealer concession amount for the Policies is 117% of premiums paid up to the Commissionable Target Premium, and 5.0% of premiums paid in excess of the Commissionable Target Premium. In Policy years 2 through 10, the gross dealer concession amount is 8.0% of all premiums paid, and in Policy years 11 and thereafter the gross dealer concession amount is 2.0% of all premiums. Commissionable Target Premium is generally the Target Premium as defined in the Glossary, excluding the portions associated with flat extras and certain riders, and is generally equal to or less than the Target Premium. Sales representatives of affiliated selling firms and their managers may be eligible for various cash benefits that we may provide jointly with affiliated selling firms. Ask your sales representative for further information about what your sales representative and the selling firm for which he or she works may receive in connection with your purchase of the Policy. Sales representatives of our affiliates and their Managers may also be eligible for cash compensation such as bonuses, equity awards (for example, stock options), training allowances, supplemental salary, payments based on a percentage of the Policy's cash value, financing arrangements, marketing support, medical and retirement benefits and other insurance and non-insurance benefits. The amount of this cash compensation is based primarily on the amount of proprietary products sold. Proprietary products are products issued by us and our affiliates. Sales representatives of certain affiliates must meet a minimum level of sales of proprietary products in order to maintain their agent status with the company 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. Managers may pay a portion of their cash compensation to their sales representatives. Receipt of the cash compensation described above may provide our sales representatives and their Managers, and the sales representatives and Managers of our affiliates, with an incentive to favor the sale of the Policies over similar products issued by non-affiliates. The maximum commissions paid for sale of the Policies through unaffiliated selling firms, and through our affiliated selling firms Walnut Street Securities, Inc. and Tower Square Securities, Inc. are as follows: 99% of premiums paid up to the Commissionable Target Premium, and 5.0% of premiums paid in excess of Commissionable Target Premium in Policy year 1; 13.0% of all premiums paid in Policy years 2 through 10; and 2.0% of all premiums paid thereafter. In addition, commissions are payable based on the cash value of the Policies in the following amounts: 0.10% in Policy years 2 through 10; 0.08% in Policy years 11 through 20; and 0.06% thereafter. Commissionable Target Premium is generally the Target Premium as defined in the Glossary, excluding the portions associated with flat extras and certain riders, and is generally equal to or less than the Target Premium. We and/or distributor may also make bonus payments to selling firms. The maximum amount of these bonus payments are as follows: 9.0% of premiums paid up to the Commissionable Target Premium and 2.0% of premiums paid in excess of the Commissionable Target Premium in Policy year 1; 19.75% of premiums paid up to the Commissionable Target Premium and 0.25% of premiums paid in excess of the Commissionable Target Premium paid in Policy year 2; and 0.25% of all premiums paid thereafter. Ask your sales representative for further information about what your sales representative and the selling firm for which he or she works may receive in connection with your purchase of the Policy. A-51 NON-CASH COMPENSATION 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 the Policies. These services may include the recruitment and training of personnel, production of promotional literature, and similar services. OTHER PAYMENTS We and Distributor may enter into preferred distribution arrangements with selected selling firms under which we pay additional compensation, including marketing allowances, introduction fees, persistency payments, preferred status fees and