0001193125-16-541573.txt : 20160414
0001193125-16-541573.hdr.sgml : 20160414
20160414165958
ACCESSION NUMBER: 0001193125-16-541573
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 3
FILED AS OF DATE: 20160414
DATE AS OF CHANGE: 20160414
EFFECTIVENESS DATE: 20160501
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Metropolitan Life Separate Account UL
CENTRAL INDEX KEY: 0000858997
IRS NUMBER: 135581829
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 333-40161
FILM NUMBER: 161572312
BUSINESS ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
BUSINESS PHONE: 2125788717
MAIL ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
FORMER COMPANY:
FORMER CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL
DATE OF NAME CHANGE: 19920703
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Metropolitan Life Separate Account UL
CENTRAL INDEX KEY: 0000858997
IRS NUMBER: 135581829
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-06025
FILM NUMBER: 161572313
BUSINESS ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
BUSINESS PHONE: 2125788717
MAIL ADDRESS:
STREET 1: METROPOLITAN LIFE INSURANCE COMPANY
STREET 2: 200 PARK AVENUE
CITY: NEW YORK
STATE: NY
ZIP: 10166
FORMER COMPANY:
FORMER CONFORMED NAME: METROPOLITAN LIFE SEPARATE ACCOUNT UL
DATE OF NAME CHANGE: 19920703
0000858997
S000004219
Metropolitan Life Separate Account UL
C000011873
Equity Options (Equity Additions and Equity Enricher)
485BPOS
1
d20948d485bpos.txt
EQUITY OPTIONS
AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON APRIL 14, 2016
REGISTRATION NOS. 333-40161
811-06025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-6
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
POST-EFFECTIVE AMENDMENT NO. 20 [X]
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 77 [X]
METROPOLITAN LIFE SEPARATE ACCOUNT UL
(Exact Name of Registrant)
METROPOLITAN LIFE INSURANCE COMPANY
(Name of Depositor)
200 Park Avenue
New York, NY 10166
(Address of depositor's principal executive offices)
DEPOSITOR'S TELEPHONE NUMBER INCLUDING AREA CODE (212) 578-9500
RICARDO A. ANZALDUA, ESQ.
Executive Vice President and General Counsel
Metropolitan Life Insurance Company
1095 Avenue of the Americas
New York, NY 10036
(Name and address of agent for service)
COPY TO:
W. THOMAS CONNER, ESQUIRE
Reed Smith LLP
1301 K Street, NW, Suite 1100
Washington, D.C. 20005
Approximate Date of Proposed Public Offering: on May 1, 2016 or as soon
thereafter as practicable
It is proposed that this filing will become effective (check appropriate box)
[ ] immediately upon filing pursuant to paragraph (b)
[X] on May 1, 2016 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1) of Rule 485
[ ] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment
Title of Securities Being Registered: Interests in Metropolitan Life Separate
Account UL, which funds certain Variable Additional Insurance Options.
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NOTE:
This registration statement incorporates by reference the prospectuses and
supplements dated May 1, 2015, April 28, 2014, April 29, 2013, April 30, 2012,
May 1, 2011, May 1, 2010, May 1, 2009, and April 28, 2008 for the policies,
each as filed in Post-Effective Amendment No. 19 filed on April 15, 2015,
Post-Effective Amendment No. 18 filed on April 11, 2014, Post-Effective
Amendment No. 17 filed on April 11, 2013, Post-Effective Amendment No. 16 filed
on April 12, 2012, Post-Effective Amendment No. 15 filed on April 14, 2011,
Post-Effective Amendment No. 14 filed on April 16, 2010, Post- Effective
Amendment No. 13 filed on April 16, 2009, Post-Effective Amendment No. 12 filed
on April 18, 2008, respectively, to the Registration Statement on Form N-6
(File No. 333-40161).
METROPOLITAN LIFE INSURANCE COMPANY
THE EQUITY OPTIONS
EQUITY ADDITIONS (ALSO KNOWN AS VARIABLE ADDITIONAL INSURANCE DIVIDEND OPTION)
EQUITY ENRICHER (ALSO KNOWN AS VARIABLE ADDITIONAL BENEFITS RIDER)
SUPPLEMENT DATED MAY 1, 2016 TO
Prospectus Dated April 28, 2008
This supplement updates certain information contained in your last prospectus
and subsequent supplements. You should read and retain this supplement with
your Policy. We will send you an additional copy of your most recent prospectus
(and any previous supplements thereto), without charge, on written request sent
to MetLife, P.O. Box 543, Warwick, RI 02887-0543. New Equity Options riders ARE
NO LONGER AVAILABLE FOR SALE.
You allocate net premiums to and may transfer cash value among the available
investment divisions of Metropolitan Life Separate Account UL. Each available
investment division, in turn, invests in the shares of one of the following
Portfolios:
MET INVESTORS SERIES TRUST (CLASS A)
Morgan Stanley Mid Cap Growth Portfolio*
METROPOLITAN SERIES FUND (CLASS A)
MetLife Stock Index Portfolio
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* This Portfolio is not available for Equity Additions.
The prospectuses for the Portfolios describe in greater detail an investment in
the Portfolios listed above. YOU CAN OBTAIN PROSPECTUSES FOR THE PORTFOLIOS BY
CALLING 1-800-638-5000.
1
SENDING COMMUNICATIONS AND PAYMENTS TO US
You can communicate all of your requests, instructions and notifications to us
by contacting us in writing at our Designated Office. We may require that
certain requests, instructions and notifications be made on forms that we
provide. These include: changing your beneficiary; taking a Policy loan; taking
a partial withdrawal; surrendering your Policy; making transfer requests or
changing your premium allocations. As of the date of this prospectus, requests
for partial withdrawals and Policy loans must be in writing. However, you
should contact us at 1-800-MET-5000 for our current procedures. Below is a list
of our Designated Offices for various functions. We may name additional or
alternate Designated Offices. If we do, we will notify you in writing. You may
also contact us at 1-800-MET-5000 for information on where to direct
communication regarding any function not listed below or for any other inquiry.
FUNCTION DESIGNATED OFFICE ADDRESS
Premium Payments MetLife, P.O. Box 371487, Pittsburgh, PA
15250-7487
Payment Inquiries MetLife, P.O. Box 354, Warwick, RI 02887-0354
Surrenders, Withdrawals, Loans, Investment MetLife, P.O. Box 543, Warwick, RI 02887-0543
Division Transfers, Premium Reallocation
Death Claims MetLife, P.O. Box 353, Warwick, RI 02887-0353
Beneficiary & Ownership MetLife, P.O. Box 313, Warwick, RI 02887-0313
Address Changes MetLife, 500 Schoolhouse Road, Johnstown, PA
15904
Attn: Data Integrity
If you send your premium payments or transaction requests to an address other
than the one we have designated for receipt of such premium payments or
requests, we may return the premium payment to you, or there may be a delay in
applying the premium payment or transaction to your Policy.
Our variable life insurance business is largely conducted through digital
communications and data storage networks and systems operated by us and our
service providers or other business partners (e.g., the Funds and the firms
involved in the distribution and sale of our variable life insurance policies).
For example, many routine operations, such as processing Owners' requests and
elections and day-to-day record keeping, are all executed through computer
networks and systems.
We have established administrative and technical controls and a business
continuity plan to protect our operations against cybersecurity breaches.
Despite these protocols, a cybersecurity breach could have a material, negative
impact on MetLife and the Separate Account, as well as individual Owners and
their Policies. Our operations also could be negatively affected by a
cybersecurity breach at a third party, such as a governmental or regulatory
authority or another participant in the financial markets.
Cybersecurity breaches can be intentional or unintentional events, and can
occur through unauthorized access to computer systems, networks or devices;
infection from computer viruses or other malicious software code; or attacks
that shut down, disable, slow or otherwise disrupt operations, business
processes or website access or functionality. Cybersecurity breaches can
interfere with our processing of Policy transactions, including the processing
of transfer orders from our website or with the Funds; impact our ability to
calculate unit values; cause the release and possible destruction of
confidential Owner or business information; or impede order processing or cause
other operational issues. Although we continually make efforts to identify and
reduce our exposure to cybersecurity risk, there is no guarantee that we will
be able to successfully manage this risk at all times.
2
ANNUAL PORTFOLIO OPERATING EXPENSES
The following tables describe the fees and expenses that the Portfolios will
pay and that therefore a Policy owner will indirectly pay periodically during
the time that he or she owns an Equity Option. The first table shows the lowest
and highest fees and expenses charged by the Portfolio(s) offered with Equity
Additions and Equity Enricher for the fiscal year ended December 31, 2015. The
next table describes the annual operating expenses for each Portfolio for the
year ended December 31, 2015, as a percentage of the Portfolio's average daily
net assets for the year, before and after any fee waivers and expense
reimbursements. More detail concerning each Portfolio's fees and expenses is
contained in the table that follows this table and in the prospectuses for the
Portfolios.
LOWEST AND HIGHEST TOTAL ANNUAL PORTFOLIO OPERATING EXPENSES
LOWEST HIGHEST
EQUITY ADDITIONS
Total Annual Portfolio Operating Expenses
(expenses that are deducted from Portfolio assets, including management
fees and other expenses) .27% .27%
EQUITY ENRICHER
Total Annual Portfolio Operating Expenses
(expenses that are deducted from Portfolio assets, including management
fees and other expenses) .27% .68%
TOTAL ANNUAL PORTFOLIO OPERATING EXPENSES
TOTAL NET TOTAL
ANNUAL FEE WAIVER ANNUAL
MANAGEMENT OTHER OPERATING AND/OR EXPENSE OPERATING
PORTFOLIO FEE EXPENSES EXPENSES REIMBURSEMENT EXPENSES
MET INVESTORS SERIES TRUST -- CLASS A
Morgan Stanley Mid Cap Growth Portfolio1 0.65% 0.03% 0.68% 0.01% 0.67%
METROPOLITAN SERIES FUND -- CLASS A
MetLife Stock Index Portfolio 0.25% 0.02% 0.27% 0.01% 0.26%
1 This Portfolio is not available for Equity Additions.
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 2016 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.
3
THE PORTFOLIOS
MANAGEMENT OF THE PORTFOLIOS
Our affiliate, MetLife Advisers, LLC is the investment adviser who is
responsible for overall management of the Metropolitan Series Fund and the Met
Investors Series Trust. MetLife Advisers, LLC has contracted with sub-advisers
to make day-to-day investment decisions for the Portfolios. The sub-advisers
and the investment objective of each Portfolio are as follows:
PORTFOLIO INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
MET INVESTORS SERIES TRUST -- CLASS A
Morgan Stanley Mid Cap Growth Portfolio Seeks capital appreciation. MetLife Advisers, LLC
Subadviser: Morgan Stanley
Investment Management Inc.
METROPOLITAN SERIES FUND -- CLASS A
MetLife Stock Index Portfolio Seeks to track the performance of MetLife Advisers, LLC
the Standard & Poor's 500(R) Subadviser: MetLife Investment
Composite Stock Price Index. Advisors, LLC
FEDERAL TAX MATTERS
The following is a brief summary of some tax rules that may apply to your
Policy. It does not purport to be complete or cover every situation. The
summary does not address state, local or foreign tax issues related to your
Policy. Because individual circumstances vary, you should consult with your own
tax adviser to find out how taxes can affect your benefits and rights under
your Policy, especially before you make unscheduled premium payments, change
your specified face amount, change your death benefit option, change coverage
provided by riders, take a loan or withdrawal, or assign or surrender the
Policy. Under current federal income tax law, the taxable portion of
distributions from variable life contracts is taxed at ordinary income tax
rates and does not qualify for the reduced tax rate applicable to long-term
capital gains and dividends.
INSURANCE PROCEEDS
o Insurance proceeds are generally excludable from your beneficiary's gross
income to the extent provided in Section 101 of the Internal Revenue Code
("Code").
o In the case of employer-owned life insurance as defined in Section 101(j) of
the Code, the amount of the death benefit excludable from gross income is
limited to premiums paid unless the Policy falls within certain specified
exceptions and a notice and consent requirement is satisfied before the
Policy is issued. Certain specified exceptions are based on the status of an
employee as highly compensated, a director, 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.
o The death proceeds may be subject to federal estate tax: (i) if paid to the
insured's estate or (ii) if paid to a different beneficiary if the insured
possessed incidents of ownership at or within three years before death.
o If you die before the insured, the value of your Policy (determined under IRS
rules) is included in your estate and may be subject to federal estate tax.
4
o Whether or not any federal estate tax is due is based on a number of factors
including the estate size. Please consult your tax adviser for the
applicable estate tax rates.
o The insurance proceeds payable upon 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. The rules with respect to Policies issued on
a substandard risk basis are not entirely clear.
CASH VALUE (IF YOUR POLICY IS NOT A MODIFIED ENDOWMENT CONTRACT)
o You are generally not taxed on your cash value -(except with respect to the
DWI option) until you withdraw it or surrender your Policy or receive a
distribution (such as when your Policy terminates on the Final Date). In
these cases, you are generally permitted to take withdrawals and receive
other distributions up to the amount of premiums paid without any tax
consequences. However, withdrawals and other distributions will be treated
as gain subject to ordinary income tax after you have received amounts equal
to the total premiums you paid. Somewhat different rules apply in the first
15 Policy years. Distributions during the first 15 Policy years accompanied
by a reduction in Policy benefits, including 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, are subject to different
tax rules and may be treated in whole or in part as taxable income.
o There may be an indirect tax upon the income in the Policy or the proceeds of
a Policy under the Federal corporate alternative minimum tax, if you are
subject to that tax.
o For income tax purposes, if you surrender an Equity Option for its cash value
but the base policy remains in force, you will be considered to have made a
partial withdrawal.
o Amounts applied to the DWI option are treated as distributions from the
Policy and interest credited on amounts applied to the DWI option is
currently taxable as ordinary income.
SPLIT-DOLLAR INSURANCE 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
split dollar plan provides deferred compensation, specific tax rules governing
deferred compensation arrangements may apply. Failure to adhere to these rules
will result in adverse tax consequences.
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 certain split-dollar life
insurance arrangements for directors and executive officers of such companies,
since at least some such arrangements can arguably be viewed as involving a
loan from the employer for at least some purposes.
Any affected business contemplating the payment of a premium on an existing
Policy or the purchase of a new Policy in connection with a split-dollar life
insurance arrangement should consult legal counsel.
LOANS
o Loan amounts you receive will generally not be subject to income tax, unless
your Policy is or becomes a modified endowment contract, is exchanged or
terminates. Loans from or secured by a Policy that is not a modified
endowment contract are not subject to the 10% federal income tax penalty.
o Interest on loans is generally not deductible. For businesses that own a
Policy, at least part of the interest deduction unrelated to the Policy may
be disallowed unless the insured is a 20% owner, officer, director or
employee of the business.
5
o If your Policy terminates (upon surrender, cancellation lapse or, in most
cases, exchange) while any Policy loan is outstanding, the amount of the
loan plus accrued interest thereon will be deemed to be a "distribution" to
you. Any such distribution will have the same tax consequences as any other
Policy distribution. In the case of an outstanding loan at the time of an
exchange, the cancelled loan will generally be taxed to the extent of any
policy gain. Since amounts borrowed reduce the cash value that will be
distributed to you if the Policy is surrendered, cancelled or lapses, any
cash value distributed to you in these circumstances may be insufficient to
pay the income tax on any gain.
MODIFIED ENDOWMENT CONTRACTS
These contracts are life insurance policies where the premiums paid during the
first 7 years after the Policy is issued, or after a material change in the
Policy, exceeds tax law limits referred to as the "7-pay test." Material
changes in the Policy include changes in the level of benefits, receipt of an
unnecessary premium and certain other changes to your Policy after the issue
date. 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 most recent 7-pay testing period. Reductions in
benefits during a 7-pay testing period also may cause your Policy to become a
modified endowment contract. Generally, a life insurance policy that is
received in exchange for a modified endowment contract will also be considered
a modified endowment contract. The IRS has promulgated a procedure for the
correction of inadvertent modified endowment contracts that may provide relief
in limited circumstances.
Due to the flexibility of the Policies as to premiums and benefits, the
individual circumstances of each Policy will determine whether it is classified
as a Modified Endowment Contract.
If your Policy is considered a modified endowment contract the following
applies:
o The death benefit will still generally be income tax free to your
beneficiary, to the extent discussed above.
o Amounts withdrawn or distributed before the insured's death, including
(without limitation) loans taken from or secured by a Policy classified as a
modified endowment contact, assignments and pledges, are (to the extent of
any gain in your Policy) treated as income first and subject to income tax.
All modified endowment contracts you purchase from us and our affiliates
during the same calendar year are treated as a single contract for purposes
of determining the amount of any such income.
o An additional 10% income tax generally applies to the taxable portion of the
amounts you received before age 591/2 except if you are disabled or if the
distribution is part of a series of substantially equal periodic payments
for your life (or life expectancy) or the joint lives (or joint life
expectancies) of you and your beneficiary. -The foregoing exceptions to the
10% -additional tax generally do not apply to a Policy owner that is a
non-natural person, such as a corporation.
o If a Policy becomes a modified endowment contract, distributions that occur
during the Policy year will be taxed as distributions from a modified
endowment contract. In addition, distributions from a Policy within two
years before it becomes a modified endowment contract will be taxed in this
manner. This means that a distribution made from a Policy that is not a
modified endowment contract could later become taxable as a distribution
from a modified endowment contract.
DIVERSIFICATION
In order for your Policy to qualify as life insurance, we must comply with
certain diversification standards with respect to the investments underlying
the Policy. We believe that we satisfy and will continue to satisfy these
diversification standards. Inadvertent failure to meet these standards may be
able to be corrected. Failure to meet these standards would result in immediate
taxation to Policy owners of gains under their Policy. If Portfolio shares are
sold directly to tax-qualified retirement plans that later lose their
tax-qualified status, or to non-qualified plans, there could be adverse
consequences under the diversification rules.
6
INVESTOR CONTROL
In some circumstances, owners of variable policies who retain excessive control
over the investment of the underlying Separate Account assets may be treated as
the owners of those assets and may be subject to tax on income produced by
those assets. -The Equity Options are supported by assets held in our Separate
Account. Although published guidance in this area does not address certain
aspects of the Policies, we believe that the Owner of a Policy should not be
treated as an owner of the assets in our Separate Account. We reserve the right
to modify the Policies to bring them into conformity with applicable standards
should such modification be necessary to prevent Owners of the Policies from
being treated as the owners of the underlying Separate Account assets.
ESTATE, GIFT AND GENERATION-SKIPPING TRANSFER TAXES
The transfer of the Policy or the designation of a beneficiary may have
Federal, state, and/or local transfer and inheritance tax consequences,
including the imposition of gift, estate, and generation-skipping transfer
taxes. When the insured dies, the death proceeds will generally be includable
in the Policy owner's estate for purposes of the Federal estate tax if the
Policy owner was the insured, if the insured possessed incidents of ownership
in the Policy at the time of death, or 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 transfer and other taxes.
In general, current rules provide for a $5 million estate, gift and
generation-skipping transfer tax exemption (as indexed for inflation) and a top
tax rate of 40 percent.
The complexity of the tax law, along with uncertainty as to how it might be
modified in coming years, underscores the importance of seeking guidance from a
qualified adviser to help ensure that your estate plan adequately addresses
your needs and those of your beneficiaries under all possible scenarios.
WITHHOLDING
To the extent that Policy distributions are taxable, they are generally subject
to withholding for the recipient's Federal income tax liability. Recipients can
generally elect however, not to have tax withheld from distributions.
LIFE INSURANCE PURCHASES BY RESIDENTS OF PUERTO RICO
In Rev. Rul. 2004-75, 2004-31 I.R.B. 109, the Internal Revenue Service
announced that income received by residents of Puerto Rico under life insurance
contracts issued by a Puerto Rico branch of a United States life insurance
company is U.S.-source income that is generally subject to United States
Federal income tax.