industry conference fees. Marketing allowances are periodic payments to certain selling firms, 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 selling firms in connection with the addition of these variable products to the selling firm's line of investment products, including expenses relating to establishing the data communications systems necessary for the selling firm 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 selling firms' 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 selling firms' sales representatives. These preferred distribution arrangements are not offered to all selling firms. The terms of any particular agreement governing compensation may vary among selling firms and the amounts may be significant. Distributor has entered into preferred distribution arrangements with our affiliated broker-dealers, Walnut Street Securities Inc. and Tower Square Securities, Inc. and with the unaffiliated selling firms listed in the Statement of Additional Information. We and Distributor may enter into similar arrangements with our other affiliates, MetLife Securities, Inc. and New England Securities Corporation. The prospect of receiving, or the receipt of, additional compensation as described above may provide selling firms or their representatives with an incentive to favor sales of the Policies over other variable insurance policies (or other investments) with respect to which the selling firm 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 selling firm for which he or she works may receive in connection with your purchase of a Policy. We also pay amounts to Distributor that may be used for its operating and other expenses, including the following sales expenses: compensation and bonuses for Distributor's management team, advertising expenses, and other expenses of distributing the Policies. Distributor's management team may also be eligible for non-cash compensation items that we may provide jointly with Distributor. Non-cash items include conferences, seminars and trips (including travel, lodging and meals in connection therewith), entertainment, merchandise and similar items. We pay American Funds Distributors, Inc., principal underwriter for the American Funds Insurance Series, a percentage of all premiums allocated to the American Funds Bond Fund, the American Funds Global Small Capitalization Fund, the American Funds Growth Fund, and the American Funds Growth-Income Fund, as well as a percentage of all premiums allocated to the American Funds Balanced Allocation Portfolio, the American Funds Growth Allocation Portfolio and the American Funds Moderate Allocation Portfolio, for the services it provides in marketing the Funds' shares in connection with the Policies. Each of these Funds makes payments to Distributor under their distribution plans in consideration of services provided and expenses incurred by Distributor in distributing their shares. These payments currently equal 0.25% of Separate Account assets invested in the particular Portfolio. (See "Fee Tables--Annual Portfolio Operating Expenses" and the Portfolio prospectuses.) Commissions and other incentives or payments described above are not charged directly to Policy Owners or the Separate Account. We intend to recoup commissions and other sales expenses through fees and charges deducted under the Policy. A-52 The Statement of Additional Information contains additional information about the compensation paid for the sale of 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, loans or death benefits, make transfers, or continue making payments under your death benefit option until instructions are received from the appropriate regulator. We also may be required to provide additional information about you or your Policy to government regulators. INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM The financial statements and financial highlights comprising each of the Investment Divisions of Metropolitan Life Separate Account UL (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 You may find the financial statements of MetLife in the Statement of