7
LIFE INSURANCE PURCHASES BY NONRESIDENT ALIENS AND FOREIGN CORPORATIONS
Purchasers that are not U.S. citizens or residents will generally be subject to
U.S. federal withholding tax on taxable distributions from life insurance
policies at a 30% rate, unless a lower treaty rate applies. In addition,
purchasers may be subject to state and/or municipal taxes and taxes that may be
imposed by the purchaser's country of citizenship or residence. Prospective
purchasers that are not U.S. citizens or residents are advised to consult with
a qualified tax adviser regarding U.S. and foreign taxation with respect to a
Policy purchase.
BUSINESS USES OF POLICY
Businesses can use the policies in various arrangements, including nonqualified
deferred compensation or salary 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. As noted, in the
case of a business owned Policy, the provisions of Section 101(j) of the Code
may limit the amount of the Death Benefit excludable from gross income unless a
specified exception applies and a notice and consent requirement is satisfied,
as discussed above. If you are contemplating a change to an existing Policy or
purchasing a Policy for any arrangement the value of which depends in part on
its tax consequences, you should consult a qualified tax adviser.
CHANGES TO TAX RULES AND INTERPRETATIONS
Changes in applicable tax laws, rules and interpretations can adversely affect
the tax treatment of your Policy. These changes may take effect retroactively.
We reserve the right to amend the Policy in any way necessary to avoid any
adverse tax treatment. Examples of changes that could create adverse tax
consequences include:
o Possible taxation of cash value transfers -among the options within the
Policy.
o Possible taxation as if you were the owner of your allocable portion of the
Separate Account's assets.
o Possible changes in the tax treatment of Policy benefits and rights.
TAX CREDITS AND DEDUCTIONS
The Company may be entitled to certain tax benefits related to the assets of
the Separate Account. These tax benefits, which may include foreign tax credits
and corporate dividend received deductions, are not passed back to the Separate
Account or to Policy owners since the Company is the owner of the assets from
which the tax benefits are derived.
THE COMPANY'S INCOME TAXES
Under current federal income tax law we are not taxed on the Separate Account's
operations. Thus, currently we do not deduct a charge from the Separate Account
for company federal income taxes. (We do deduct a charge for federal taxes from
premiums.) We reserve the right to charge the Separate Account for any future
federal income taxes we may incur. Under current laws we may incur state and
local taxes (in addition to premium taxes). These taxes are not now significant
and we are not currently charging for them. If they increase, we may deduct
charges for such taxes.
OTHER INFORMATION
The Financial Industry Regulatory Authority ("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.
8
FINANCIAL STATEMENTS
You can find the financial statements of the Separate Account and the financial
statements of MetLife in the Statement of Additional Information. You may
obtain a copy of the Statement of Additional Information, without charge, by
e-mailing us at rcg@metlife.com or by calling 800-MET-5000. Our financial
statements should be considered only as bearing upon our ability to meet our
obligations under the Policy.
9
EQUITY OPTIONS
EQUITY ADDITIONS (VARIABLE ADDITIONAL INSURANCE DIVIDEND OPTION)
EQUITY ENRICHER (VARIABLE ADDITIONAL BENEFITS RIDER)
METROPOLITAN LIFE SEPARATE ACCOUNT UL
ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY
STATEMENT OF ADDITIONAL INFORMATION
(PART B)
MAY 1, 2016
This Statement of Additional Information is not a prospectus. This
Statement of Additional Information relates to the prospectus dated April 28,
2008, as supplemented, and should be read in conjunction therewith. A copy of
the prospectus for Equity Options may be obtained by writing to MetLife, P.O.
Box 543, Warwick, RI 02887-0543. YOU MAY OBTAIN PROSPECTUSES FOR THE PORTFOLIOS
BY CALLING 1-800-638-5000.
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THE COMPANY AND THE SEPARATE ACCOUNT................................ 3
DISTRIBUTION OF THE POLICIES THAT INCLUDE THE EQUITY OPTIONS........ 3
COMMISSIONS......................................................... 3
INCOME PLANS........................................................ 4
POTENTIAL CONFLICTS OF INTEREST..................................... 4
LIMITS TO METLIFE'S RIGHT TO CHALLENGE THE POLICY................... 4
MISSTATEMENT OF AGE OR SEX.......................................... 5
REPORTS............................................................. 5
PERFORMANCE DATA.................................................... 5
PERSONALIZED ILLUSTRATIONS.......................................... 6
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM....................... 6
FINANCIAL STATEMENTS................................................ 6
2
THE COMPANY AND THE SEPARATE ACCOUNT
MetLife is a wholly-owned subsidiary of MetLife, Inc. a publicly traded
company. Our principal executive office is located at 200 Park Avenue, New
York, New York 10166. MetLife was formed under the laws of New York State in
1868. MetLife, Inc., through its subsidiaries and affiliates, provides
insurance and other financial services to individual and group customers.
We established the Separate Account under New York law on December 13,
1988. The Separate Account receives premium payments from the Equity Options
described in the Prospectus and other variable life insurance policies that we
issue. We have registered the Separate Account as a unit investment trust under
the Investment Company Act of 1940 (the "1940 Act").
For more information about MetLife, please visit our website at
www.metlife.com
DISTRIBUTION OF THE POLICIES THAT INCLUDE THE EQUITY OPTIONS
MetLife Investors Distribution Company ("MLIDC") is the principal
underwriter and distributor of the Equity Options. MLIDC, which is our
affiliate, is registered under the Securities Exchange Act of 1934 (the "34
Act") as a broker-dealer and is a member of the Financial Industry Regulatory
Authority ("FINRA"). Beginning January 1, 2009, new Equity Options are no
longer sold.
We offered the Equity Options through licensed life insurance sales
representatives associated with our affiliate MetLife Securities, Inc. ("MSI")
and with our former affiliate New England Securities Corporation, which merged
into MSI effective January 2, 2015. MSI is registered with the SEC as a
broker-dealer under the 34 Act and is also a member of FINRA. On February 29,
2016, MetLife, Inc. and Massachusetts Mutual Life Insurance Company
(MassMutual) announced they have entered into a definitive agreement for the
acquisition by MassMutual for MSI. The transaction is expected to close
mid-2016, and is subject to certain closing conditions, including regulatory
approval. As a result of the transaction, MSI will no longer be affiliated with
Metropolitan Life Insurance Company. We also offered the Equity Options through
licensed life insurance sales representatives associated with unaffiliated
broker-dealers with which MLIDC entered into a selling agreement.
COMMISSIONS
We do not pay commissions for the sale of the Equity Additions. MLIDC
received sales compensation with respect to the sale of Equity Enricher in the
following amounts:
AGGREGATE AMOUNT OF
AGGREGATE AMOUNT OF COMMISSIONS RETAINED
COMMISSIONS PAID TO BY DISTRIBUTOR AFTER
FISCAL YEAR DISTRIBUTOR PAYMENTS TO SELLING FIRMS
--------------- --------------------- --------------------------
2015.........$27,708 $0
2014.........$18,747 $0
2013.........$24,088 $0
3
INCOME PLANS
Generally, you can receive the Policy's insurance proceeds or amounts paid
upon surrender of your Policy or your Equity Option under an income plan
instead of in a lump sum. Before you choose an income plan you should consider:
o The tax consequences associated with the Policy proceeds, which can
vary considerably, depending on whether a plan is chosen. You or your
beneficiary should consult with a qualified tax adviser about tax
consequences.
o That your Policy or your Equity Option will terminate at the time you
commence an income plan and you will receive a new contract, which
describes the terms of the income plan. You should carefully review the
terms of the new contract, because it contains important information
about the terms and conditions of the income plan.
o The rates of return that we credit under these plans are not based on
the performance of any of the Portfolios.
Generally, we currently make the following income plans available:
o Interest income
o Installment Income for a Stated Amount
o Joint and Survivor Life Income
o Installment Income for a Stated Period
o Single Life Income-Guaranteed Payment Period
o Single Life Income-Guaranteed Return
POTENTIAL CONFLICTS OF INTEREST
The Portfolio's Boards of Trustees monitor events to identify conflicts
that may arise from the sale of Portfolio shares to variable life and variable
annuity separate accounts of affiliated and, if applicable, unaffiliated
insurance companies and qualified plans. Conflicts could result from changes in
state insurance law or Federal income tax law, changes in investment management
of a Portfolio, or differences in voting instructions given by variable life
and variable annuity contract owners and qualified plans, if applicable. If
there is a material conflict, the Board of Trustees will determine what action
should be taken, including the removal of the affected Investment Division from
the Portfolio(s), if necessary. If we believe any Portfolio action is
insufficient, we will consider taking other action to protect Policy Owners.
There could, however, be unavoidable delays or interruptions of operations of
the Separate Account that we may be unable to remedy.
LIMITS TO METLIFE'S RIGHT TO CHALLENGE THE POLICY
We will not contest your Policy after two Policy years from the base
policy's issue or reinstatement (excluding riders added later).
4
MISSTATEMENT OF AGE OR SEX
We will adjust benefits to reflect the correct age and sex of the insured,
if this information is not correct in the Policy application.
REPORTS
Generally, you will promptly receive statements confirming your
significant transactions such as:
o Transactions between an Equity Option and another part of the Policy.
o Transfers between investment divisions.
o Partial withdrawals.
o Loan amounts you request.
o Premium payments.
If your premium payments are made through preauthorized checking
arrangement or another systematic payment method, we will not send you any
confirmation in addition to the one you receive from your bank or employer.
We will also send you an annual statement within 30 days after a Policy
year. The statement will summarize the year's transactions and include
information on:
o Deductions and charges.
o Status of the death benefit.
o Cash values.
o Amounts in the investment divisions you are using.
o Status of Policy loans.
o Automatic loans to pay interest.
o Information on your modified endowment contract status (if applicable).
We will also send you a Fund's annual and semi-annual reports to
shareholders.
PERFORMANCE DATA
We may provide information concerning the historical investment experience
of the investment divisions, including average annual net rates of return for
periods of one, three, five, and ten years, as well as average annual net rates
of return and total net rates of return since inception of the Portfolios.
These net rates of return represent past performance and are not an indication
of future performance. Cost of insurance, sales, premium tax, and mortality and
expense risk charges, which can significantly reduce the return to the Equity
Options owner, are not reflected in these rates. The rates of return reflect
only the fees and expenses of the underlying Portfolios. The net rates of
return show performance from the inception of the Portfolios, which in some
instances, may precede the inception date of the corresponding investment
division.
5
PERSONALIZED ILLUSTRATIONS
We may provide personalized illustrations showing how the Equity Options
work based on assumptions about investment returns and the Policy Owner's
and/or insured's characteristics. The illustrations are intended to show how
the death benefit and cash value for the Equity Options 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 specified constant after-tax rates of return. One of
the gross rates of return will be 0%. Gross rates of return do not reflect the
deduction of any charges and expenses. The illustrations will be based on
specified assumptions, such as face amount, premium payments, insured,
underwriting class, and death benefit option. Illustrations will disclose the
specific assumptions upon which they are based. Values will be given based on
guaranteed mortality and expense risk and other charges and may also be based
on current mortality and expense risk and other charges.
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The financial statements and financial highlights comprising each of the
Investment Divisions of Metropolitan Life Separate Account UL included in this
Statement of Additional Information, have been audited by Deloitte & Touche
LLP, an independent registered public accounting firm, as stated in their
report appearing herein. Such financial statements and financial highlights are
included in reliance upon the report of such firm given upon their authority as
experts in accounting and auditing.
The consolidated financial statements and related financial statement
schedules of Metropolitan Life Insurance Company and subsidiaries included in
this Statement of Additional Information, have been audited by Deloitte &
Touche LLP, an independent registered public accounting firm, as stated in
their report appearing herein. Such financial statements and financial
statement schedules 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 30 Rockefeller
Plaza, New York, New York 10112-0015.
FINANCIAL STATEMENTS
The financial statements of the Separate Account and the financial
statements of MetLife are attached. Our financial statements should be
considered only as bearing upon our ability to meet our obligations under the
Policy and the Equity Options.
6
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, 2015, the related
statements of operations and changes in net assets for the respective stated
periods in the three years then ended, and the financial highlights in Note 8
for the respective stated periods in the five years then ended. These financial
statements and financial highlights are the responsibility of the Separate
Account's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Separate Account is not required to have, nor were we engaged
to perform, an audit of its internal control over financial reporting. Our
audits included consideration of internal control over financial reporting as a
basis for designing audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the
Separate Account's internal control over financial reporting. Accordingly, we
express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
Our procedures included confirmation of investments owned as of December 31,
2015, 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, 2015, the results of their operations and changes in their net
assets for the respective stated periods in the three years then ended, and the
financial highlights for the respective stated periods in the five years then
ended, in conformity with accounting principles generally accepted in the
United States of America.
/s/ DELOITTE & TOUCHE LLP
Certified Public Accountants
Tampa, Florida
March 25, 2016
This page is intentionally left blank.
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2015
AMERICAN
AB GLOBAL AB CENTURY VP CAPITAL AMERICAN FUNDS
THEMATIC GROWTH INTERMEDIATE BOND APPRECIATION BOND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value............ $ 39,803 $ 60,559 $ 83 $ 6,208,120
Due from Metropolitan Life
Insurance Company.................. -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.................... 39,803 60,559 83 6,208,120
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company.................. -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities............... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.............................. $ 39,803 $ 60,559 $ 83 $ 6,208,120
==================== ==================== ==================== ====================
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, 2015
AMERICAN FUNDS
GLOBAL SMALL AMERICAN FUNDS AMERICAN FUNDS AMERICAN FUNDS
CAPITALIZATION GROWTH GROWTH-INCOME INTERNATIONAL
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
--------------------- -------------------- --------------------- --------------------
ASSETS:
Investments at fair value.. $ 67,195,649 $ 164,709,584 $ 101,658,951 $ 415,110
Due from Metropolitan Life
Insurance Company........ 1 2 3 --
--------------------- -------------------- --------------------- --------------------
Total Assets.......... 67,195,650 164,709,586 101,658,954 415,110
--------------------- -------------------- --------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
--------------------- -------------------- --------------------- --------------------
Total Liabilities..... -- -- -- --
--------------------- -------------------- --------------------- --------------------
NET ASSETS.................... $ 67,195,650 $ 164,709,586 $ 101,658,954 $ 415,110
===================== ==================== ===================== ====================
AMERICAN FUNDS U.S.