Additional Information. MetLife's financial statements should be considered only as bearing on our ability to meet our obligations under the Policies. They should not be considered as bearing on the investment performance of the assets held in the Separate Account. A-53 GLOSSARY AGE. The age of an insured refers to the insured's age at his or her nearest birthday. ATTAINED AGE. The insured's issue age plus the number of completed Policy years. BASE POLICY. The Policy without riders. CASH SURRENDER VALUE. The amount you receive if you surrender the Policy. It is equal to the Policy's cash value reduced by any Surrender Charge that would apply on surrender and by any outstanding Policy loan and accrued interest. CASH VALUE. A Policy's cash value includes the amount of its cash value held in the Separate Account, the amount held in the Fixed Account, if there is an outstanding Policy loan, the amount of its cash value held in the Loan Account, and any amount held in the EDCA account. FIXED ACCOUNT. The Fixed Account is a part of our general account to which you may allocate net premiums. It provides guarantees of principal and interest. INVESTMENT DIVISION. A sub-account of the Separate Account that invests in shares of an open-ended management investment company or other pools of investment assets. INVESTMENT START DATE. This is the later of the Policy Date and the date we first receive a premium payment for the Policy. ISSUE AGE. The age of the insured as of his or her birthday nearest to the Policy Date. LOAN ACCOUNT. The account to which cash value from the Separate and/or Fixed Accounts is transferred when a Policy loan is taken. NET CASH VALUE. The Policy's cash value less any outstanding loans and accrued loan interest. PLANNED PREMIUM. The Planned Premium is the premium payment schedule you choose to help meet your future goals under the Policy. The Planned Premium consists of a first-year premium amount and an amount for premium payments in subsequent Policy years. It is subject to certain limits under the Policy. POLICY DATE. The date on which coverage under the Policy and Monthly Deductions begin. If you make a premium payment with the application, unless you request otherwise, the Policy Date is generally the date the Policy application is approved. If you choose to pay the initial premium upon delivery of the Policy, unless you request otherwise, the Policy Date is generally the date on which we receive your initial payment. PREMIUMS. Premiums include all payments under the Policy, whether a Planned Premium or an unscheduled payment. SEPARATE ACCOUNT. Metropolitan Life Separate Account UL, a separate account established by MetLife to receive and invest premiums paid under the Policies and certain other variable life insurance policies, and to provide variable benefits. TARGET PREMIUM. We use the Target Premium to determine the amount of Mortality and Expense Risk Charge imposed on the Separate Account and the amount of Sales Charge imposed on premium payments. The Target Premium varies by issue age, sex, smoking status and any flat extras and substandard rating of the insured, and the Policy's base face amount, with additional amounts for most riders. YOU. "You" refers to the Policy Owner. A-54 APPENDIX A GUIDELINE PREMIUM TEST AND CASH VALUE ACCUMULATION TEST In order to meet the Internal Revenue Code's definition of life insurance, the Policies provide that the death benefit will not be less than what is required by the "guideline premium test" under Section 7702(a)(2) of the Internal Revenue Code, or the "cash value accumulation test" under Section 7702(a)(1) of the Internal Revenue Code, as selected by you when the Policy is issued. The test you choose at issue will be used for the life of the Policy. (See "Death Benefits.") For the guideline premium test, the table below shows the percentage of the Policy's cash value that is used to determine the death benefit.