GOVERNMENT/AAA- DREYFUS VIF FIDELITY VIP ASSET FIDELITY VIP
RATED SECURITIES INTERNATIONAL VALUE MANAGER: GROWTH CONTRAFUND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 50,343 $ 211,852 $ 1,870,972 $ 2,775,398
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 50,343 211,852 1,870,972 2,775,398
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 50,343 $ 211,852 $ 1,870,972 $ 2,775,398
==================== ==================== ==================== ====================
FIDELITY VIP FIDELITY VIP
EQUITY-INCOME FREEDOM 2010
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 12,838 $ 19,219
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 12,838 19,219
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 12,838 $ 19,219
==================== ====================
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, 2015
FIDELITY VIP FIDELITY VIP FIDELITY VIP FIDELITY VIP
FREEDOM 2020 FREEDOM 2025 FREEDOM 2030 FREEDOM 2040
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------- -------------------- ---------------------
ASSETS:
Investments at fair value.. $ 528,621 $ 432,727 $ 119,873 $ 89,215
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Assets.......... 528,621 432,727 119,873 89,215
-------------------- --------------------- -------------------- ---------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Liabilities..... -- -- -- --
-------------------- --------------------- -------------------- ---------------------
NET ASSETS.................... $ 528,621 $ 432,727 $ 119,873 $ 89,215
==================== ===================== ==================== =====================
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.. $ 51,384 $ 205,740 $ 1,224,347 $ 279,768
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Assets.......... 51,384 205,740 1,224,347 279,768
-------------------- --------------------- -------------------- ---------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Liabilities..... -- -- -- --
-------------------- --------------------- -------------------- ---------------------
NET ASSETS.................... $ 51,384 $ 205,740 $ 1,224,347 $ 279,768
==================== ===================== ==================== =====================
FTVIPT
FTVIPT FRANKLIN MUTUAL
FRANKLIN INCOME VIP GLOBAL DISCOVERY VIP
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 38,833 $ 479,582
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 38,833 479,582
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 38,833 $ 479,582
==================== ====================
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, 2015
FTVIPT FTVIPT
FRANKLIN MUTUAL FTVIPT TEMPLETON TEMPLETON GLOBAL GOLDMAN SACHS
SHARES VIP FOREIGN VIP BOND VIP MID-CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 71,304 $ 5,344,848 $ 559,264 $ 254,367
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 71,304 5,344,848 559,264 254,367
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 71,304 $ 5,344,848 $ 559,264 $ 254,367
==================== ==================== ==================== ====================
GOLDMAN SACHS
SMALL CAP EQUITY INVESCO V.I. INVESCO V.I. JANUS ASPEN
INSIGHTS COMSTOCK INTERNATIONAL GROWTH BALANCED
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 33,793 $ 336,660 $ 329,823 $ 1,101,075
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 33,793 336,660 329,823 1,101,075
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 33,793 $ 336,660 $ 329,823 $ 1,101,075
==================== ==================== ==================== ====================
JANUS ASPEN FORTY JANUS ASPEN JANUS
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 604,552 $ 469,667
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 604,552 469,667
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 604,552 $ 469,667
==================== ====================
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, 2015
MFS VIT MFS VIT MFS VIT
JANUS ASPEN OVERSEAS GLOBAL EQUITY NEW DISCOVERY VALUE
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ------------------- -------------------- -------------------
ASSETS:
Investments at fair value.. $ 36,023 $ 182,623 $ 196,330 $ 19,852
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- ------------------- -------------------- -------------------
Total Assets.......... 36,023 182,623 196,330 19,852
-------------------- ------------------- -------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- ------------------- -------------------- -------------------
Total Liabilities..... -- -- -- --
-------------------- ------------------- -------------------- -------------------
NET ASSETS.................... $ 36,023 $ 182,623 $ 196,330 $ 19,852
==================== =================== ==================== ===================
MIST
MIST AB ALLIANZ GLOBAL MIST
MFS VIT II GLOBAL DYNAMIC INVESTORS DYNAMIC AMERICAN FUNDS
HIGH YIELD ALLOCATION MULTI-ASSET PLUS BALANCED ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 135,308 $ 61,181 $ 2,020 $ 894,053
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 135,308 61,181 2,020 894,053
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 135,308 $ 61,181 $ 2,020 $ 894,053
==================== ==================== ==================== ====================
MIST MIST
AMERICAN FUNDS AMERICAN FUNDS
GROWTH ALLOCATION MODERATE ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 1,538,114 $ 969,592
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 1,538,114 969,592
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 1,538,114 $ 969,592
==================== ====================
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, 2015
MIST MIST BLACKROCK
AQR GLOBAL GLOBAL TACTICAL MIST CLARION MIST CLEARBRIDGE
RISK BALANCED STRATEGIES GLOBAL REAL ESTATE AGGRESSIVE GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 134,644 $ 227,159 $ 29,524,589 $ 42,906,770
Due from Metropolitan Life
Insurance Company........ -- -- -- 1
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 134,644 227,159 29,524,589 42,906,771
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 134,644 $ 227,159 $ 29,524,589 $ 42,906,771
==================== ==================== ==================== ====================
MIST MIST INVESCO
HARRIS OAKMARK BALANCED-RISK MIST INVESCO MIST INVESCO
INTERNATIONAL ALLOCATION MID CAP VALUE SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 38,468,819 $ 38,475 $ 82,921,442 $ 6,552,111
Due from Metropolitan Life
Insurance Company........ 1 -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 38,468,820 38,475 82,921,442 6,552,111
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- 1 --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- 1 --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 38,468,820 $ 38,475 $ 82,921,441 $ 6,552,111
==================== ==================== ==================== ====================
MIST JPMORGAN
GLOBAL ACTIVE MIST JPMORGAN
ALLOCATION SMALL CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 185,624 $ 310,452
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 185,624 310,452
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 185,624 $ 310,452
==================== ====================
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, 2015
MIST
LOOMIS SAYLES MIST LORD ABBETT MIST MET/TEMPLETON MIST METLIFE
GLOBAL MARKETS BOND DEBENTURE INTERNATIONAL BOND ASSET ALLOCATION 100
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 327,025 $ 27,650,603 $ 183,501 $ 20,442,577
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 327,025 27,650,603 183,501 20,442,577
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- 8 -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- 8 -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 327,025 $ 27,650,595 $ 183,501 $ 20,442,577
==================== ==================== ==================== ====================
MIST METLIFE MIST
MIST METLIFE MULTI-INDEX MIST METLIFE MFS EMERGING
BALANCED PLUS TARGETED RISK SMALL CAP VALUE MARKETS EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 260,693 $ 136,087 $ 802,028 $ 538,485
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 260,693 136,087 802,028 538,485
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 260,693 $ 136,087 $ 802,028 $ 538,485
==================== ==================== ==================== ====================
MIST
MIST MFS RESEARCH MORGAN STANLEY
INTERNATIONAL MID CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 18,155,765 $ 212,582,037
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 18,155,765 212,582,037
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 2 139
-------------------- --------------------
Total Liabilities..... 2 139
-------------------- --------------------
NET ASSETS.................... $ 18,155,763 $ 212,581,898
==================== ====================
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, 2015
MIST MIST MIST
OPPENHEIMER PANAGORA GLOBAL PIMCO INFLATION MIST PIMCO
GLOBAL EQUITY DIVERSIFIED RISK PROTECTED BOND TOTAL RETURN
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 49,473,240 $ 10 $ 10,147,548 $ 44,320,248
Due from Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- -------------------- --------------------
Total Assets.......... 49,473,240 10 10,147,548 44,320,248
------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 136 -- 1 --
------------------- -------------------- -------------------- --------------------
Total Liabilities..... 136 -- 1 --
------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 49,473,104 $ 10 $ 10,147,547 $ 44,320,248
=================== ==================== ==================== ====================
MIST PYRAMIS MIST SCHRODERS MIST SSGA GROWTH
MIST PIONEER FUND MANAGED RISK GLOBAL MULTI-ASSET AND INCOME ETF
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- ------------------- --------------------
ASSETS:
Investments at fair value.. $ 176,804 $ 3,609 $ 37,661 $ 7,641,743
Due from Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- ------------------- --------------------
Total Assets.......... 176,804 3,609 37,661 7,641,743
------------------- -------------------- ------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- ------------------- --------------------
Total Liabilities..... -- -- -- --
------------------- -------------------- ------------------- --------------------
NET ASSETS.................... $ 176,804 $ 3,609 $ 37,661 $ 7,641,743
=================== ==================== =================== ====================
MIST SSGA MIST T. ROWE PRICE
GROWTH ETF LARGE CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------
ASSETS:
Investments at fair value.. $ 6,711,219 $ 2,029,557
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- -------------------
Total Assets.......... 6,711,219 2,029,557
-------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- -------------------
Total Liabilities..... -- --
-------------------- -------------------
NET ASSETS.................... $ 6,711,219 $ 2,029,557
==================== ===================
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, 2015
MIST T. ROWE PRICE MIST WMC MSF BAILLIE GIFFORD MSF BARCLAYS
MID CAP GROWTH LARGE CAP RESEARCH INTERNATIONAL STOCK AGGREGATE BOND INDEX
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 34,019,233 $ 404,612,636 $ 38,861,608 $ 126,951,478
Due from Metropolitan Life
Insurance Company........ 1 19 2 --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 34,019,234 404,612,655 38,861,610 126,951,478
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- 1
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- 1
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 34,019,234 $ 404,612,655 $ 38,861,610 $ 126,951,477
==================== ==================== ==================== ====================
MSF BLACKROCK MSF BLACKROCK MSF BLACKROCK MSF BLACKROCK
BOND INCOME CAPITAL APPRECIATION LARGE CAP VALUE MONEY MARKET
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- ------------------- --------------------
ASSETS:
Investments at fair value.. $ 78,353,712 $ 10,225,796 $ 18,418,260 $ 24,684,237
Due from Metropolitan Life
Insurance Company........ 14 -- 1 --
-------------------- -------------------- ------------------- --------------------
Total Assets.......... 78,353,726 10,225,796 18,418,261 24,684,237
-------------------- -------------------- ------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- ------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- ------------------- --------------------
NET ASSETS.................... $ 78,353,726 $ 10,225,796 $ 18,418,261 $ 24,684,237
==================== ==================== =================== ====================
MSF FRONTIER MSF JENNISON
MID CAP GROWTH GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 227,974,827 $ 24,295,180
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 227,974,827 24,295,180
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 1 2
-------------------- --------------------
Total Liabilities..... 1 2
-------------------- --------------------
NET ASSETS.................... $ 227,974,826 $ 24,295,178
==================== ====================
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, 2015
MSF LOOMIS SAYLES MSF LOOMIS SAYLES MSF MET/ARTISAN MSF METLIFE
SMALL CAP CORE SMALL CAP GROWTH MID CAP VALUE ASSET ALLOCATION 20
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 23,094,907 $ 11,185,851 $ 53,555,880 $ 5,434,761
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 23,094,907 11,185,851 53,555,880 5,434,761
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 21 -- 6 --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... 21 -- 6 --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 23,094,886 $ 11,185,851 $ 53,555,874 $ 5,434,761
==================== ==================== ==================== ====================
MSF METLIFE MSF METLIFE MSF METLIFE MSF METLIFE
ASSET ALLOCATION 40 ASSET ALLOCATION 60 ASSET ALLOCATION 80 MID CAP STOCK INDEX
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 9,648,019 $ 50,967,639 $ 93,610,979 $ 83,672,127
Due from Metropolitan Life
Insurance Company........ -- -- -- 2
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 9,648,019 50,967,639 93,610,979 83,672,129
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 9,648,019 $ 50,967,639 $ 93,610,979 $ 83,672,129
==================== ==================== ==================== ====================
MSF METLIFE MSF MFS
STOCK INDEX TOTAL RETURN
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 960,108,112 $ 9,806,863
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 960,108,112 9,806,863
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 969 --
-------------------- --------------------
Total Liabilities..... 969 --
-------------------- --------------------
NET ASSETS.................... $ 960,107,143 $ 9,806,863
==================== ====================
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, 2015
MSF MSCI MSF NEUBERGER MSF RUSSELL 2000
MSF MFS VALUE EAFE INDEX BERMAN GENESIS INDEX
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- -------------------- -------------------
ASSETS:
Investments at fair value.. $ 82,376,165 $ 76,534,999 $ 101,297,663 $ 68,161,805
Due from Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- -------------------- -------------------
Total Assets.......... 82,376,165 76,534,999 101,297,663 68,161,805
------------------- -------------------- -------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- -------------------- -------------------
Total Liabilities..... -- -- -- --
------------------- -------------------- -------------------- -------------------
NET ASSETS.................... $ 82,376,165 $ 76,534,999 $ 101,297,663 $ 68,161,805
=================== ==================== ==================== ===================
MSF WESTERN
MSF VAN ECK ASSET MANAGEMENT
MSF T. ROWE PRICE MSF T. ROWE PRICE GLOBAL NATURAL STRATEGIC BOND
LARGE CAP GROWTH SMALL CAP GROWTH RESOURCES OPPORTUNITIES
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 87,850,152 $ 107,313,887 $ 173,650 $ 24,996,182
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- ------------------- -------------------- --------------------
Total Assets.......... 87,850,152 107,313,887 173,650 24,996,182
-------------------- ------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- 367 -- 1
-------------------- ------------------- -------------------- --------------------
Total Liabilities..... -- 367 -- 1
-------------------- ------------------- -------------------- --------------------
NET ASSETS.................... $ 87,850,152 $ 107,313,520 $ 173,650 $ 24,996,181
==================== =================== ==================== ====================
MSF WESTERN
ASSET MANAGEMENT
U.S. GOVERNMENT MSF WMC BALANCED
INVESTMENT DIVISION INVESTMENT DIVISION
------------------- --------------------
ASSETS:
Investments at fair value.. $ 15,860,627 $ 299,841,096
Due from Metropolitan Life
Insurance Company........ -- --
------------------- --------------------
Total Assets.......... 15,860,627 299,841,096
------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- 7
------------------- --------------------
Total Liabilities..... -- 7
------------------- --------------------
NET ASSETS.................... $ 15,860,627 $ 299,841,089
=================== ====================
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, 2015
MSF WMC OPPENHEIMER PIMCO VIT
CORE EQUITY VA MAIN STREET PIMCO VIT COMMODITYREALRETURN
OPPORTUNITIES SMALL CAP ALL ASSET STRATEGY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- ------------------- --------------------
ASSETS:
Investments at fair value.. $ 72,522,718 $ 9,828 $ 109,756 $ 10,211
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- ------------------- --------------------
Total Assets.......... 72,522,718 9,828 109,756 10,211
-------------------- -------------------- ------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 2 -- -- --
-------------------- -------------------- ------------------- --------------------
Total Liabilities..... 2 -- -- --
-------------------- -------------------- ------------------- --------------------
NET ASSETS.................... $ 72,522,716 $ 9,828 $ 109,756 $ 10,211
==================== ==================== =================== ====================
PIMCO VIT PIONEER VCT PUTNAM VT
LOW DURATION MID CAP VALUE INTERNATIONAL VALUE ROYCE MICRO-CAP
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 826,247 $ 46,440 $ 5,695 $ 8,139
Due from Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- -------------------- --------------------
Total Assets.......... 826,247 46,440 5,695 8,139
------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 1,323 -- -- --
------------------- -------------------- -------------------- --------------------
Total Liabilities..... 1,323 -- -- --
------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 824,924 $ 46,440 $ 5,695 $ 8,139
=================== ==================== ==================== ====================
UIF EMERGING
ROYCE SMALL-CAP MARKETS DEBT
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 53,973 $ 915,935
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 53,973 915,935
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 53,973 $ 915,935
==================== ====================
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, 2015
UIF EMERGING WELLS FARGO VT
MARKETS EQUITY TOTAL RETURN BOND
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.......................................................... $ 2,225,571 $ 239,758
Due from Metropolitan Life
Insurance Company................................................................ -- --
-------------------- --------------------
Total Assets.................................................................. 2,225,571 239,758
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................................................................ -- 145
-------------------- --------------------
Total Liabilities............................................................. -- 145
-------------------- --------------------
NET ASSETS............................................................................ $ 2,225,571 $ 239,613
==================== ====================
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, 2015, 2014 AND 2013
AB GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 13
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... -- -- 13
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 4,879 1,302 (1,496)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 4,879 1,302 (1,496)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (2,756) 2,635 14,581
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,123 3,937 13,085
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,123 $ 3,937 $ 13,098
==================== ==================== ====================
AB INTERMEDIATE BOND
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,061 $ 1,921 $ 1,888
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 2,061 1,921 1,888
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,833 810 1,675
Realized gains (losses) on sale of investments....... (171) (121) (24)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,662 689 1,651
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,852) 952 (5,086)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (2,190) 1,641 (3,435)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (129) $ 3,562 $ (1,547)
==================== ==================== ====================
AMERICAN CENTURY VP CAPITAL APPRECIATION
INVESTMENT DIVISION
-------------------------------------------
2015 2014 (a)
-------------------- --------------------
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.......................... 23 --
Realized gains (losses) on sale of investments....... 33 12
-------------------- --------------------
Net realized gains (losses)..................... 56 12
-------------------- --------------------
Change in unrealized gains (losses) on investments... (38) 42
-------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 18 54
-------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 18 $ 54
==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
AMERICAN FUNDS BOND
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 104,107 $ 115,025 $ 100,255
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 8,549 8,401 8,663
-------------------- -------------------- ---------------------
Net investment income (loss).................... 95,558 106,624 91,592
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 116,557 2,120 61,561
Realized gains (losses) on sale of investments....... (3,532) 4,807 741
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 113,025 6,927 62,302
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (201,734) 172,487 (282,587)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (88,709) 179,414 (220,285)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 6,849 $ 286,038 $ (128,693)
==================== ==================== =====================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 88,263 $ 571,973
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 91,602 95,114 90,217
--------------------- -------------------- --------------------
Net investment income (loss).................... (91,602) (6,851) 481,756
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 5,579,846 320,860 --
Realized gains (losses) on sale of investments....... 1,343,378 1,028,540 556,105
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 6,923,224 1,349,400 556,105
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (6,348,033) 96,482 15,213,508
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 575,191 1,445,882 15,769,613
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 483,589 $ 1,439,031 $ 16,251,369
===================== ==================== ====================
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,004,590 $ 1,286,837 $ 1,364,727
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 155,259 152,282 139,123
-------------------- -------------------- ---------------------
Net investment income (loss).................... 849,331 1,134,555 1,225,604
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 34,618,471 7,869,597 --
Realized gains (losses) on sale of investments....... 3,175,509 3,654,149 2,872,251
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 37,793,980 11,523,746 2,872,251
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (27,669,113) 413,436 34,086,809
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 10,124,867 11,937,182 36,959,060
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 10,974,198 $ 13,071,737 $ 38,184,664
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,369,670 $ 1,339,033 $ 1,235,600
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 103,704 103,335 89,908
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,265,966 1,235,698 1,145,692
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 15,356,438 5,003,511 --
Realized gains (losses) on sale of investments....... 1,779,863 2,212,712 1,441,252
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 17,136,301 7,216,223 1,441,252
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (16,929,014) 1,935,227 23,374,516
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 207,287 9,151,450 24,815,768
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,473,253 $ 10,387,148 $ 25,961,460
==================== ==================== ====================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 7,125 $ 9,668 $ 7,749
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 7,125 9,668 7,749
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 32,754 -- --
Realized gains (losses) on sale of investments....... 20,582 3,059 27,615
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 53,336 3,059 27,615
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (72,634) (30,549) 63,361
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (19,298) (27,490) 90,976
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (12,173) $ (17,822) $ 98,725
==================== ==================== =====================
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 712 $ 520 $ 317
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 712 520 317
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 404 -- 1,258
Realized gains (losses) on sale of investments....... (3) (30) (28)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 401 (30) 1,230
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (350) 1,820 (2,996)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 51 1,790 (1,766)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 763 $ 2,310 $ (1,449)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,421 $ 3,201 $ 4,021
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 4,421 3,201 4,021
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (390) (210) (906)
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... (390) (210) (906)
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (10,460) (26,366) 42,909
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (10,850) (26,576) 42,003
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (6,429) $ (23,375) $ 46,024
===================== ===================== =====================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 20,958 $ 20,809 $ 16,073
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 20,958 20,809 16,073
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,145 1,627 5,165
Realized gains (losses) on sale of investments....... 127,820 33,797 110,324
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 128,965 35,424 115,489
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (145,469) 59,690 260,059
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (16,504) 95,114 375,548
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 4,454 $ 115,923 $ 391,621
===================== ===================== =====================
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 25,926 $ 24,338 $ 23,521
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 25,926 24,338 23,521
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 265,481 56,967 690
Realized gains (losses) on sale of investments....... 107,564 61,174 146,443
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 373,045 118,141 147,133
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (372,526) 174,211 505,651
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 519 292,352 652,784
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 26,445 $ 316,690 $ 676,305
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 426 $ 687 $ 752
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 426 687 752
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,231 338 2,042
Realized gains (losses) on sale of investments....... 275 718 2,076
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 2,506 1,056 4,118
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (3,341) 37 3,227
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (835) 1,093 7,345
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (409) $ 1,780 $ 8,097
===================== ===================== =====================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 361 $ 775 $ 755
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- 29 192
--------------------- --------------------- ---------------------
Net investment income (loss).................... 361 746 563
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 65 738 501
Realized gains (losses) on sale of investments....... 5,610 2,715 164
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 5,675 3,453 665
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (5,470) (2,030) 3,994
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 205 1,423 4,659
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 566 $ 2,169 $ 5,222
===================== ===================== =====================
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 10,060 $ 16,277 $ 16,665
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- 108 653
--------------------- --------------------- ---------------------
Net investment income (loss).................... 10,060 16,169 16,012
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,356 17,423 11,508
Realized gains (losses) on sale of investments....... 166,915 21,410 10,474
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 169,271 38,833 21,982
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (177,998) (8,502) 93,753
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (8,727) 30,331 115,735
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,333 $ 46,500 $ 131,747
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP FREEDOM 2025
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013 (b)
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 8,151 $ 613 $ 694
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- ---------------------
Net investment income (loss).................... 8,151 613 694
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,389 771 278
Realized gains (losses) on sale of investments....... 231 464 135
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 2,620 1,235 413
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (13,249) 73 3,626
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (10,629) 1,308 4,039
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (2,478) $ 1,921 $ 4,733
==================== ===================== =====================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,154 $ 1,233 $ 993
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- 38 230
--------------------- --------------------- ---------------------
Net investment income (loss).................... 2,154 1,195 763
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 611 1,344 844
Realized gains (losses) on sale of investments....... 1,142 11,989 2,703
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 1,753 13,333 3,547
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (4,989) (10,096) 5,619
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (3,236) 3,237 9,166
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,082) $ 4,432 $ 9,929
===================== ===================== =====================
FIDELITY VIP FREEDOM 2040
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013 (c)
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,492 $ 775 $ 170
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- 8 17
--------------------- -------------------- ---------------------
Net investment income (loss).................... 1,492 767 153
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 541 487 76
Realized gains (losses) on sale of investments....... 263 749 4
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 804 1,236 80
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (3,345) (709) 545
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (2,541) 527 625
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,049) $ 1,294 $ 778
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP FREEDOM 2050
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 878 $ 369 $ 284
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- 14 89
--------------------- --------------------- ---------------------
Net investment income (loss).................... 878 355 195
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 308 382 229
Realized gains (losses) on sale of investments....... 535 6,257 94
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 843 6,639 323
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (2,416) (5,093) 4,037
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (1,573) 1,546 4,360
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (695) $ 1,901 $ 4,555
===================== ===================== =====================
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 14,336 $ 10,183 $ 9,677
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- --------------------
Net investment income (loss).................... 14,336 10,183 9,677
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (455) 158 73
--------------------- --------------------- --------------------
Net realized gains (losses)..................... (455) 158 73
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (20,979) (8,210) (126)
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (21,434) (8,052) (53)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (7,098) $ 2,131 $ 9,624
===================== ===================== ====================
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 31,506 $ 26,958 $ 39,909
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 31,506 26,958 39,909
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 993 644 21,294
Realized gains (losses) on sale of investments....... (839) (16,379) (28,717)
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 154 (15,735) (7,423)
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (39,907) 77,902 (76,349)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (39,753) 62,167 (83,772)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (8,247) $ 89,125 $ (43,863)
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP MID CAP
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 745 $ 48 $ 613
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- ---------------------
Net investment income (loss).................... 745 48 613
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 30,638 5,961 35,674
Realized gains (losses) on sale of investments....... 648 4,531 172,540
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 31,286 10,492 208,214
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (36,156) 4,318 1,232
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (4,870) 14,810 209,446
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (4,125) $ 14,858 $ 210,059
===================== ==================== =====================