AGE OF AGE OF INSURED AT START OF PERCENTAGE OF INSURED AT START OF PERCENTAGE OF THE POLICY YEAR CASH VALUE THE POLICY YEAR CASH VALUE ------------------- ------------- ------------------- ------------- 0 through 40 250 61 128 41 243 62 126 42 236 63 124 43 229 64 122 44 222 65 120 45 215 66 119 46 209 67 118 47 203 68 117 48 197 69 116 49 191 70 115 50 185 71 113 51 178 72 111 52 171 73 109 53 164 74 107 54 157 75 through 90 105 55 150 91 104 56 146 92 103 57 142 93 102 58 138 94 through 121 101 59 134 60 130
For the cash value accumulation test, sample net single premium factors for selected ages of male and female insureds, in a standard or better nonsmoker risk class, are listed below.
NET SINGLE PREMIUM FACTOR ------------------ AGE MALE FEMALE --- ------- ------- 30....................... 5.82979 6.59918 40....................... 4.11359 4.63373 50....................... 2.93292 3.28706 60....................... 2.14246 2.40697 70....................... 1.64028 1.82665 80....................... 1.32530 1.44515 90....................... 1.15724 1.22113 100...................... 1.08417 1.10646 120...................... 1.02597 1.02597
A-55 APPENDIX B ILLUSTRATIONS OF DEATH BENEFITS, CASH VALUES AND CASH SURRENDER VALUES The tables in Appendix B illustrate the way the Policies work, based on assumptions about investment returns and the insured's characteristics. They show how the death benefit, cash surrender value and cash value could vary over an extended period of time assuming hypothetical gross rates of return (i.e., investment income and capital gains and losses, realized or unrealized) for the Separate Account equal to constant after tax annual rates of 0%, 6% and 10%. The tables are based on a face amount of $350,000 for a male aged 35. The insured is assumed to be in the preferred nonsmoker risk class. The tables assume no rider benefits and assume that no allocations are made to the Fixed Account. Values are first given based on current Policy charges and then based on guaranteed Policy charges. (See "Charges.") Illustrations show the Option A death benefit. Policy values would be different (either higher or lower) from the illustrated amounts in certain circumstances. For example, illustrated amounts would be different where actual gross rates of return averaged 0%, 6% or 10%, but: (i) the rates of return varied above and below these averages during the period, (ii) premiums were paid in other amounts or at other than annual intervals, or (iii) cash values were allocated differently among individual Investment Divisions with varying rates of return. They would also differ if a Policy loan or partial withdrawal were made during the period of time illustrated, if the insured were female or in another risk classification, or if the Policies were issued at unisex rates. For example, as a result of variations in actual returns, additional premium payments beyond those illustrated may be necessary to maintain the Policy in force for the periods shown or to realize the Policy values shown, even if the average rate of return is achieved. The death benefits, cash surrender values and cash values shown in the tables reflect: (i) deductions from premiums for the sales charge, premium tax and federal tax charge; and (ii) a Monthly Deduction (consisting of a Coverage Expense Charge, a Mortality and Expense Risk Charge, and a charge for the cost of insurance) from the cash value on the first day of each Policy month. The cash surrender values reflect a Surrender Charge deducted from the cash value upon surrender, face reduction or lapse during the first ten Policy years. (See "Charges.") The illustrations reflect an arithmetic average of the gross investment advisory fees and operating expenses of the Portfolios, at an annual rate of .88% of the average daily net assets of the Portfolios. This average does not reflect expense subsidies by the investment advisers of certain Portfolios. The gross rates of return used in the illustrations do not reflect the deductions of the fees and expenses of the Portfolios. Taking account of the average investment advisory fee and operating expenses of the Portfolios, the gross annual rates of return of 0%, 6% and 10% correspond to net investment experience at constant annual rates of -.88%, 