FTVIPT FRANKLIN INCOME VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,086 $ 385 $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 1,086 385 --
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (154) (51) 3
-------------------- --------------------- --------------------
Net realized gains (losses)..................... (154) (51) 3
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (2,439) (1,084) 8
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (2,593) (1,135) 11
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,507) $ (750) $ 11
==================== ===================== ====================
FTVIPT FRANKLIN MUTUAL GLOBAL DISCOVERY VIP
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 13,670 $ 10,690 $ 19,686
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 13,670 10,690 19,686
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 27,512 33,082 81,814
Realized gains (losses) on sale of investments....... 194 10,518 59,341
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 27,706 43,600 141,155
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (58,851) (24,521) 47,244
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (31,145) 19,079 188,399
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (17,475) $ 29,769 $ 208,085
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FTVIPT FRANKLIN MUTUAL SHARES VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,895 $ 789 $ 445
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,895 789 445
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,180 205 --
Realized gains (losses) on sale of investments....... 33 259 105
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 4,213 464 105
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (9,723) 1,131 2,000
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (5,510) 1,595 2,105
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (3,615) $ 2,384 $ 2,550
==================== ==================== ====================
FTVIPT TEMPLETON FOREIGN VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 189,205 $ 78,379 $ 98,174
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 189,205 78,379 98,174
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 177,426 -- --
Realized gains (losses) on sale of investments....... 5,027 156,830 73,110
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 182,453 156,830 73,110
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (703,728) (709,096) 689,874
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (521,275) (552,266) 762,984
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (332,070) $ (473,887) $ 861,158
==================== ==================== ====================
FTVIPT TEMPLETON GLOBAL BOND VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 83,772 $ 65,826 $ 20,975
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 83,772 65,826 20,975
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 5,274 -- 5,202
Realized gains (losses) on sale of investments....... (97,965) (644) 1,245
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (92,691) (644) 6,447
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (36,601) (38,430) (6,052)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (129,292) (39,074) 395
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (45,520) $ 26,752 $ 21,370
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,118 $ 2,932 $ 2,312
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 1,118 2,932 2,312
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 20,122 48,819 22,308
Realized gains (losses) on sale of investments....... 671 7,493 9,943
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 20,793 56,312 32,251
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (48,920) (21,021) 43,303
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (28,127) 35,291 75,554
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (27,009) $ 38,223 $ 77,866
===================== ===================== =====================
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 104 $ 277 $ 373
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 104 277 373
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,391 5,208 4,708
Realized gains (losses) on sale of investments....... 336 1,707 1,040
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 4,727 6,915 5,748
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (5,505) (4,589) 3,869
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (778) 2,326 9,617
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (674) $ 2,603 $ 9,990
==================== ==================== =====================
INVESCO V.I. COMSTOCK
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 5,695 $ 3,587 $ 4,077
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 5,695 3,587 4,077
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 941 -- --
Realized gains (losses) on sale of investments....... 3,469 2,447 1,475
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 4,410 2,447 1,475
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (32,126) 22,523 78,224
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (27,716) 24,970 79,699
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (22,021) $ 28,557 $ 83,776
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
-----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ----------------------
INVESTMENT INCOME:
Dividends............................................ $ 5,017 $ 5,421 $ 4,576
--------------------- --------------------- ----------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ----------------------
Net investment income (loss)................... 5,017 5,421 4,576
--------------------- --------------------- ----------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 2,637 5,138 926,281
--------------------- --------------------- ----------------------
Net realized gains (losses).................... 2,637 5,138 926,281
--------------------- --------------------- ----------------------
Change in unrealized gains (losses) on investments... (13,856) (10,871) (647,277)
--------------------- --------------------- ----------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (11,219) (5,733) 279,004
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (6,202) $ (312) $ 283,580
===================== ===================== ======================
JANUS ASPEN BALANCED
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 15,263 $ 16,228 $ 13,254
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss)................... 15,263 16,228 13,254
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 35,506 26,985 54,904
Realized gains (losses) on sale of investments....... 5,452 10,485 25,371
--------------------- --------------------- ---------------------
Net realized gains (losses).................... 40,958 37,470 80,275
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (51,128) 30,740 94,265
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (10,170) 68,210 174,540
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 5,093 $ 84,438 $ 187,794
===================== ===================== =====================
JANUS ASPEN FORTY
INVESTMENT DIVISION
-----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ----------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 252 $ 4,954
--------------------- --------------------- ----------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ----------------------
Net investment income (loss)................... -- 252 4,954
--------------------- --------------------- ----------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 121,081 249,329 --
Realized gains (losses) on sale of investments....... 1,569 62,849 69,285
--------------------- --------------------- ----------------------
Net realized gains (losses).................... 122,650 312,178 69,285
--------------------- --------------------- ----------------------
Change in unrealized gains (losses) on investments... (57,429) (248,123) 155,845
--------------------- --------------------- ----------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 65,221 64,055 225,130
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 65,221 $ 64,307 $ 230,084
===================== ===================== ======================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
JANUS ASPEN JANUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,968 $ 1,630 $ 6,858
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- --------------------
Net investment income (loss).................... 2,968 1,630 6,858
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 84,817 31,621 --
Realized gains (losses) on sale of investments....... 17,674 9,477 258,951
--------------------- --------------------- --------------------
Net realized gains (losses)..................... 102,491 41,098 258,951
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (79,472) 12,182 (62,054)
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 23,019 53,280 196,897
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 25,987 $ 54,910 $ 203,755
===================== ===================== ====================
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 225 $ 1,960 $ 11,835
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 225 1,960 11,835
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,449 6,620 --
Realized gains (losses) on sale of investments....... (6,243) (4,308) (73,759)
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... (4,794) 2,312 (73,759)
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 363 (10,605) 113,083
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (4,431) (8,293) 39,324
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (4,206) $ (6,333) $ 51,159
===================== ===================== =====================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,587 $ 974 $ 1,253
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,587 974 1,253
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 6,506 1,843 --
Realized gains (losses) on sale of investments....... 2,452 2,541 550
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 8,958 4,384 550
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (14,256) 1,213 37,978
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (5,298) 5,597 38,528
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (3,711) $ 6,571 $ 39,781
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
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.......................... 6,957 45,559 1,718
Realized gains (losses) on sale of investments....... 374 1,237 1,963
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 7,331 46,796 3,681
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (11,470) (63,957) 65,025
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (4,139) (17,161) 68,706
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (4,139) $ (17,161) $ 68,706
===================== ==================== =====================
MFS VIT VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 439 $ 285 $ 197
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 439 285 197
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,237 670 61
Realized gains (losses) on sale of investments....... 659 571 323
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,896 1,241 384
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (2,518) 559 5,315
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (622) 1,800 5,699
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (183) $ 2,085 $ 5,896
==================== ==================== ====================
MFS VIT II HIGH YIELD
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013 (e)
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 9,868 $ 8,003 $ 3,270
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- ---------------------
Net investment income (loss).................... 9,868 8,003 3,270
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (99) 25 (3)
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... (99) 25 (3)
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (16,013) (4,175) 2,275
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (16,112) (4,150) 2,272
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (6,244) $ 3,853 $ 5,542
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST AB GLOBAL DYNAMIC ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,180 $ 860 $ 139
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 2,180 860 139
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,323 856 231
Realized gains (losses) on sale of investments....... (101) 135 67
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 2,222 991 298
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (4,443) 1,384 1,389
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (2,221) 2,375 1,687
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (41) $ 3,235 $ 1,826
==================== ==================== =====================
MIST ALLIANZ GLOBAL INVESTORS
DYNAMIC MULTI-ASSET PLUS
INVESTMENT DIVISION
--------------------------------------------
2015 2014 (a)
-------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 21 $ --
-------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- --
-------------------- ---------------------
Net investment income (loss).................... 21 --
-------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 19 1
Realized gains (losses) on sale of investments....... (278) --
-------------------- ---------------------
Net realized gains (losses)..................... (259) 1
-------------------- ---------------------
Change in unrealized gains (losses) on investments... (72) 1
-------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (331) 2
-------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (310) $ 2
==================== =====================
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 15,506 $ 13,034 $ 11,592
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 15,506 13,034 11,592
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 46,196 78,760 42,196
Realized gains (losses) on sale of investments....... 3,497 6,182 5,669
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 49,693 84,942 47,865
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (69,036) (47,376) 62,896
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (19,343) 37,566 110,761
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (3,837) $ 50,600 $ 122,353
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 24,524 $ 20,605 $ 16,414
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 24,524 20,605 16,414
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 95,418 237,874 69,006
Realized gains (losses) on sale of investments....... 15,416 24,970 36,038
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 110,834 262,844 105,044
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (141,365) (180,168) 172,370
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (30,531) 82,676 277,414
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (6,007) $ 103,281 $ 293,828
==================== ==================== ====================
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 17,019 $ 15,920 $ 14,487
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 17,019 15,920 14,487
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 40,376 77,010 39,313
Realized gains (losses) on sale of investments....... 12,509 5,925 5,863
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 52,885 82,935 45,176
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (73,320) (41,113) 36,688
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (20,435) 41,822 81,864
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (3,416) $ 57,742 $ 96,351
==================== ==================== ====================
MIST AQR GLOBAL RISK BALANCED
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 7,434 $ -- $ 1,949
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 7,434 -- 1,949
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 13,315 786 3,632
Realized gains (losses) on sale of investments....... (2,519) (660) 169
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 10,796 126 3,801
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (30,868) 5,443 (10,413)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (20,072) 5,569 (6,612)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (12,638) $ 5,569 $ (4,663)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST BLACKROCK GLOBAL TACTICAL STRATEGIES
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,577 $ 1,792 $ 951
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 3,577 1,792 951
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 9,296 8,451 1,537
Realized gains (losses) on sale of investments....... 49 363 238
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 9,345 8,814 1,775
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (14,933) (1,686) 4,911
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (5,588) 7,128 6,686
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (2,011) $ 8,920 $ 7,637
===================== ===================== =====================
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,234,670 $ 513,864 $ 1,883,980
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 31,928 33,399 31,537
--------------------- --------------------- ---------------------
Net investment income (loss).................... 1,202,742 480,465 1,852,443
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 48,531 314,419 (121,862)
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 48,531 314,419 (121,862)
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (1,654,271) 3,062,383 (768,686)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (1,605,740) 3,376,802 (890,548)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (402,998) $ 3,857,267 $ 961,895
===================== ===================== =====================
MIST CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 198,717 $ 72,926 $ 71,803
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 45,621 36,095 12,286
--------------------- --------------------- ---------------------
Net investment income (loss).................... 153,096 36,831 59,517
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 1,820,551 867,002 455,065
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 1,820,551 867,002 455,065
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (3,670,688) 5,750,935 6,062,472
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (1,850,137) 6,617,937 6,517,537
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,697,041) $ 6,654,768 $ 6,577,054
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,358,813 $ 1,105,911 $ 1,234,640
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 57,999 62,335 58,015
-------------------- --------------------- ---------------------
Net investment income (loss).................... 1,300,814 1,043,576 1,176,625
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,880,482 4,067,270 --
Realized gains (losses) on sale of investments....... 49,542 1,812,640 663,573
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 3,930,024 5,879,910 663,573
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (6,964,997) (9,320,626) 9,999,502
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (3,034,973) (3,440,716) 10,663,075
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,734,159) $ (2,397,140) $ 11,839,700
==================== ===================== =====================
MIST INVESCO BALANCED-RISK ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,200 $ -- $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 1,200 -- --
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,078 1,200 159
Realized gains (losses) on sale of investments....... (1,351) 65 (33)
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 1,727 1,265 126
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (4,753) 178 124
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (3,026) 1,443 250
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,826) $ 1,443 $ 250
==================== ===================== ====================
MIST INVESCO MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 652,691 $ 652,762 $ 762,499
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 88,957 90,624 83,667
-------------------- --------------------- ---------------------
Net investment income (loss).................... 563,734 562,138 678,832
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,446,457 16,068,302 --
Realized gains (losses) on sale of investments....... 732,310 1,049,905 935,109
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 5,178,767 17,118,207 935,109
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (13,696,346) (8,899,738) 20,593,687
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (8,517,579) 8,218,469 21,528,796
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (7,953,845) $ 8,780,607 $ 22,207,628
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 9,561 $ -- $ 23,000
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 9,074 8,994 7,768
-------------------- -------------------- --------------------
Net investment income (loss).................... 487 (8,994) 15,232
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,773,695 783,328 326,110
Realized gains (losses) on sale of investments....... 1,804 187,042 243,128
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,775,499 970,370 569,238
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,866,286) (438,103) 1,365,097
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (90,787) 532,267 1,934,335
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (90,300) $ 523,273 $ 1,949,567
==================== ==================== ====================
MIST JPMORGAN GLOBAL ACTIVE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 5,107 $ 1,679 $ 54
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 5,107 1,679 54
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 8,853 4,582 321
Realized gains (losses) on sale of investments....... (120) 660 (595)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 8,733 5,242 (274)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (12,813) 2,680 5,829
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (4,080) 7,922 5,555
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,027 $ 9,601 $ 5,609
==================== ==================== ====================
MIST JPMORGAN SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,196 $ 2,563 $ 337
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 4,196 2,563 337
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 26,694 28,052 --
Realized gains (losses) on sale of investments....... (765) 2,277 2,408
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 25,929 30,329 2,408
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (52,802) (18,929) 28,817
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (26,873) 11,400 31,225
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (22,677) $ 13,963 $ 31,562
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST LOOMIS SAYLES GLOBAL MARKETS
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 7,875 $ 9,637 $ --
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 7,875 9,637 --
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 18,423 4,771 705
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 18,423 4,771 705
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (13,993) 1,137 43,104
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 4,430 5,908 43,809
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 12,305 $ 15,545 $ 43,809
==================== ==================== =====================
MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,671,598 $ 1,679,139 $ 1,965,620
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 60,107 62,645 63,217
--------------------- -------------------- --------------------
Net investment income (loss).................... 1,611,491 1,616,494 1,902,403
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,177,717 782,757 --
Realized gains (losses) on sale of investments....... 24,577 320,061 299,375
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,202,294 1,102,818 299,375
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,396,105) (1,312,784) (7,269)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (2,193,811) (209,966) 292,106
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (582,320) $ 1,406,528 $ 2,194,509
===================== ==================== ====================
MIST MET/TEMPLETON INTERNATIONAL BOND
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 16,491 $ 6,729 $ 302
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 16,491 6,729 302
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 355 -- 61
Realized gains (losses) on sale of investments....... (5,538) 6 (24)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (5,183) 6 37
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (19,099) (3,576) 996
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (24,282) (3,570) 1,033
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (7,791) $ 3,159 $ 1,335
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST METLIFE ASSET ALLOCATION 100
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 322,952 $ 181,683 $ 158,967
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 16,490 16,174 14,210
--------------------- --------------------- ---------------------
Net investment income (loss).................... 306,462 165,509 144,757
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,572,075 -- --
Realized gains (losses) on sale of investments....... 325,688 437,534 243,289
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 1,897,763 437,534 243,289
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (2,617,113) 404,377 4,045,633
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (719,350) 841,911 4,288,922
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (412,888) $ 1,007,420 $ 4,433,679
===================== ===================== =====================
MIST METLIFE BALANCED PLUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,773 $ 2,715 $ 778
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 4,773 2,715 778
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 13,434 12,036 1,257
Realized gains (losses) on sale of investments....... (2,885) 220 2,685
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 10,549 12,256 3,942
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (26,058) (517) 4,689
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (15,509) 11,739 8,631
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (10,736) $ 14,454 $ 9,409
==================== ==================== ====================
MIST METLIFE MULTI-INDEX TARGETED RISK
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,398 $ -- $ 6
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 1,398 -- 6
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,097 172 47
Realized gains (losses) on sale of investments....... 1,073 90 (241)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 4,170 262 (194)
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (7,672) 4,343 52
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (3,502) 4,605 (142)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (2,104) $ 4,605 $ (136)
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST METLIFE SMALL CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 800 $ 366 $ 9,744
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 800 366 9,744
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 310,745 38,852 --
Realized gains (losses) on sale of investments....... 1,317 32,257 47,240
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 312,062 71,109 47,240
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (358,930) (58,142) 199,123
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (46,868) 12,967 246,363
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (46,068) $ 13,333 $ 256,107
==================== ==================== ====================
MIST MFS EMERGING MARKETS EQUITY
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 10,228 $ 2,914 $ 1,482
-------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- -------------------
Net investment income (loss).................... 10,228 2,914 1,482
-------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (4,559) (2,174) 254
-------------------- -------------------- -------------------
Net realized gains (losses)..................... (4,559) (2,174) 254
-------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... (82,085) (31,587) (3,821)
-------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (86,644) (33,761) (3,567)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (76,416) $ (30,847) $ (2,085)
==================== ==================== ===================
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 565,935 $ 483,322 $ 475,117
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 17,693 18,674 17,938
-------------------- -------------------- --------------------
Net investment income (loss).................... 548,242 464,648 457,179
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 34,366 144,798 48,641
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 34,366 144,798 48,641
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (864,226) (2,026,000) 2,877,942
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (829,860) (1,881,202) 2,926,583
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (281,618) $ (1,416,554) $ 3,383,762
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST MORGAN STANLEY MID CAP GROWTH
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ------------------ ------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 132,861 $ 1,687,241
----------------- ------------------ ------------------
EXPENSES:
Mortality and expense risk charges................... 686,901 717,140 654,660
----------------- ------------------ ------------------
Net investment income (loss).................... (686,901) (584,279) 1,032,581
----------------- ------------------ ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 4,836,759 5,665,992 3,781,941
----------------- ------------------ ------------------
Net realized gains (losses)..................... 4,836,759 5,665,992 3,781,941
----------------- ------------------ ------------------
Change in unrealized gains (losses) on investments... (15,427,415) (2,867,790) 65,460,998
----------------- ------------------ ------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (10,590,656) 2,798,202 69,242,939
----------------- ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (11,277,557) $ 2,213,923 $ 70,275,520
================= ================== ==================
MIST OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ----------------- ------------------
INVESTMENT INCOME:
Dividends............................................ $ 609,199 $ 505,389 $ 945,127
----------------- ----------------- ------------------
EXPENSES:
Mortality and expense risk charges................... 104,779 89,693 97,189
----------------- ----------------- ------------------
Net investment income (loss).................... 504,420 415,696 847,938
----------------- ----------------- ------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,119,227 1,468,712 --
Realized gains (losses) on sale of investments....... 1,459,506 1,473,679 1,128,194
----------------- ----------------- ------------------
Net realized gains (losses)..................... 2,578,733 2,942,391 1,128,194
----------------- ----------------- ------------------
Change in unrealized gains (losses) on investments... (1,183,054) (2,309,701) 9,078,535
----------------- ----------------- ------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,395,679 632,690 10,206,729
----------------- ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,900,099 $ 1,048,386 $ 11,054,667
================= ================= ==================
MIST
PANAGORA GLOBAL
DIVERSIFIED RISK
INVESTMENT DIVISION
-------------------
2015 (f)
-------------------
INVESTMENT INCOME:
Dividends............................................ $ 50
-------------------
EXPENSES:
Mortality and expense risk charges................... --
-------------------
Net investment income (loss).................... 50
-------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 65
Realized gains (losses) on sale of investments....... (360)
-------------------
Net realized gains (losses)..................... (295)
-------------------
Change in unrealized gains (losses) on investments... 1
-------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (294)
-------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (244)
===================
MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
INVESTMENT INCOME:
Dividends............................................ $ 559,967 $ 213,452 $ 302,323
----------------- ----------------- -----------------
EXPENSES:
Mortality and expense risk charges................... 19,912 21,738 25,479
----------------- ----------------- -----------------
Net investment income (loss).................... 540,055 191,714 276,844
----------------- ----------------- -----------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- 719,437
Realized gains (losses) on sale of investments....... (211,211) (162,419) (174,195)
----------------- ----------------- -----------------
Net realized gains (losses)..................... (211,211) (162,419) 545,242
----------------- ----------------- -----------------
Change in unrealized gains (losses) on investments... (655,945) 319,472 (2,018,492)
----------------- ----------------- -----------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (867,156) 157,053 (1,473,250)
----------------- ----------------- -----------------
Net increase (decrease) in net assets resulting
from operations................................... $ (327,101) $ 348,767 $ (1,196,406)
================= ================= =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,501,824 $ 1,261,172 $ 2,175,351
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 58,540 62,315 65,679
-------------------- -------------------- --------------------
Net investment income (loss).................... 2,443,284 1,198,857 2,109,672
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 545,027 -- 954,935
Realized gains (losses) on sale of investments....... (40,218) 36,542 128,011
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 504,809 36,542 1,082,946
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (2,854,535) 873,849 (4,155,495)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (2,349,726) 910,391 (3,072,549)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 93,558 $ 2,109,248 $ (962,877)
==================== ==================== ====================
MIST PIONEER FUND
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- ------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,424 $ 3,502 $ 6,252
------------------- ------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
------------------- ------------------- --------------------
Net investment income (loss).................... 2,424 3,502 6,252
------------------- ------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 17,906 58,159 --
Realized gains (losses) on sale of investments....... 10,751 553 17,551
------------------- ------------------- --------------------
Net realized gains (losses)..................... 28,657 58,712 17,551
------------------- ------------------- --------------------
Change in unrealized gains (losses) on investments... (29,816) (39,539) 32,389
------------------- ------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (1,159) 19,173 49,940
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,265 $ 22,675 $ 56,192
=================== =================== ====================
MIST PYRAMIS MANAGED RISK
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 86 $ -- $ 2
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 86 -- 2
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 433 2 5
Realized gains (losses) on sale of investments....... 545 8 --
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 978 10 5
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (255) 48 6
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 723 58 11
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 809 $ 58 $ 13
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST SCHRODERS GLOBAL MULTI-ASSET
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 467 $ 398 $ 1
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
------------------- -------------------- --------------------
Net investment income (loss).................... 467 398 1
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,401 1,089 37
Realized gains (losses) on sale of investments....... 35 168 150
------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,436 1,257 187
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (2,611) 553 1,498
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (1,175) 1,810 1,685
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (708) $ 2,208 $ 1,686
=================== ==================== ====================
MIST SSGA GROWTH AND INCOME ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 200,671 $ 195,317 $ 186,845
-------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 9,183 9,443 9,307
-------------------- -------------------- -------------------
Net investment income (loss).................... 191,488 185,874 177,538
-------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 439,240 463,729 160,153
Realized gains (losses) on sale of investments....... 68,038 167,009 90,613
-------------------- -------------------- -------------------
Net realized gains (losses)..................... 507,278 630,738 250,766
-------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... (845,948) (350,740) 431,610
-------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (338,670) 279,998 682,376
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (147,182) $ 465,872 $ 859,914
==================== ==================== ===================
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 152,270 $ 118,289 $ 110,154
-------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 7,372 7,409 7,236
-------------------- -------------------- -------------------
Net investment income (loss).................... 144,898 110,880 102,918
-------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 369,187 348,010 172,116
Realized gains (losses) on sale of investments....... 30,189 110,391 83,650
-------------------- -------------------- -------------------
Net realized gains (losses)..................... 399,376 458,401 255,766
-------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... (699,498) (255,403) 467,150
-------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (300,122) 202,998 722,916
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (155,224) $ 313,878 $ 825,834
==================== ==================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST T. ROWE PRICE LARGE CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 36,741 $ 32,258 $ 30,041
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 36,741 32,258 30,041
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,421 -- --
Realized gains (losses) on sale of investments....... 86,882 6,947 22,312
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 91,303 6,947 22,312
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (197,956) 244,232 456,298
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (106,653) 251,179 478,610
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (69,912) $ 283,437 $ 508,651
==================== ==================== ====================
MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 98,665
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 45,309 39,978 33,261
-------------------- -------------------- --------------------
Net investment income (loss).................... (45,309) (39,978) 65,404
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 5,111,107 2,710,770 1,223,909
Realized gains (losses) on sale of investments....... 671,843 622,719 608,004
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 5,782,950 3,333,489 1,831,913
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,612,484) 275,430 5,764,932
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 2,170,466 3,608,919 7,596,845
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 2,125,157 $ 3,568,941 $ 7,662,249
==================== ==================== ====================
MIST WMC LARGE CAP RESEARCH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,933,627 $ 3,642,958 $ 4,873,934
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 2,110,795 2,017,025 1,786,264
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,822,832 1,625,933 3,087,670
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 29,529,907 -- --
Realized gains (losses) on sale of investments....... 6,791,139 5,779,958 1,187,504
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 36,321,046 5,779,958 1,187,504
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (21,509,605) 41,616,595 96,008,684
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 14,811,441 47,396,553 97,196,188
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 16,634,273 $ 49,022,486 $ 100,283,858
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF BAILLIE GIFFORD INTERNATIONAL STOCK
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 713,415 $ 614,397 $ 674,943
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 193,538 202,918 198,504
-------------------- -------------------- ---------------------
Net investment income (loss).................... 519,877 411,479 476,439
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (206,507) (176,452) (474,270)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (206,507) (176,452) (474,270)
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (1,227,962) (1,735,615) 5,921,616
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (1,434,469) (1,912,067) 5,447,346
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (914,592) $ (1,500,588) $ 5,923,785
==================== ==================== =====================
MSF BARCLAYS AGGREGATE BOND INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,746,041 $ 3,642,812 $ 4,111,311
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 39,974 40,346 40,998
-------------------- -------------------- --------------------
Net investment income (loss).................... 3,706,067 3,602,466 4,070,313
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 111,155 62,943 125,172
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 111,155 62,943 125,172
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,467,125) 3,247,015 (6,977,167)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (3,355,970) 3,309,958 (6,851,995)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 350,097 $ 6,912,424 $ (2,781,682)
==================== ==================== ====================
MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,137,039 $ 2,833,552 $ 3,290,462
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 287,424 293,168 301,259
--------------------- --------------------- --------------------
Net investment income (loss).................... 2,849,615 2,540,384 2,989,203
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 918,699 -- 2,005,629
Realized gains (losses) on sale of investments....... (4,703) 70,435 142,786
--------------------- --------------------- --------------------
Net realized gains (losses)..................... 913,996 70,435 2,148,415
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (3,544,439) 2,699,020 (6,076,619)
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (2,630,443) 2,769,455 (3,928,204)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 219,172 $ 5,309,839 $ (939,001)
===================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF BLACKROCK CAPITAL APPRECIATION
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 7,533 $ 144,698
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 10,693 10,001 8,874
-------------------- -------------------- --------------------
Net investment income (loss).................... (10,693) (2,468) 135,824
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,744,269 -- --
Realized gains (losses) on sale of investments....... 278,466 3,803,528 321,200
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 2,022,735 3,803,528 321,200
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,407,738) (2,831,679) 4,769,715
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 614,997 971,849 5,090,915
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 604,304 $ 969,381 $ 5,226,739
==================== ==================== ====================
MSF BLACKROCK LARGE CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 358,828 $ 240,568 $ 225,484
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 23,445 23,616 19,704
-------------------- -------------------- --------------------
Net investment income (loss).................... 335,383 216,952 205,780
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,605,704 4,383,514 871,774
Realized gains (losses) on sale of investments....... (183,787) (65,732) 44,941
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,421,917 4,317,782 916,715
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (2,942,487) (2,739,427) 3,399,848
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (1,520,570) 1,578,355 4,316,563
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (1,185,187) $ 1,795,307 $ 4,522,343
==================== ==================== ====================
MSF BLACKROCK MONEY MARKET
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 813 $ -- $ --
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 35,827 38,422 45,649
-------------------- -------------------- --------------------
Net investment income (loss).................... (35,014) (38,422) (45,649)
-------------------- -------------------- --------------------
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.................................... $ (35,014) $ (38,422) $ (45,649)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF FRONTIER MID CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 2,591,979
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 1,605,819 1,529,952 1,371,993
-------------------- -------------------- --------------------
Net investment income (loss).................... (1,605,819) (1,529,952) 1,219,986
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 31,059,487 20,270,585 4,884,883
Realized gains (losses) on sale of investments....... 5,229,191 5,829,957 5,761,928
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 36,288,678 26,100,542 10,646,811
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (28,947,695) (1,683,974) 45,562,137
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 7,340,983 24,416,568 56,208,948
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 5,735,164 $ 22,886,616 $ 57,428,934
==================== ==================== ====================
MSF JENNISON GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 64,278 $ 57,642 $ 81,129
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 14,588 13,806 11,843
-------------------- -------------------- --------------------
Net investment income (loss).................... 49,690 43,836 69,286
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,546,254 1,172,046 199,135
Realized gains (losses) on sale of investments....... 583,747 588,171 549,515
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 4,130,001 1,760,217 748,650
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,789,865) 102,570 5,442,828
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,340,136 1,862,787 6,191,478
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,389,826 $ 1,906,623 $ 6,260,764
==================== ==================== ====================
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 38,636 $ 10,698 $ 95,451
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 24,860 24,993 22,893
-------------------- -------------------- --------------------
Net investment income (loss).................... 13,776 (14,295) 72,558
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,150,294 3,179,934 1,618,689
Realized gains (losses) on sale of investments....... 370,891 437,509 624,015
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 3,521,185 3,617,443 2,242,704
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,857,826) (2,720,783) 5,169,026
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (336,641) 896,660 7,411,730
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (322,865) $ 882,365 $ 7,484,288
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ --
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 9,783 10,498 8,824
--------------------- -------------------- --------------------
Net investment income (loss).................... (9,783) (10,498) (8,824)
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,543,783 1,374,358 --
Realized gains (losses) on sale of investments....... 261,026 486,190 444,863
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,804,809 1,860,548 444,863
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,598,061) (1,752,743) 3,463,471
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 206,748 107,805 3,908,334
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 196,965 $ 97,307 $ 3,899,510
===================== ==================== ====================
MSF MET/ARTISAN MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 704,333 $ 459,965 $ 561,888
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 52,726 58,197 55,101
-------------------- -------------------- ---------------------
Net investment income (loss).................... 651,607 401,768 506,787
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 7,448,048 -- --
Realized gains (losses) on sale of investments....... 632,699 1,070,144 684,691
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 8,080,747 1,070,144 684,691
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (14,388,947) (313,797) 16,708,173
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (6,308,200) 756,347 17,392,864
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (5,656,593) $ 1,158,115 $ 17,899,651
==================== ==================== =====================
MSF METLIFE ASSET ALLOCATION 20
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 124,733 $ 209,842 $ 169,434
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 8,287 8,381 8,929
-------------------- --------------------- --------------------
Net investment income (loss).................... 116,446 201,461 160,505
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 168,162 213,606 25,756
Realized gains (losses) on sale of investments....... 6,832 25,638 56,127
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 174,994 239,244 81,883
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (309,762) (203,125) (14,063)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (134,768) 36,119 67,820
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (18,322) $ 237,580 $ 228,325
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF METLIFE ASSET ALLOCATION 40
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 46,938 $ 291,635 $ 252,710
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 17,505 18,482 17,423
--------------------- --------------------- ---------------------
Net investment income (loss).................... 29,433 273,153 235,287
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 559,298 346,288 95,776
Realized gains (losses) on sale of investments....... 140,214 121,187 210,565
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 699,512 467,475 306,341
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (854,363) (270,968) 418,401
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (154,851) 196,507 724,742
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (125,418) $ 469,660 $ 960,029
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 60
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 390,972 $ 1,206,188 $ 1,058,783
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 85,255 84,872 79,987
--------------------- --------------------- ---------------------
Net investment income (loss).................... 305,717 1,121,316 978,796
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,409,671 2,031,851 386,257
Realized gains (losses) on sale of investments....... 662,426 808,239 1,204,992
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 4,072,097 2,840,090 1,591,249
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (4,965,532) (1,284,610) 5,640,223
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (893,435) 1,555,480 7,231,472
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (587,718) $ 2,676,796 $ 8,210,268
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 80
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 512,933 $ 1,754,790 $ 1,416,783
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 85,082 84,172 85,508
--------------------- --------------------- ---------------------
Net investment income (loss).................... 427,851 1,670,618 1,331,275
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,372,751 -- --
Realized gains (losses) on sale of investments....... 1,805,013 1,673,184 1,631,177
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 6,177,764 1,673,184 1,631,177
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (8,037,823) 1,795,645 15,682,919
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (1,860,059) 3,468,829 17,314,096
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,432,208) $ 5,139,447 $ 18,645,371
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,033,473 $ 910,209 $ 981,648
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 68,461 66,825 59,983
-------------------- -------------------- --------------------
Net investment income (loss).................... 965,012 843,384 921,665
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 5,617,501 4,123,805 2,405,800
Realized gains (losses) on sale of investments....... 1,969,456 4,161,062 1,774,205
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 7,586,957 8,284,867 4,180,005
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (10,506,888) (1,040,640) 18,736,176
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (2,919,931) 7,244,227 22,916,181
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,954,919) $ 8,087,611 $ 23,837,846
==================== ==================== ====================
MSF METLIFE STOCK INDEX
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 16,989,974 $ 15,723,375 $ 15,228,884
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 2,188,283 2,152,159 1,937,634
-------------------- -------------------- --------------------
Net investment income (loss).................... 14,801,691 13,571,216 13,291,250
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 40,868,342 23,073,733 12,357,151
Realized gains (losses) on sale of investments....... 17,484,826 22,399,491 12,306,567
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 58,353,168 45,473,224 24,663,718
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (63,726,527) 58,022,278 191,004,236
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (5,373,359) 103,495,502 215,667,954
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 9,428,332 $ 117,066,718 $ 228,959,204
==================== ==================== ====================
MSF MFS TOTAL RETURN
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 256,077 $ 230,037 $ 226,568
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 8,955 8,485 7,921
-------------------- -------------------- --------------------
Net investment income (loss).................... 247,122 221,552 218,647
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 196,619 193,152 99,210
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 196,619 193,152 99,210
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (470,036) 388,544 1,215,884
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (273,417) 581,696 1,315,094
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (26,295) $ 803,248 $ 1,533,741
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF MFS VALUE
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,325,157 $ 1,410,912 $ 1,234,016
-------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 70,555 70,434 63,296
-------------------- ------------------- -------------------
Net investment income (loss).................... 2,254,602 1,340,478 1,170,720
-------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 13,359,170 3,936,675 2,095,342
Realized gains (losses) on sale of investments....... 1,066,697 1,680,541 1,087,562
-------------------- ------------------- -------------------
Net realized gains (losses)..................... 14,425,867 5,617,216 3,182,904
-------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments... (16,842,516) 1,679,688 17,288,533
-------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (2,416,649) 7,296,904 20,471,437
-------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (162,047) $ 8,637,382 $ 21,642,157
==================== =================== ===================
MSF MSCI EAFE INDEX
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,538,836 $ 1,985,462 $ 2,250,635
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 38,784 40,521 39,550
------------------- -------------------- --------------------
Net investment income (loss).................... 2,500,052 1,944,941 2,211,085
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 707,350 1,139,967 838,301
------------------- -------------------- --------------------
Net realized gains (losses)..................... 707,350 1,139,967 838,301
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,862,935) (7,881,915) 11,746,223
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (3,155,585) (6,741,948) 12,584,524
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (655,533) $ (4,797,007) $ 14,795,609
=================== ==================== ====================
MSF NEUBERGER BERMAN GENESIS
INVESTMENT DIVISION
----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 455,355 $ 420,580 $ 744,713
------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 93,449 96,260 89,260
------------------- -------------------- -------------------
Net investment income (loss).................... 361,906 324,320 655,453
------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 1,512,189 1,496,496 614,602
------------------- -------------------- -------------------
Net realized gains (losses)..................... 1,512,189 1,496,496 614,602
------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... (1,230,308) (2,029,896) 30,722,824
------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 281,881 (533,400) 31,337,426
------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 643,787 $ (209,080) $ 31,992,879
=================== ==================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 876,249 $ 812,259 $ 982,173
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 47,773 48,414 47,086
--------------------- -------------------- ---------------------
Net investment income (loss).................... 828,476 763,845 935,087
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,152,346 1,573,978 --
Realized gains (losses) on sale of investments....... 2,119,087 2,223,932 1,797,318
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 6,271,433 3,797,910 1,797,318
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (10,053,677) (996,894) 17,937,722
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (3,782,244) 2,801,016 19,735,040
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (2,953,768) $ 3,564,861 $ 20,670,127
===================== ==================== =====================
MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 117,835 $ 48,493 $ 163,280
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 60,498 54,764 41,708
-------------------- -------------------- --------------------
Net investment income (loss).................... 57,337 (6,271) 121,572
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 15,073,030 5,537,905 --
Realized gains (losses) on sale of investments....... 2,495,339 2,356,884 2,302,973
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 17,568,369 7,894,789 2,302,973
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (8,845,976) (880,615) 19,823,349
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 8,722,393 7,014,174 22,126,322
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 8,779,730 $ 7,007,903 $ 22,247,894
==================== ==================== ====================
MSF T. ROWE PRICE SMALL CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 155,566 $ 19,192 $ 373,197
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 404,512 389,795 356,357
--------------------- -------------------- ---------------------
Net investment income (loss).................... (248,946) (370,603) 16,840
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 9,768,650 8,559,449 5,766,149
Realized gains (losses) on sale of investments....... 3,150,255 9,322,153 3,667,968
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 12,918,905 17,881,602 9,434,117
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (9,935,901) (10,294,099) 30,236,593
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,983,004 7,587,503 39,670,710
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,734,058 $ 7,216,900 $ 39,687,550
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF VAN ECK GLOBAL NATURAL RESOURCES
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 974 $ 983 $ 669
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 974 983 669
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 3,054 --
Realized gains (losses) on sale of investments....... (9,795) (3,490) (55)
--------------------- -------------------- --------------------
Net realized gains (losses)..................... (9,795) (436) (55)
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (64,308) (44,636) 14,171
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (74,103) (45,072) 14,116
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (73,129) $ (44,089) $ 14,785
===================== ==================== ====================
MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,322,147 $ 1,377,573 $ 1,259,304
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 32,560 33,455 33,218
-------------------- --------------------- --------------------
Net investment income (loss).................... 1,289,587 1,344,118 1,226,086
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 73,628 163,589 194,088
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 73,628 163,589 194,088
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (1,827,670) (168,552) (1,174,913)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (1,754,042) (4,963) (980,825)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (464,455) $ 1,339,155 $ 245,261
==================== ===================== ====================
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 373,766 $ 319,215 $ 353,673
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 16,226 16,566 16,498
-------------------- --------------------- --------------------
Net investment income (loss).................... 357,540 302,649 337,175
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (6,880) (4,464) 3,029
-------------------- --------------------- --------------------
Net realized gains (losses)..................... (6,880) (4,464) 3,029
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (270,748) 143,123 (476,487)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (277,628) 138,659 (473,458)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 79,912 $ 441,308 $ (136,283)
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF WMC BALANCED
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- ------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 6,073,749 $ 6,099,011 $ 6,982,518
-------------------- ------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 1,662,109 1,647,006 1,536,230
-------------------- ------------------- --------------------
Net investment income (loss).................... 4,411,640 4,452,005 5,446,288
-------------------- ------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 51,879,369 -- --
Realized gains (losses) on sale of investments....... 4,030,610 5,320,748 2,747,913
-------------------- ------------------- --------------------
Net realized gains (losses)..................... 55,909,979 5,320,748 2,747,913
-------------------- ------------------- --------------------
Change in unrealized gains (losses) on investments... (53,963,621) 19,346,415 43,444,585
-------------------- ------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 1,946,358 24,667,163 46,192,498
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 6,357,998 $ 29,119,168 $ 51,638,786
==================== =================== ====================
MSF WMC CORE EQUITY OPPORTUNITIES
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- ------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,320,806 $ 508,892 $ 908,277
------------------- ------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 57,675 57,279 53,237
------------------- ------------------- --------------------
Net investment income (loss).................... 1,263,131 451,613 855,040
------------------- ------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 25,408,009 6,081,753 1,084,791
Realized gains (losses) on sale of investments....... 716,455 1,674,792 1,697,357
------------------- ------------------- --------------------
Net realized gains (losses)..................... 26,124,464 7,756,545 2,782,148
------------------- ------------------- --------------------
Change in unrealized gains (losses) on investments... (25,717,218) (869,547) 15,346,828
------------------- ------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 407,246 6,886,998 18,128,976
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,670,377 $ 7,338,611 $ 18,984,016
=================== =================== ====================
OPPENHEIMER VA MAIN STREET SMALL CAP
INVESTMENT DIVISION
-------------------------------------------
2015 2014 (g)
-------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 40 $ --
-------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- --
-------------------- --------------------
Net investment income (loss).................... 40 --
-------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 665 --
Realized gains (losses) on sale of investments....... (40) --
-------------------- --------------------
Net realized gains (losses)..................... 625 --
-------------------- --------------------
Change in unrealized gains (losses) on investments... (894) 198
-------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (269) 198
-------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (229) $ 198
==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
PIMCO VIT ALL ASSET
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 17,942 $ 49,509 $ 21,748
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
------------------- -------------------- --------------------
Net investment income (loss).................... 17,942 49,509 21,748
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (111,468) 28 (591)
------------------- -------------------- --------------------
Net realized gains (losses)..................... (111,468) 28 (591)
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 38,369 (44,010) (24,638)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (73,099) (43,982) (25,229)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (55,157) $ 5,527 $ (3,481)
=================== ==================== ====================
PIMCO VIT COMMODITYREALRETURN STRATEGY
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013 (d)
------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,467 $ 86 $ --
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
------------------- -------------------- --------------------
Net investment income (loss).................... 1,467 86 --
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (11,415) (39) (5)
------------------- -------------------- --------------------
Net realized gains (losses)..................... (11,415) (39) (5)
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 3,408 (10,088) (126)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (8,007) (10,127) (131)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (6,540) $ (10,041) $ (131)
=================== ==================== ====================
PIMCO VIT LOW DURATION
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- ------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 29,643 $ 17,764 $ 22,872
-------------------- ------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- ------------------- --------------------
Net investment income (loss).................... 29,643 17,764 22,872
-------------------- ------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 12,574 512 3,304
-------------------- ------------------- --------------------
Net realized gains (losses)..................... 12,574 512 3,304
-------------------- ------------------- --------------------
Change in unrealized gains (losses) on investments... (33,266) (4,896) (33,450)
-------------------- ------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (20,692) (4,384) (30,146)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 8,951 $ 13,380 $ (7,274)
==================== =================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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 -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
PIONEER VCT MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 412 $ 452 $ 425
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- ---------------------
Net investment income (loss).................... 412 452 425
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 5,835 6,866 --
Realized gains (losses) on sale of investments....... 4,638 1,056 29,038
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 10,473 7,922 29,038
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (13,938) 732 (1,134)
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (3,465) 8,654 27,904
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (3,053) $ 9,106 $ 28,329
==================== ===================== =====================
PUTNAM VT INTERNATIONAL VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013 (b)
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 91 $ 95 $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 91 95 --
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (22) 46 10
-------------------- --------------------- --------------------
Net realized gains (losses)..................... (22) 46 10
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (118) (775) 477
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (140) (729) 487
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (49) $ (634) $ 487
==================== ===================== ====================
ROYCE MICRO-CAP
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 38
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- ---------------------
Net investment income (loss).................... -- -- 38
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 498 657 197
Realized gains (losses) on sale of investments....... 1 13 87,518
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 499 670 87,715
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (1,557) (951) (23,953)
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (1,058) (281) 63,762
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (1,058) $ (281) $ 63,800
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
The accompanying notes are an integral part of these financial statements.