5.07% and 9.04%, respectively. If you request, we will furnish a personalized illustration reflecting the proposed insured's age, sex, risk class, and the face amount or premium payment schedule requested. Because these and other assumptions will differ, the values shown in the personalized illustrations can differ very substantially from those shown in the tables. Therefore, you should carefully review the information that accompanies any personalized illustration. That information will disclose all the assumptions on which the personalized illustration is based. Where applicable, we will also furnish on request a personalized illustration for a Policy which is not affected by the sex of the insured. You should contact your registered representative to request a personalized illustration. A-56 MALE ISSUE AGE 35 $2,500 ANNUAL PREMIUM FOR PREFERRED NONSMOKER RISK CLASS $350,000 FACE AMOUNT OPTION A DEATH BENEFIT THE ILLUSTRATION IS BASED ON CURRENT POLICY CHARGES.
DEATH BENEFIT CASH SURRENDER VALUE CASH VALUE ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL ASSUMING HYPOTHETICAL END OF GROSS ANNUAL RATE OF RETURN OF GROSS ANNUAL RATE OF RETURN OF GROSS ANNUAL RATE OF RETURN OF POLICY ------------------------------- ------------------------------ ------------------------------ YEAR 0% 6% 10% 0% 6% 10% 0% 6% 10% ------ -- -- --- -- -- --- -- -- --- 1 $350,000 $ 350,000 $ 350,000 $ 0 $ 0 $ 0 $ 1,570 $ 1,686 $ 1,763 2 350,000 350,000 350,000 0 0 0 3,087 3,415 3,642 3 350,000 350,000 350,000 0 289 746 4,551 5,190 5,646 4 350,000 350,000 350,000 1,714 2,763 3,538 5,961 7,010 7,785 5 350,000 350,000 350,000 3,721 5,281 6,473 7,315 8,875 10,067 6 350,000 350,000 350,000 5,341 7,515 9,232 8,608 10,782 12,499 7 350,000 350,000 350,000 6,901 9,791 12,152 9,841 12,731 15,092 8 350,000 350,000 350,000 8,729 12,440 15,585 11,016 14,727 17,872 9 350,000 350,000 350,000 11,677 16,346 20,428 12,821 17,490 21,572 10 350,000 350,000 350,000 14,562 20,340 25,548 14,562 20,340 25,548 15 350,000 350,000 350,000 22,894 36,833 51,663 22,894 36,833 51,663 20 350,000 350,000 350,000 30,031 57,271 91,289 30,031 57,271 91,289 25 350,000 350,000 350,000 35,466 82,152 151,564 35,466 82,152 151,564 30 350,000 350,000 350,000 37,840 111,772 243,832 37,840 111,772 243,832 35 350,000 350,000 448,873 35,263 146,462 386,960 35,263 146,462 386,960 40 350,000 350,000 648,878 25,853 188,170 606,428 25,853 188,170 606,428 45 350,000 350,000 989,793 75 237,374 942,660 75 237,374 942,660 50 350,000 1,520,370 296,130 1,447,972 296,130 1,447,972 55 397,843 2,300,255 378,898 2,190,719 378,898 2,190,719 60 492,436 3,347,296 487,561 3,314,155 487,561 3,314,155 65 636,414 5,110,214 630,112 5,059,618 630,112 5,059,618 70 817,152 7,780,915 809,061 7,703,876 809,061 7,703,876 75 1,042,081 11,802,550 1,031,764 11,685,693 1,031,764 11,685,693 80 1,317,171 17,786,781 1,304,130 17,610,674 1,304,130 17,610,674 85 1,645,665 26,544,892 1,629,371 26,282,071 1,629,371 26,282,071 86 1,719,289 28,741,219 1,702,266 28,456,652 1,702,266 28,456,652
IT IS EMPHASIZED THAT THE HYPOTHETICAL GROSS ANNUAL RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE GROSS ANNUAL RATES OF RETURN. ACTUAL GROSS RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE BY A POLICY OWNER, THE FREQUENCY OF PREMIUM PAYMENTS CHOSEN BY A POLICY OWNER, AND THE INVESTMENT EXPERIENCE OF THE POLICY'S INVESTMENT DIVISIONS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED 0%, 6%, AND 10% OVER A PERIOD OF YEARS, BUT VARIED ABOVE OR BELOW THAT AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF ANY POLICY LOAN WERE MADE DURING THE PERIOD. NO REPRESENTATIONS CAN BE MADE BY METLIFE OR THE PORTFOLIOS THAT THOSE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. A-57 MALE ISSUE AGE 35 $2,500 ANNUAL PREMIUM FOR PREFERRED NONSMOKER RISK CLASS $350,000 FACE AMOUNT OPTION A DEATH BENEFIT THIS ILLUSTRATION IS BASED ON GUARANTEED POLICY CHARGES.