98
The accompanying notes are an integral part of these financial statements.
99
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF OPERATIONS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
ROYCE SMALL-CAP
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 443 $ 64 $ 6,679
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 443 64 6,679
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 12,749 5,932 34,717
Realized gains (losses) on sale of investments....... 64 105,416 34,201
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 12,813 111,348 68,918
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (19,154) (144,191) 110,499
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (6,341) (32,843) 179,417
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (5,898) $ (32,779) $ 186,096
==================== ===================== ====================
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 45,047 $ 66,166 $ 51,315
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 45,047 66,166 51,315
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 9,104 15,729
Realized gains (losses) on sale of investments....... (12,799) (26,242) (4,843)
-------------------- --------------------- --------------------
Net realized gains (losses)..................... (12,799) (17,138) 10,886
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (46,377) 6,462 (181,259)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (59,176) (10,676) (170,373)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (14,129) $ 55,490 $ (119,058)
==================== ===================== ====================
UIF EMERGING MARKETS EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 18,406 $ 4,726 $ 14,065
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 18,406 4,726 14,065
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (24,296) 14,990 6,766
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (24,296) 14,990 6,766
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (266,747) (166,226) (38,224)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (291,043) (151,236) (31,458)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (272,637) $ (146,510) $ (17,393)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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 OPERATIONS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
WELLS FARGO VT TOTAL RETURN BOND
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................. $ 10,591 $ 5,207 $ 4,298
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges.................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss)..................... 10,591 5,207 4,298
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions........................... -- -- 9,579
Realized gains (losses) on sale of investments........ (13,631) (1,528) 1,277
--------------------- --------------------- ---------------------
Net realized gains (losses)...................... (13,631) (1,528) 10,856
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments.... (2,133) 12,966 (21,523)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (15,764) 11,438 (10,667)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (5,173) $ 16,645 $ (6,369)
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
The accompanying notes are an integral part of these financial statements.
102
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, 2015, 2014 AND 2013
AB GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ -- $ 13
Net realized gains (losses)......................... 4,879 1,302 (1,496)
Change in unrealized gains (losses) on investments.. (2,756) 2,635 14,581
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,123 3,937 13,098
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,493 1,269 1,269
Net transfers (including fixed account)............. (6,753) 13,633 6,694
Policy charges...................................... (1,929) (2,507) (2,064)
Transfers for policy benefits and terminations...... (30,831) (6,798) (14,687)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (38,020) 5,597 (8,788)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (35,897) 9,534 4,310
NET ASSETS:
Beginning of year................................... 75,700 66,166 61,856
--------------------- -------------------- ---------------------
End of year......................................... $ 39,803 $ 75,700 $ 66,166
===================== ==================== =====================
AB INTERMEDIATE BOND
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,061 $ 1,921 $ 1,888
Net realized gains (losses)......................... 1,662 689 1,651
Change in unrealized gains (losses) on investments.. (3,852) 952 (5,086)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (129) 3,562 (1,547)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 644 644 --
Net transfers (including fixed account)............. 2,915 32 (42,312)
Policy charges...................................... (2,460) (2,264) (1,794)
Transfers for policy benefits and terminations...... -- -- (32)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 1,099 (1,588) (44,138)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 970 1,974 (45,685)
NET ASSETS:
Beginning of year................................... 59,589 57,615 103,300
-------------------- -------------------- --------------------
End of year......................................... $ 60,559 $ 59,589 $ 57,615
==================== ==================== ====================
AMERICAN CENTURY VP CAPITAL APPRECIATION
INVESTMENT DIVISION
--------------------------------------------
2015 2014 (a)
--------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ --
Net realized gains (losses)......................... 56 12
Change in unrealized gains (losses) on investments.. (38) 42
--------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 18 54
--------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- --
Net transfers (including fixed account)............. 1 589
Policy charges...................................... (368) (211)
Transfers for policy benefits and terminations...... -- --
--------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (367) 378
--------------------- --------------------
Net increase (decrease) in net assets............. (349) 432
NET ASSETS:
Beginning of year................................... 432 --
--------------------- --------------------
End of year......................................... $ 83 $ 432
===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
AMERICAN FUNDS BOND
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 95,558 $ 106,624 $ 91,592
Net realized gains (losses)......................... 113,025 6,927 62,302
Change in unrealized gains (losses) on investments.. (201,734) 172,487 (282,587)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 6,849 286,038 (128,693)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 595,751 623,827 663,938
Net transfers (including fixed account)............. 482,848 255,803 291,663
Policy charges...................................... (353,117) (362,278) (373,489)
Transfers for policy benefits and terminations...... (500,127) (416,749) (284,454)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 225,355 100,603 297,658
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 232,204 386,641 168,965
NET ASSETS:
Beginning of year................................... 5,975,916 5,589,275 5,420,310
-------------------- -------------------- ---------------------
End of year......................................... $ 6,208,120 $ 5,975,916 $ 5,589,275
==================== ==================== =====================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (91,602) $ (6,851) $ 481,756
Net realized gains (losses)......................... 6,923,224 1,349,400 556,105
Change in unrealized gains (losses) on investments.. (6,348,033) 96,482 15,213,508
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 483,589 1,439,031 16,251,369
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,361,656 5,749,295 6,319,815
Net transfers (including fixed account)............. (992,517) (675,673) (1,380,353)
Policy charges...................................... (3,751,216) (3,816,323) (3,857,829)
Transfers for policy benefits and terminations...... (4,463,980) (4,204,832) (4,504,188)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,846,057) (2,947,533) (3,422,555)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (3,362,468) (1,508,502) 12,828,814
NET ASSETS:
Beginning of year................................... 70,558,118 72,066,620 59,237,806
--------------------- -------------------- ---------------------
End of year......................................... $ 67,195,650 $ 70,558,118 $ 72,066,620
===================== ==================== =====================
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 849,331 $ 1,134,555 $ 1,225,604
Net realized gains (losses)......................... 37,793,980 11,523,746 2,872,251
Change in unrealized gains (losses) on investments.. (27,669,113) 413,436 34,086,809
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 10,974,198 13,071,737 38,184,664
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 11,128,355 12,033,016 12,807,035
Net transfers (including fixed account)............. (2,877,301) (1,562,797) (2,855,702)
Policy charges...................................... (8,922,399) (8,831,204) (8,755,241)
Transfers for policy benefits and terminations...... (10,503,688) (10,353,575) (9,748,734)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (11,175,033) (8,714,560) (8,552,642)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (200,835) 4,357,177 29,632,022
NET ASSETS:
Beginning of year................................... 164,910,421 160,553,244 130,921,222
-------------------- -------------------- --------------------
End of year......................................... $ 164,709,586 $ 164,910,421 $ 160,553,244
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,265,966 $ 1,235,698 $ 1,145,692
Net realized gains (losses)......................... 17,136,301 7,216,223 1,441,252
Change in unrealized gains (losses) on investments.. (16,929,014) 1,935,227 23,374,516
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,473,253 10,387,148 25,961,460
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 7,132,701 7,556,304 8,145,719
Net transfers (including fixed account)............. (706,082) (746,690) (404,802)
Policy charges...................................... (5,898,040) (5,923,496) (5,713,396)
Transfers for policy benefits and terminations...... (6,373,610) (6,455,691) (6,390,541)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (5,845,031) (5,569,573) (4,363,020)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (4,371,778) 4,817,575 21,598,440
NET ASSETS:
Beginning of year................................... 106,030,732 101,213,157 79,614,717
-------------------- -------------------- --------------------
End of year......................................... $ 101,658,954 $ 106,030,732 $ 101,213,157
==================== ==================== ====================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 7,125 $ 9,668 $ 7,749
Net realized gains (losses)......................... 53,336 3,059 27,615
Change in unrealized gains (losses) on investments.. (72,634) (30,549) 63,361
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (12,173) (17,822) 98,725
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,030 19,466 4,396
Net transfers (including fixed account)............. (251,186) 22,024 63,675
Policy charges...................................... (9,566) (10,594) (9,192)
Transfers for policy benefits and terminations...... -- (16,461) (24,265)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (254,722) 14,435 34,614
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (266,895) (3,387) 133,339
NET ASSETS:
Beginning of year................................... 682,005 685,392 552,053
-------------------- -------------------- --------------------
End of year......................................... $ 415,110 $ 682,005 $ 685,392
==================== ==================== ====================
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 712 $ 520 $ 317
Net realized gains (losses)......................... 401 (30) 1,230
Change in unrealized gains (losses) on investments.. (350) 1,820 (2,996)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 763 2,310 (1,449)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,595 1,253 4,239
Net transfers (including fixed account)............. 1 -- 289
Policy charges...................................... (1,568) (1,489) (1,787)
Transfers for policy benefits and terminations...... -- (6) --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 1,028 (242) 2,741
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,791 2,068 1,292
NET ASSETS:
Beginning of year................................... 48,552 46,484 45,192
-------------------- -------------------- --------------------
End of year......................................... $ 50,343 $ 48,552 $ 46,484
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- ---------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,421 $ 3,201 $ 4,021
Net realized gains (losses)......................... (390) (210) (906)
Change in unrealized gains (losses) on investments.. (10,460) (26,366) 42,909
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (6,429) (23,375) 46,024
--------------------- ---------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. -- -- (2,380)
Policy charges...................................... (2,287) (2,373) (2,445)
Transfers for policy benefits and terminations...... (1) -- (15)
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,288) (2,373) (4,840)
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets............ (8,717) (25,748) 41,184
NET ASSETS:
Beginning of year................................... 220,569 246,317 205,133
--------------------- ---------------------- ---------------------
End of year......................................... $ 211,852 $ 220,569 $ 246,317
===================== ====================== =====================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 20,958 $ 20,809 $ 16,073
Net realized gains (losses)......................... 128,965 35,424 115,489
Change in unrealized gains (losses) on investments.. (145,469) 59,690 260,059
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 4,454 115,923 391,621
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 154,105 105,211 116,700
Net transfers (including fixed account)............. (120,734) 60,739 (143,822)
Policy charges...................................... (80,789) (76,841) (76,211)
Transfers for policy benefits and terminations...... (173,241) (47,777) (324,598)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (220,659) 41,332 (427,931)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (216,205) 157,255 (36,310)
NET ASSETS:
Beginning of year................................... 2,087,177 1,929,922 1,966,232
--------------------- --------------------- ---------------------
End of year......................................... $ 1,870,972 $ 2,087,177 $ 1,929,922
===================== ===================== =====================
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 25,926 $ 24,338 $ 23,521
Net realized gains (losses)......................... 373,045 118,141 147,133
Change in unrealized gains (losses) on investments.. (372,526) 174,211 505,651
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 26,445 316,690 676,305
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 177,261 105,425 94,804
Net transfers (including fixed account)............. (158,700) (10,694) (270,104)
Policy charges...................................... (94,010) (90,082) (97,806)
Transfers for policy benefits and terminations...... (89,062) (58,177) (95,919)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (164,511) (53,528) (369,025)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (138,066) 263,162 307,280
NET ASSETS:
Beginning of year................................... 2,913,464 2,650,302 2,343,022
--------------------- --------------------- ---------------------
End of year......................................... $ 2,775,398 $ 2,913,464 $ 2,650,302
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 426 $ 687 $ 752
Net realized gains (losses)......................... 2,506 1,056 4,118
Change in unrealized gains (losses) on investments.. (3,341) 37 3,227
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (409) 1,780 8,097
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,405 1,877 7,468
Net transfers (including fixed account)............. -- (11,506) (43,901)
Policy charges...................................... (278) (409) (491)
Transfers for policy benefits and terminations...... (14,085) (1) --
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (11,958) (10,039) (36,924)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (12,367) (8,259) (28,827)
NET ASSETS:
Beginning of year................................... 25,205 33,464 62,291
--------------------- --------------------- ---------------------
End of year......................................... $ 12,838 $ 25,205 $ 33,464
===================== ===================== =====================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 361 $ 746 $ 563
Net realized gains (losses)......................... 5,675 3,453 665
Change in unrealized gains (losses) on investments.. (5,470) (2,030) 3,994
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 566 2,169 5,222
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 49,696 53,609 2,634
Net transfers (including fixed account)............. (481) -- --
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (78,676) (53,906) (1,252)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (29,461) (297) 1,382
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (28,895) 1,872 6,604
NET ASSETS:
Beginning of year................................... 48,114 46,242 39,638
--------------------- --------------------- ---------------------
End of year......................................... $ 19,219 $ 48,114 $ 46,242
===================== ===================== =====================
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 10,060 $ 16,169 $ 16,012
Net realized gains (losses)......................... 169,271 38,833 21,982
Change in unrealized gains (losses) on investments.. (177,998) (8,502) 93,753
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,333 46,500 131,747
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 132,204 113,318 13,583
Net transfers (including fixed account)............. (413,184) -- 94,207
Policy charges...................................... (7,305) (12,214) (11,540)
Transfers for policy benefits and terminations...... (168,987) (140,759) (15,006)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (457,272) (39,655) 81,244
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (455,939) 6,845 212,991
NET ASSETS:
Beginning of year................................... 984,560 977,715 764,724
--------------------- --------------------- ---------------------
End of year......................................... $ 528,621 $ 984,560 $ 977,715
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP FREEDOM 2025
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013 (b)
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 8,151 $ 613 $ 694
Net realized gains (losses)......................... 2,620 1,235 413
Change in unrealized gains (losses) on investments.. (13,249) 73 3,626
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (2,478) 1,921 4,733
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. 407,484 -- 38,425
Policy charges...................................... (9,867) (4,514) (2,977)
Transfers for policy benefits and terminations...... -- -- --
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 397,617 (4,514) 35,448
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 395,139 (2,593) 40,181
NET ASSETS:
Beginning of year................................... 37,588 40,181 --
-------------------- --------------------- ---------------------
End of year......................................... $ 432,727 $ 37,588 $ 40,181
==================== ===================== =====================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,154 $ 1,195 $ 763
Net realized gains (losses)......................... 1,753 13,333 3,547
Change in unrealized gains (losses) on investments.. (4,989) (10,096) 5,619
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,082) 4,432 9,929
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 248,938 197,624 8,643
Net transfers (including fixed account)............. 1,585 (1,696) 618
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (211,226) (180,726) --
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 39,297 15,202 9,261
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 38,215 19,634 19,190
NET ASSETS:
Beginning of year................................... 81,658 62,024 42,834
--------------------- --------------------- ---------------------
End of year......................................... $ 119,873 $ 81,658 $ 62,024
===================== ===================== =====================
FIDELITY VIP FREEDOM 2040
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013 (c)
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,492 $ 767 $ 153
Net realized gains (losses)......................... 804 1,236 80
Change in unrealized gains (losses) on investments.. (3,345) (709) 545
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,049) 1,294 778
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 178,750 138,827 4,187
Net transfers (including fixed account)............. -- -- 6,866
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (141,983) (98,455) --
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 36,767 40,372 11,053
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............ 35,718 41,666 11,831
NET ASSETS:
Beginning of year................................... 53,497 11,831 --
--------------------- -------------------- ---------------------
End of year......................................... $ 89,215 $ 53,497 $ 11,831
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP FREEDOM 2050
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 878 $ 355 $ 195
Net realized gains (losses)......................... 843 6,639 323
Change in unrealized gains (losses) on investments.. (2,416) (5,093) 4,037
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (695) 1,901 4,555
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 115,247 91,003 13
Net transfers (including fixed account)............. (1,460) -- --
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (88,414) (88,212) (353)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 25,373 2,791 (340)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 24,678 4,692 4,215
NET ASSETS:
Beginning of year................................... 26,706 22,014 17,799
--------------------- --------------------- ---------------------
End of year......................................... $ 51,384 $ 26,706 $ 22,014
===================== ===================== =====================
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 14,336 $ 10,183 $ 9,677
Net realized gains (losses)......................... (455) 158 73
Change in unrealized gains (losses) on investments.. (20,979) (8,210) (126)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (7,098) 2,131 9,624
--------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 12,069 3,323 --
Net transfers (including fixed account)............. 35,979 3,881 70
Policy charges...................................... (5,315) (5,057) (4,648)
Transfers for policy benefits and terminations...... (2,074) (91) (2,200)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 40,659 2,056 (6,778)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets............ 33,561 4,187 2,846
NET ASSETS:
Beginning of year................................... 172,179 167,992 165,146
--------------------- --------------------- --------------------
End of year......................................... $ 205,740 $ 172,179 $ 167,992
===================== ===================== ====================
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 31,506 $ 26,958 $ 39,909
Net realized gains (losses)......................... 154 (15,735) (7,423)
Change in unrealized gains (losses) on investments.. (39,907) 77,902 (76,349)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (8,247) 89,125 (43,863)
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 829 829 2,145
Net transfers (including fixed account)............. (11,610) (509,895) (522,146)
Policy charges...................................... (14,132) (17,492) (21,723)
Transfers for policy benefits and terminations...... -- (5,265) --
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (24,913) (531,823) (541,724)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (33,160) (442,698) (585,587)
NET ASSETS:
Beginning of year................................... 1,257,507 1,700,205 2,285,792
--------------------- --------------------- ---------------------
End of year......................................... $ 1,224,347 $ 1,257,507 $ 1,700,205
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FIDELITY VIP MID CAP
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 745 $ 48 $ 613
Net realized gains (losses)......................... 31,286 10,492 208,214
Change in unrealized gains (losses) on investments.. (36,156) 4,318 1,232
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (4,125) 14,858 210,059
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,486 7,147 --
Net transfers (including fixed account)............. 32,283 (62) (635,978)
Policy charges...................................... (4,213) (3,945) (15,043)
Transfers for policy benefits and terminations...... -- (12,748) (58,870)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 29,556 (9,608) (709,891)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 25,431 5,250 (499,832)
NET ASSETS:
Beginning of year................................... 254,337 249,087 748,919
--------------------- -------------------- ---------------------
End of year......................................... $ 279,768 $ 254,337 $ 249,087
===================== ==================== =====================
FTVIPT FRANKLIN INCOME VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,086 $ 385 $ --
Net realized gains (losses)......................... (154) (51) 3
Change in unrealized gains (losses) on investments.. (2,439) (1,084) 8
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,507) (750) 11
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,340 1,936 23
Net transfers (including fixed account)............. 12,510 24,540 595
Policy charges...................................... (2,666) (1,188) (10)
Transfers for policy benefits and terminations...... -- -- (1)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 15,184 25,288 607
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 13,677 24,538 618
NET ASSETS:
Beginning of year................................... 25,156 618 --
-------------------- --------------------- --------------------
End of year......................................... $ 38,833 $ 25,156 $ 618
==================== ===================== ====================
FTVIPT FRANKLIN MUTUAL GLOBAL DISCOVERY VIP
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 13,670 $ 10,690 $ 19,686
Net realized gains (losses)......................... 27,706 43,600 141,155
Change in unrealized gains (losses) on investments.. (58,851) (24,521) 47,244
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (17,475) 29,769 208,085
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 24,639 10,410 10,185
Net transfers (including fixed account)............. 13,951 8,747 (460,707)
Policy charges...................................... (15,139) (16,960) (21,702)
Transfers for policy benefits and terminations...... (14,827) (38,467) (44,103)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 8,624 (36,270) (516,327)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (8,851) (6,501) (308,242)
NET ASSETS:
Beginning of year................................... 488,433 494,934 803,176
--------------------- -------------------- --------------------
End of year......................................... $ 479,582 $ 488,433 $ 494,934
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
FTVIPT FRANKLIN MUTUAL SHARES VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,895 $ 789 $ 445
Net realized gains (losses)......................... 4,213 464 105
Change in unrealized gains (losses) on investments.. (9,723) 1,131 2,000
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (3,615) 2,384 2,550
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 10,729 4,760 776
Net transfers (including fixed account)............. 27,697 14,220 21,718
Policy charges...................................... (5,813) (3,194) (833)
Transfers for policy benefits and terminations...... (72) -- (3)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 32,541 15,786 21,658
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 28,926 18,170 24,208
NET ASSETS:
Beginning of year................................... 42,378 24,208 --
-------------------- -------------------- --------------------
End of year......................................... $ 71,304 $ 42,378 $ 24,208
==================== ==================== ====================
FTVIPT TEMPLETON FOREIGN VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 189,205 $ 78,379 $ 98,174
Net realized gains (losses)......................... 182,453 156,830 73,110
Change in unrealized gains (losses) on investments.. (703,728) (709,096) 689,874
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (332,070) (473,887) 861,158
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 522,167 338,970 285,991
Net transfers (including fixed account)............. 131,629 2,058,544 70,380
Policy charges...................................... (204,300) (168,065) (155,044)
Transfers for policy benefits and terminations...... (119,949) (813,885) (619,261)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 329,547 1,415,564 (417,934)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (2,523) 941,677 443,224
NET ASSETS:
Beginning of year................................... 5,347,371 4,405,694 3,962,470
-------------------- -------------------- --------------------
End of year......................................... $ 5,344,848 $ 5,347,371 $ 4,405,694
==================== ==================== ====================
FTVIPT TEMPLETON GLOBAL BOND VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 83,772 $ 65,826 $ 20,975
Net realized gains (losses)......................... (92,691) (644) 6,447
Change in unrealized gains (losses) on investments.. (36,601) (38,430) (6,052)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (45,520) 26,752 21,370
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 35,603 15,639 16,330
Net transfers (including fixed account)............. (632,092) (47,291) 881,830
Policy charges...................................... (35,622) (34,683) (20,444)
Transfers for policy benefits and terminations...... -- (41,236) (23,473)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (632,111) (107,571) 854,243
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (677,631) (80,819) 875,613
NET ASSETS:
Beginning of year................................... 1,236,895 1,317,714 442,101
-------------------- -------------------- --------------------
End of year......................................... $ 559,264 $ 1,236,895 $ 1,317,714
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,118 $ 2,932 $ 2,312
Net realized gains (losses)......................... 20,793 56,312 32,251
Change in unrealized gains (losses) on investments.. (48,920) (21,021) 43,303
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (27,009) 38,223 77,866
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. -- -- (24,951)
Policy charges...................................... (7,778) (9,236) (9,102)
Transfers for policy benefits and terminations...... (12,103) (23,589) (6,108)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (19,881) (32,825) (40,161)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (46,890) 5,398 37,705
NET ASSETS:
Beginning of year................................... 301,257 295,859 258,154
--------------------- --------------------- ---------------------
End of year......................................... $ 254,367 $ 301,257 $ 295,859
===================== ===================== =====================
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 104 $ 277 $ 373
Net realized gains (losses)......................... 4,727 6,915 5,748
Change in unrealized gains (losses) on investments.. (5,505) (4,589) 3,869
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (674) 2,603 9,990
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,112 2,186 1,542
Net transfers (including fixed account)............. -- (5,501) 6,458
Policy charges...................................... (3,707) (3,679) (2,827)
Transfers for policy benefits and terminations...... (1) (26) --
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,596) (7,020) 5,173
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (3,270) (4,417) 15,163
NET ASSETS:
Beginning of year................................... 37,063 41,480 26,317
-------------------- -------------------- ---------------------
End of year......................................... $ 33,793 $ 37,063 $ 41,480
==================== ==================== =====================
INVESCO V.I. COMSTOCK
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 5,695 $ 3,587 $ 4,077
Net realized gains (losses)......................... 4,410 2,447 1,475
Change in unrealized gains (losses) on investments.. (32,126) 22,523 78,224
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (22,021) 28,557 83,776
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 21,481 1,792 --
Net transfers (including fixed account)............. (1,856) 9,094 165
Policy charges...................................... (8,488) (7,120) (5,972)
Transfers for policy benefits and terminations...... (34) (20) --
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 11,103 3,746 (5,807)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (10,918) 32,303 77,969
NET ASSETS:
Beginning of year................................... 347,578 315,275 237,306
--------------------- --------------------- ---------------------
End of year......................................... $ 336,660 $ 347,578 $ 315,275
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
-----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ----------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 5,017 $ 5,421 $ 4,576
Net realized gains (losses)......................... 2,637 5,138 926,281
Change in unrealized gains (losses) on investments.. (13,856) (10,871) (647,277)
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations................................ (6,202) (312) 283,580
--------------------- --------------------- ----------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. 2,025 12,366 (6,300,567)
Policy charges...................................... (16,496) (15,500) (60,067)
Transfers for policy benefits and terminations...... (1) (45,248) (29,907)
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (14,472) (48,382) (6,390,541)
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets............ (20,674) (48,694) (6,106,961)
NET ASSETS:
Beginning of year................................... 350,497 399,191 6,506,152
--------------------- --------------------- ----------------------
End of year......................................... $ 329,823 $ 350,497 $ 399,191
===================== ===================== ======================
JANUS ASPEN BALANCED
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 15,263 $ 16,228 $ 13,254
Net realized gains (losses)......................... 40,958 37,470 80,275
Change in unrealized gains (losses) on investments.. (51,128) 30,740 94,265
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 5,093 84,438 187,794
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 36,006 43,455 32,790
Net transfers (including fixed account)............. 28,037 39,697 (213,385)
Policy charges...................................... (33,574) (34,009) (36,051)
Transfers for policy benefits and terminations...... (17,338) (43,432) (78,995)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 13,131 5,711 (295,641)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 18,224 90,149 (107,847)
NET ASSETS:
Beginning of year................................... 1,082,851 992,702 1,100,549
--------------------- --------------------- ---------------------
End of year......................................... $ 1,101,075 $ 1,082,851 $ 992,702
===================== ===================== =====================
JANUS ASPEN FORTY
INVESTMENT DIVISION
-----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ----------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ 252 $ 4,954
Net realized gains (losses)......................... 122,650 312,178 69,285
Change in unrealized gains (losses) on investments.. (57,429) (248,123) 155,845
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations................................ 65,221 64,307 230,084
--------------------- --------------------- ----------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 8,927 17,929 18,835
Net transfers (including fixed account)............. 262 (352,405) (2,646)
Policy charges...................................... (19,291) (23,445) (24,771)
Transfers for policy benefits and terminations...... (964) (25,992) (239,346)
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (11,066) (383,913) (247,928)
--------------------- --------------------- ----------------------
Net increase (decrease) in net assets............ 54,155 (319,606) (17,844)
NET ASSETS:
Beginning of year................................... 550,397 870,003 887,847
--------------------- --------------------- ----------------------
End of year......................................... $ 604,552 $ 550,397 $ 870,003
===================== ===================== ======================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
JANUS ASPEN JANUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,968 $ 1,630 $ 6,858
Net realized gains (losses)......................... 102,491 41,098 258,951
Change in unrealized gains (losses) on investments.. (79,472) 12,182 (62,054)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 25,987 54,910 203,755
--------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,990 11,134 1,427
Net transfers (including fixed account)............. -- -- (664,858)
Policy charges...................................... (16,553) (15,340) (33,550)
Transfers for policy benefits and terminations...... (26,764) (9,982) (39,166)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (36,327) (14,188) (736,147)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (10,340) 40,722 (532,392)
NET ASSETS:
Beginning of year................................... 480,007 439,285 971,677
--------------------- --------------------- --------------------
End of year......................................... $ 469,667 $ 480,007 $ 439,285
===================== ===================== ====================
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 225 $ 1,960 $ 11,835
Net realized gains (losses)......................... (4,794) 2,312 (73,759)
Change in unrealized gains (losses) on investments.. 363 (10,605) 113,083
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (4,206) (6,333) 51,159
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,534 5,199 5,947
Net transfers (including fixed account)............. -- -- (367,128)
Policy charges...................................... (7,590) (9,034) (17,659)
Transfers for policy benefits and terminations...... (5,157) (11,226) (45,425)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (7,213) (15,061) (424,265)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (11,419) (21,394) (373,106)
NET ASSETS:
Beginning of year................................... 47,442 68,836 441,942
--------------------- --------------------- ---------------------
End of year......................................... $ 36,023 $ 47,442 $ 68,836
===================== ===================== =====================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,587 $ 974 $ 1,253
Net realized gains (losses)......................... 8,958 4,384 550
Change in unrealized gains (losses) on investments.. (14,256) 1,213 37,978
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (3,711) 6,571 39,781
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 10,152 938 1,231
Net transfers (including fixed account)............. (8,832) 329 12,710
Policy charges...................................... (4,102) (3,867) (3,432)
Transfers for policy benefits and terminations...... (175) -- (398)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,957) (2,600) 10,111
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (6,668) 3,971 49,892
NET ASSETS:
Beginning of year................................... 189,291 185,320 135,428
-------------------- -------------------- --------------------
End of year......................................... $ 182,623 $ 189,291 $ 185,320
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ -- $ --
Net realized gains (losses)......................... 7,331 46,796 3,681
Change in unrealized gains (losses) on investments.. (11,470) (63,957) 65,025
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (4,139) (17,161) 68,706
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. -- -- --
Policy charges...................................... (6,330) (6,047) (5,593)
Transfers for policy benefits and terminations...... (52) (56) (4,981)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (6,382) (6,103) (10,574)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (10,521) (23,264) 58,132
NET ASSETS:
Beginning of year................................... 206,851 230,115 171,983
--------------------- -------------------- ---------------------
End of year......................................... $ 196,330 $ 206,851 $ 230,115
===================== ==================== =====================
MFS VIT VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 439 $ 285 $ 197
Net realized gains (losses)......................... 1,896 1,241 384
Change in unrealized gains (losses) on investments.. (2,518) 559 5,315
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (183) 2,085 5,896
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. -- 166 5
Policy charges...................................... (2,032) (1,886) (1,361)
Transfers for policy benefits and terminations...... -- -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,032) (1,720) (1,356)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (2,215) 365 4,540
NET ASSETS:
Beginning of year................................... 22,067 21,702 17,162
-------------------- -------------------- --------------------
End of year......................................... $ 19,852 $ 22,067 $ 21,702
==================== ==================== ====================
MFS VIT II HIGH YIELD
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013 (e)
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 9,868 $ 8,003 $ 3,270
Net realized gains (losses)......................... (99) 25 (3)
Change in unrealized gains (losses) on investments.. (16,013) (4,175) 2,275
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (6,244) 3,853 5,542
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- 671
Net transfers (including fixed account)............. (33) (4,330) 143,861
Policy charges...................................... (2,300) (2,228) (713)
Transfers for policy benefits and terminations...... -- (2,771) --
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,333) (9,329) 143,819
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (8,577) (5,476) 149,361
NET ASSETS:
Beginning of year................................... 143,885 149,361 --
--------------------- -------------------- ---------------------
End of year......................................... $ 135,308 $ 143,885 $ 149,361
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST AB GLOBAL DYNAMIC ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,180 $ 860 $ 139
Net realized gains (losses)......................... 2,222 991 298
Change in unrealized gains (losses) on investments.. (4,443) 1,384 1,389
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (41) 3,235 1,826
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 16,182 11,361 11,934
Net transfers (including fixed account)............. 8,940 7,219 18,582
Policy charges...................................... (9,589) (5,606) (3,960)
Transfers for policy benefits and terminations...... (4,204) (552) (1,244)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 11,329 12,422 25,312
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 11,288 15,657 27,138
NET ASSETS:
Beginning of year................................... 49,893 34,236 7,098
-------------------- -------------------- --------------------
End of year......................................... $ 61,181 $ 49,893 $ 34,236
==================== ==================== ====================
MIST ALLIANZ GLOBAL INVESTORS
DYNAMIC MULTI-ASSET PLUS
INVESTMENT DIVISION
--------------------------------------------
2015 2014 (a)
--------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 21 $ --
Net realized gains (losses)......................... (259) 1
Change in unrealized gains (losses) on investments.. (72) 1
--------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (310) 2
--------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,892 104
Net transfers (including fixed account)............. 1,102 19
Policy charges...................................... (645) (48)
Transfers for policy benefits and terminations...... (95) (1)
--------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 2,254 74
--------------------- --------------------
Net increase (decrease) in net assets............. 1,944 76
NET ASSETS:
Beginning of year................................... 76 --
--------------------- --------------------
End of year......................................... $ 2,020 $ 76
===================== ====================
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 15,506 $ 13,034 $ 11,592
Net realized gains (losses)......................... 49,693 84,942 47,865
Change in unrealized gains (losses) on investments.. (69,036) (47,376) 62,896
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (3,837) 50,600 122,353
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 112,261 120,077 104,324
Net transfers (including fixed account)............. (10,152) (11,952) (8,323)
Policy charges...................................... (60,959) (53,306) (50,440)
Transfers for policy benefits and terminations...... (19,938) (19,004) (9,074)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 21,212 35,815 36,487
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 17,375 86,415 158,840
NET ASSETS:
Beginning of year................................... 876,678 790,263 631,423
-------------------- --------------------- ---------------------
End of year......................................... $ 894,053 $ 876,678 $ 790,263
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 24,524 $ 20,605 $ 16,414
Net realized gains (losses)......................... 110,834 262,844 105,044
Change in unrealized gains (losses) on investments.. (141,365) (180,168) 172,370
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (6,007) 103,281 293,828
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 284,585 260,494 478,064
Net transfers (including fixed account)............. (51,416) (3,533) 77,933
Policy charges...................................... (138,948) (136,198) (121,468)
Transfers for policy benefits and terminations...... (45,437) (219,541) (164,501)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 48,784 (98,778) 270,028
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 42,777 4,503 563,856
NET ASSETS:
Beginning of year................................... 1,495,337 1,490,834 926,978
-------------------- -------------------- --------------------
End of year......................................... $ 1,538,114 $ 1,495,337 $ 1,490,834
==================== ==================== ====================
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 17,019 $ 15,920 $ 14,487
Net realized gains (losses)......................... 52,885 82,935 45,176
Change in unrealized gains (losses) on investments.. (73,320) (41,113) 36,688
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (3,416) 57,742 96,351
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 222,467 248,387 259,807
Net transfers (including fixed account)............. 58,079 17,382 85,500
Policy charges...................................... (117,193) (114,645) (99,597)
Transfers for policy benefits and terminations...... (211,042) (63,090) (54,826)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (47,689) 88,034 190,884
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (51,105) 145,776 287,235
NET ASSETS:
Beginning of year................................... 1,020,697 874,921 587,686
-------------------- -------------------- --------------------
End of year......................................... $ 969,592 $ 1,020,697 $ 874,921
==================== ==================== ====================
MIST AQR GLOBAL RISK BALANCED
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 7,434 $ -- $ 1,949
Net realized gains (losses)......................... 10,796 126 3,801
Change in unrealized gains (losses) on investments.. (30,868) 5,443 (10,413)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (12,638) 5,569 (4,663)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 47,166 59,198 65,813
Net transfers (including fixed account)............. (53,166) (15,436) 81,910
Policy charges...................................... (21,458) (22,230) (14,930)
Transfers for policy benefits and terminations...... (5,275) -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (32,733) 21,532 132,793
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (45,371) 27,101 128,130
NET ASSETS:
Beginning of year................................... 180,015 152,914 24,784
-------------------- -------------------- --------------------
End of year......................................... $ 134,644 $ 180,015 $ 152,914
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST BLACKROCK GLOBAL TACTICAL STRATEGIES
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 3,577 $ 1,792 $ 951
Net realized gains (losses)......................... 9,345 8,814 1,775
Change in unrealized gains (losses) on investments.. (14,933) (1,686) 4,911
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (2,011) 8,920 7,637
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 68,269 71,428 28,258
Net transfers (including fixed account)............. 617 30,488 42,849
Policy charges...................................... (22,928) (18,675) (11,540)
Transfers for policy benefits and terminations...... (8,345) (3,178) (3,708)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 37,613 80,063 55,859
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 35,602 88,983 63,496
NET ASSETS:
Beginning of year................................... 191,557 102,574 39,078
--------------------- --------------------- ---------------------
End of year......................................... $ 227,159 $ 191,557 $ 102,574
===================== ===================== =====================
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,202,742 $ 480,465 $ 1,852,443
Net realized gains (losses)......................... 48,531 314,419 (121,862)