DEATH BENEFIT CASH SURRENDER VALUE ASSUMING CASH VALUE ASSUMING HYPOTHETICAL HYPOTHETICAL ASSUMING HYPOTHETICAL GROSS ANNUAL GROSS ANNUAL GROSS ANNUAL END OF RATE OF RETURN OF RATE OF RETURN OF RATE OF RETURN OF POLICY ----------------------------- --------------------------- --------------------------- YEAR 0% 6% 10% 0% 6% 10% 0% 6% 10% ------ -- -- --- -- -- --- -- -- --- 1 $350,000 $350,000 $ 350,000 $ 0 $ 0 $ 0 $ 1,262 $ 1,368 $ 1,438 2 350,000 350,000 350,000 0 0 0 2,484 2,774 2,974 3 350,000 350,000 350,000 0 0 0 3,670 4,223 4,620 4 350,000 350,000 350,000 560 1,457 2,122 4,807 5,704 6,369 5 350,000 350,000 350,000 2,305 3,628 4,642 5,899 7,222 8,236 6 350,000 350,000 350,000 3,676 5,507 6,959 6,943 8,774 10,226 7 350,000 350,000 350,000 4,991 7,413 9,399 7,932 10,354 12,340 8 350,000 350,000 350,000 6,567 9,664 12,290 8,854 11,951 14,577 9 350,000 350,000 350,000 8,562 12,416 15,799 9,706 13,560 16,943 10 350,000 350,000 350,000 10,478 15,172 19,437 10,478 15,172 19,437 15 350,000 350,000 350,000 13,416 23,745 34,986 13,416 23,745 34,986 20 350,000 350,000 350,000 14,137 32,435 56,574 14,137 32,435 56,574 25 350,000 350,000 350,000 10,313 38,944 85,719 10,313 38,944 85,719 30 350,000 350,000 39,633 125,094 39,633 125,094 35 350,000 350,000 27,244 180,474 27,244 180,474 40 350,000 264,554 264,554 45 426,806 406,482 406,482 50 653,359 622,247 622,247 55 978,713 932,108 932,108 60 1,409,769 1,395,811 1,395,811 65 2,140,480 2,119,287 2,119,287 70 3,221,111 3,189,219 3,189,219 75 4,795,371 4,747,892 4,747,892 80 7,039,205 6,969,510 6,969,510 85 10,306,209 10,204,168 10,204,168 86 11,122,309 11,012,187 11,012,187
IT IS EMPHASIZED THAT THE HYPOTHETICAL GROSS ANNUAL RATES OF RETURN SHOWN ABOVE ARE ILLUSTRATIVE ONLY AND SHOULD NOT BE DEEMED A REPRESENTATION OF PAST OR FUTURE GROSS ANNUAL RATES OF RETURN. ACTUAL GROSS RATES OF RETURN MAY BE MORE OR LESS THAN THOSE SHOWN AND WILL DEPEND ON A NUMBER OF FACTORS, INCLUDING THE INVESTMENT ALLOCATIONS MADE BY A POLICY OWNER, THE FREQUENCY OF PREMIUM PAYMENTS CHOSEN BY A POLICY OWNER, AND THE INVESTMENT EXPERIENCE OF THE POLICY'S INVESTMENT DIVISIONS. THE DEATH BENEFIT, CASH VALUE AND CASH SURRENDER VALUE FOR A POLICY WOULD BE DIFFERENT FROM THOSE SHOWN IF THE ACTUAL GROSS ANNUAL RATES OF RETURN AVERAGED 0%, 6%, AND 10% OVER A PERIOD OF YEARS, BUT VARIED ABOVE OR BELOW THAT AVERAGE DURING THE PERIOD. THEY WOULD ALSO BE DIFFERENT IF ANY POLICY LOAN WERE MADE DURING THE PERIOD. NO REPRESENTATIONS CAN BE MADE BY METLIFE OR THE PORTFOLIOS THAT THOSE HYPOTHETICAL RATES OF RETURN CAN BE ACHIEVED FOR ANY ONE YEAR OR SUSTAINED OVER ANY PERIOD OF TIME. A-58 Additional information about the Policy and the Separate Account can be found in the Statement of Additional Information, which is available online at our website www.metlife.com. You may also obtain a copy of the Statement of Additional Information, without charge, by calling our TeleService Center at 1-800-638-5000. You may also obtain, without charge, a personalized illustration of death benefits, cash surrender values and cash values by calling your registered representative. For Investment Division transfers and premium reallocations, for current information about your Policy values, to change or update Policy information such as your billing address, billing mode, beneficiary or ownership, for information about other Policy transactions, and to ask questions about your Policy, you may call us at 1-800-638-5000. This prospectus incorporates by reference all of the information contained in the Statement of Additional Information, which is legally part of this prospectus. Information about the 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 202-551-8090. The Statement of Additional Information, reports and other information about the Separate Account are available on the SEC Internet site at 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 20549-0102. File No. 811-06025 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 METROPOLITAN LIFE INSURANCE COMPANY 200 PARK AVENUE NEW YORK, NY 10166 RECEIPT This is to acknowledge receipt of an Equity Advantage VUL Prospectus (Book #252) dated April 29, 2013. This Variable Life Insurance Policy is offered by Metropolitan Life Insurance Company. -------- --------------------- (Date) (Client's Signature)