Change in unrealized gains (losses) on investments.. (1,654,271) 3,062,383 (768,686)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (402,998) 3,857,267 961,895
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,178,317 2,319,909 2,495,640
Net transfers (including fixed account)............. (643,155) 1,111,969 1,467,986
Policy charges...................................... (1,546,835) (1,557,429) (1,572,434)
Transfers for policy benefits and terminations...... (1,529,344) (1,760,827) (1,938,690)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,541,017) 113,622 452,502
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (1,944,015) 3,970,889 1,414,397
NET ASSETS:
Beginning of year................................... 31,468,604 27,497,715 26,083,318
--------------------- --------------------- ---------------------
End of year......................................... $ 29,524,589 $ 31,468,604 $ 27,497,715
===================== ===================== =====================
MIST CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 153,096 $ 36,831 $ 59,517
Net realized gains (losses)......................... 1,820,551 867,002 455,065
Change in unrealized gains (losses) on investments.. (3,670,688) 5,750,935 6,062,472
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,697,041) 6,654,768 6,577,054
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,350,304 2,789,219 1,403,269
Net transfers (including fixed account)............. (548,727) 20,585,269 1,633,069
Policy charges...................................... (2,487,088) (2,040,428) (1,055,732)
Transfers for policy benefits and terminations...... (2,989,221) (2,395,229) (1,099,100)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,674,732) 18,938,831 881,506
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (4,371,773) 25,593,599 7,458,560
NET ASSETS:
Beginning of year................................... 47,278,544 21,684,945 14,226,385
--------------------- --------------------- ---------------------
End of year......................................... $ 42,906,771 $ 47,278,544 $ 21,684,945
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,300,814 $ 1,043,576 $ 1,176,625
Net realized gains (losses)......................... 3,930,024 5,879,910 663,573
Change in unrealized gains (losses) on investments.. (6,964,997) (9,320,626) 9,999,502
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,734,159) (2,397,140) 11,839,700
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,189,787 3,289,660 3,906,251
Net transfers (including fixed account)............. 74,671 (7,351,245) 8,505,167
Policy charges...................................... (2,084,965) (2,202,103) (2,400,727)
Transfers for policy benefits and terminations...... (2,507,280) (2,639,180) (2,622,312)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,327,787) (8,902,868) 7,388,379
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (3,061,946) (11,300,008) 19,228,079
NET ASSETS:
Beginning of year................................... 41,530,766 52,830,774 33,602,695
-------------------- --------------------- ---------------------
End of year......................................... $ 38,468,820 $ 41,530,766 $ 52,830,774
==================== ===================== =====================
MIST INVESCO BALANCED-RISK ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,200 $ -- $ --
Net realized gains (losses)......................... 1,727 1,265 126
Change in unrealized gains (losses) on investments.. (4,753) 178 124
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,826) 1,443 250
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 16,400 11,849 17,879
Net transfers (including fixed account)............. 2,103 (2,709) 4,168
Policy charges...................................... (5,388) (4,305) (4,070)
Transfers for policy benefits and terminations...... (3,815) -- (1,017)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 9,300 4,835 16,960
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 7,474 6,278 17,210
NET ASSETS:
Beginning of year................................... 31,001 24,723 7,513
-------------------- --------------------- --------------------
End of year......................................... $ 38,475 $ 31,001 $ 24,723
==================== ===================== ====================
MIST INVESCO MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 563,734 $ 562,138 $ 678,832
Net realized gains (losses)......................... 5,178,767 17,118,207 935,109
Change in unrealized gains (losses) on investments.. (13,696,346) (8,899,738) 20,593,687
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (7,953,845) 8,780,607 22,207,628
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,923,611 6,274,639 6,808,802
Net transfers (including fixed account)............. 396,833 (1,527,527) (1,553,954)
Policy charges...................................... (5,050,098) (5,148,577) (5,171,329)
Transfers for policy benefits and terminations...... (5,269,245) (5,635,566) (5,053,458)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,998,899) (6,037,031) (4,969,939)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (11,952,744) 2,743,576 17,237,689
NET ASSETS:
Beginning of year................................... 94,874,185 92,130,609 74,892,920
-------------------- --------------------- ---------------------
End of year......................................... $ 82,921,441 $ 94,874,185 $ 92,130,609
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 487 $ (8,994) $ 15,232
Net realized gains (losses)......................... 1,775,499 970,370 569,238
Change in unrealized gains (losses) on investments.. (1,866,286) (438,103) 1,365,097
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (90,300) 523,273 1,949,567
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 432,154 458,397 455,209
Net transfers (including fixed account)............. (314,953) 80,982 194,761
Policy charges...................................... (309,254) (300,898) (291,728)
Transfers for policy benefits and terminations...... (252,225) (288,293) (311,249)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (444,278) (49,812) 46,993
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (534,578) 473,461 1,996,560
NET ASSETS:
Beginning of year................................... 7,086,689 6,613,228 4,616,668
-------------------- -------------------- --------------------
End of year......................................... $ 6,552,111 $ 7,086,689 $ 6,613,228
==================== ==================== ====================
MIST JPMORGAN GLOBAL ACTIVE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 5,107 $ 1,679 $ 54
Net realized gains (losses)......................... 8,733 5,242 (274)
Change in unrealized gains (losses) on investments.. (12,813) 2,680 5,829
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,027 9,601 5,609
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 43,757 41,753 18,212
Net transfers (including fixed account)............. (2,180) 31,866 80,614
Policy charges...................................... (25,286) (21,706) (12,825)
Transfers for policy benefits and terminations...... (2,835) (786) (80)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 13,456 51,127 85,921
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 14,483 60,728 91,530
NET ASSETS:
Beginning of year................................... 171,141 110,413 18,883
-------------------- -------------------- --------------------
End of year......................................... $ 185,624 $ 171,141 $ 110,413
==================== ==================== ====================
MIST JPMORGAN SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,196 $ 2,563 $ 337
Net realized gains (losses)......................... 25,929 30,329 2,408
Change in unrealized gains (losses) on investments.. (52,802) (18,929) 28,817
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (22,677) 13,963 31,562
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 42,823 27,252 14,812
Net transfers (including fixed account)............. 19,637 42,989 181,255
Policy charges...................................... (22,975) (17,294) (9,533)
Transfers for policy benefits and terminations...... (1,767) (26,298) (1,850)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 37,718 26,649 184,684
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 15,041 40,612 216,246
NET ASSETS:
Beginning of year................................... 295,411 254,799 38,553
-------------------- -------------------- --------------------
End of year......................................... $ 310,452 $ 295,411 $ 254,799
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST LOOMIS SAYLES GLOBAL MARKETS
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 7,875 $ 9,637 $ --
Net realized gains (losses)......................... 18,423 4,771 705
Change in unrealized gains (losses) on investments.. (13,993) 1,137 43,104
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 12,305 15,545 43,809
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 43,858 52,562 33,048
Net transfers (including fixed account)............. (6,677) 9,314 369,498
Policy charges...................................... (35,911) (34,455) (21,387)
Transfers for policy benefits and terminations...... (109,930) (37,846) (6,708)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (108,660) (10,425) 374,451
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (96,355) 5,120 418,260
NET ASSETS:
Beginning of year................................... 423,380 418,260 --
-------------------- -------------------- ---------------------
End of year......................................... $ 327,025 $ 423,380 $ 418,260
==================== ==================== =====================
MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,611,491 $ 1,616,494 $ 1,902,403
Net realized gains (losses)......................... 1,202,294 1,102,818 299,375
Change in unrealized gains (losses) on investments.. (3,396,105) (1,312,784) (7,269)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (582,320) 1,406,528 2,194,509
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,050,276 2,028,426 2,130,805
Net transfers (including fixed account)............. 648,749 (411,550) (494,009)
Policy charges...................................... (1,556,057) (1,553,279) (1,625,126)
Transfers for policy benefits and terminations...... (1,575,063) (1,929,229) (1,597,160)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (432,095) (1,865,632) (1,585,490)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (1,014,415) (459,104) 609,019
NET ASSETS:
Beginning of year................................... 28,665,010 29,124,114 28,515,095
--------------------- -------------------- --------------------
End of year......................................... $ 27,650,595 $ 28,665,010 $ 29,124,114
===================== ==================== ====================
MIST MET/TEMPLETON INTERNATIONAL BOND
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 16,491 $ 6,729 $ 302
Net realized gains (losses)......................... (5,183) 6 37
Change in unrealized gains (losses) on investments.. (19,099) (3,576) 996
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (7,791) 3,159 1,335
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 46,145 40,184 23,432
Net transfers (including fixed account)............. (9,888) 57,850 64,543
Policy charges...................................... (17,243) (12,411) (4,909)
Transfers for policy benefits and terminations...... (1,587) (1,693) (230)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 17,427 83,930 82,836
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 9,636 87,089 84,171
NET ASSETS:
Beginning of year................................... 173,865 86,776 2,605
-------------------- -------------------- ---------------------
End of year......................................... $ 183,501 $ 173,865 $ 86,776
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST METLIFE ASSET ALLOCATION 100
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 306,462 $ 165,509 $ 144,757
Net realized gains (losses)......................... 1,897,763 437,534 243,289
Change in unrealized gains (losses) on investments.. (2,617,113) 404,377 4,045,633
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (412,888) 1,007,420 4,433,679
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,468,258 2,400,839 2,268,937
Net transfers (including fixed account)............. (542,629) 489,496 149,509
Policy charges...................................... (1,172,423) (1,133,365) (1,056,742)
Transfers for policy benefits and terminations...... (791,081) (1,142,502) (1,666,527)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (37,875) 614,468 (304,823)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (450,763) 1,621,888 4,128,856
NET ASSETS:
Beginning of year................................... 20,893,340 19,271,452 15,142,596
--------------------- --------------------- ---------------------
End of year......................................... $ 20,442,577 $ 20,893,340 $ 19,271,452
===================== ===================== =====================
MIST METLIFE BALANCED PLUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,773 $ 2,715 $ 778
Net realized gains (losses)......................... 10,549 12,256 3,942
Change in unrealized gains (losses) on investments.. (26,058) (517) 4,689
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (10,736) 14,454 9,409
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 60,907 41,771 19,018
Net transfers (including fixed account)............. 16,180 106,162 28,730
Policy charges...................................... (31,093) (21,052) (8,924)
Transfers for policy benefits and terminations...... (10,066) -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 35,928 126,881 38,824
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 25,192 141,335 48,233
NET ASSETS:
Beginning of year................................... 235,501 94,166 45,933
-------------------- -------------------- --------------------
End of year......................................... $ 260,693 $ 235,501 $ 94,166
==================== ==================== ====================
MIST METLIFE MULTI-INDEX TARGETED RISK
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,398 $ -- $ 6
Net realized gains (losses)......................... 4,170 262 (194)
Change in unrealized gains (losses) on investments.. (7,672) 4,343 52
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (2,104) 4,605 (136)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 18,161 7,295 1,546
Net transfers (including fixed account)............. 13,332 111,732 1,810
Policy charges...................................... (11,516) (4,904) (541)
Transfers for policy benefits and terminations...... (3,193) -- --
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 16,784 114,123 2,815
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 14,680 118,728 2,679
NET ASSETS:
Beginning of year................................... 121,407 2,679 --
-------------------- -------------------- ---------------------
End of year......................................... $ 136,087 $ 121,407 $ 2,679
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST METLIFE SMALL CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 800 $ 366 $ 9,744
Net realized gains (losses)......................... 312,062 71,109 47,240
Change in unrealized gains (losses) on investments.. (358,930) (58,142) 199,123
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (46,068) 13,333 256,107
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 9,270 16,136 18,262
Net transfers (including fixed account)............. (679) (61,174) (70,109)
Policy charges...................................... (21,127) (21,735) (22,081)
Transfers for policy benefits and terminations...... (3,611) (40,137) (106,096)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (16,147) (106,910) (180,024)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (62,215) (93,577) 76,083
NET ASSETS:
Beginning of year................................... 864,243 957,820 881,737
-------------------- -------------------- --------------------
End of year......................................... $ 802,028 $ 864,243 $ 957,820
==================== ==================== ====================
MIST MFS EMERGING MARKETS EQUITY
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 10,228 $ 2,914 $ 1,482
Net realized gains (losses)......................... (4,559) (2,174) 254
Change in unrealized gains (losses) on investments.. (82,085) (31,587) (3,821)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ (76,416) (30,847) (2,085)
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 116,005 130,260 65,858
Net transfers (including fixed account)............. 29,215 193,175 138,765
Policy charges...................................... (40,363) (35,736) (16,190)
Transfers for policy benefits and terminations...... (11,079) (8,565) (2,469)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 93,778 279,134 185,964
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 17,362 248,287 183,879
NET ASSETS:
Beginning of year................................... 521,123 272,836 88,957
-------------------- -------------------- -------------------
End of year......................................... $ 538,485 $ 521,123 $ 272,836
==================== ==================== ===================
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 548,242 $ 464,648 $ 457,179
Net realized gains (losses)......................... 34,366 144,798 48,641
Change in unrealized gains (losses) on investments.. (864,226) (2,026,000) 2,877,942
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (281,618) (1,416,554) 3,383,762
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,136,865 1,202,389 1,318,727
Net transfers (including fixed account)............. (166,293) (150,627) 2,955,311
Policy charges...................................... (883,299) (914,533) (920,553)
Transfers for policy benefits and terminations...... (790,282) (948,026) (1,090,319)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (703,009) (810,797) 2,263,166
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (984,627) (2,227,351) 5,646,928
NET ASSETS:
Beginning of year................................... 19,140,390 21,367,741 15,720,813
-------------------- -------------------- --------------------
End of year......................................... $ 18,155,763 $ 19,140,390 $ 21,367,741
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST MORGAN STANLEY MID CAP GROWTH
INVESTMENT DIVISION
----------------------------------------------------------
2015 2014 2013
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (686,901) $ (584,279) $ 1,032,581
Net realized gains (losses)......................... 4,836,759 5,665,992 3,781,941
Change in unrealized gains (losses) on investments.. (15,427,415) (2,867,790) 65,460,998
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations................................ (11,277,557) 2,213,923 70,275,520
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 17,952,987 18,859,785 19,642,966
Net transfers (including fixed account)............. (1,160,187) (2,225,968) (3,859,066)
Policy charges...................................... (13,674,535) (14,270,234) (14,305,433)
Transfers for policy benefits and terminations...... (13,144,136) (15,106,139) (13,831,139)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (10,025,871) (12,742,556) (12,352,672)
------------------ ------------------ ------------------
Net increase (decrease) in net assets............. (21,303,428) (10,528,633) 57,922,848
NET ASSETS:
Beginning of year................................... 233,885,326 244,413,959 186,491,111
------------------ ------------------ ------------------
End of year......................................... $ 212,581,898 $ 233,885,326 $ 244,413,959
================== ================== ==================
MIST OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
------------------ ----------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 504,420 $ 415,696 $ 847,938
Net realized gains (losses)......................... 2,578,733 2,942,391 1,128,194
Change in unrealized gains (losses) on investments.. (1,183,054) (2,309,701) 9,078,535
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,900,099 1,048,386 11,054,667
------------------ ----------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,885,208 3,247,625 3,161,117
Net transfers (including fixed account)............. 1,263,650 (469,967) (609,502)
Policy charges...................................... (2,404,251) (2,381,921) (2,431,800)
Transfers for policy benefits and terminations...... (2,602,123) (3,500,487) (2,535,936)
------------------ ----------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (857,516) (3,104,750) (2,416,121)
------------------ ----------------- ------------------
Net increase (decrease) in net assets............. 1,042,583 (2,056,364) 8,638,546
NET ASSETS:
Beginning of year................................... 48,430,521 50,486,885 41,848,339
------------------ ----------------- ------------------
End of year......................................... $ 49,473,104 $ 48,430,521 $ 50,486,885
================== ================= ==================
MIST
PANAGORA GLOBAL
DIVERSIFIED RISK
INVESTMENT DIVISION
-------------------
2015 (f)
-------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 50
Net realized gains (losses)......................... (295)
Change in unrealized gains (losses) on investments.. 1
-------------------
Net increase (decrease) in net assets resulting
from operations................................ (244)
-------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 41
Net transfers (including fixed account)............. 440
Policy charges...................................... (64)
Transfers for policy benefits and terminations...... (163)
-------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 254
-------------------
Net increase (decrease) in net assets............. 10
NET ASSETS:
Beginning of year................................... --
-------------------
End of year......................................... $ 10
===================
MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION
----------------------------------------------------------
2015 2014 2013
------------------ ------------------ ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 540,055 $ 191,714 $ 276,844
Net realized gains (losses)......................... (211,211) (162,419) 545,242
Change in unrealized gains (losses) on investments.. (655,945) 319,472 (2,018,492)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from operations................................ (327,101) 348,767 (1,196,406)
------------------ ------------------ ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 942,996 1,086,624 1,300,352
Net transfers (including fixed account)............. (578,943) 31,773 (1,029,716)
Policy charges...................................... (670,899) (712,219) (806,882)
Transfers for policy benefits and terminations...... (496,484) (690,467) (725,408)
------------------ ------------------ ------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (803,330) (284,289) (1,261,654)
------------------ ------------------ ------------------
Net increase (decrease) in net assets............. (1,130,431) 64,478 (2,458,060)
NET ASSETS:
Beginning of year................................... 11,277,978 11,213,500 13,671,560
------------------ ------------------ ------------------
End of year......................................... $ 10,147,547 $ 11,277,978 $ 11,213,500
================== ================== ==================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,443,284 $ 1,198,857 $ 2,109,672
Net realized gains (losses)......................... 504,809 36,542 1,082,946
Change in unrealized gains (losses) on investments.. (2,854,535) 873,849 (4,155,495)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 93,558 2,109,248 (962,877)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,809,014 4,163,684 4,702,504
Net transfers (including fixed account)............. (1,054,727) (3,229,896) 3,443,762
Policy charges...................................... (2,872,640) (3,052,766) (3,408,964)
Transfers for policy benefits and terminations...... (2,635,927) (2,972,047) (4,297,571)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,754,280) (5,091,025) 439,731
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (2,660,722) (2,981,777) (523,146)
NET ASSETS:
Beginning of year................................... 46,980,970 49,962,747 50,485,893
-------------------- -------------------- --------------------
End of year......................................... $ 44,320,248 $ 46,980,970 $ 49,962,747
==================== ==================== ====================
MIST PIONEER FUND
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,424 $ 3,502 $ 6,252
Net realized gains (losses)......................... 28,657 58,712 17,551
Change in unrealized gains (losses) on investments.. (29,816) (39,539) 32,389
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,265 22,675 56,192
------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 955 -- 1,433
Net transfers (including fixed account)............. -- -- (14,658)
Policy charges...................................... (2,245) (2,073) (3,841)
Transfers for policy benefits and terminations...... (48,335) -- (29,228)
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (49,625) (2,073) (46,294)
------------------- ------------------- --------------------
Net increase (decrease) in net assets............. (48,360) 20,602 9,898
NET ASSETS:
Beginning of year................................... 225,164 204,562 194,664
------------------- ------------------- --------------------
End of year......................................... $ 176,804 $ 225,164 $ 204,562
=================== =================== ====================
MIST PYRAMIS MANAGED RISK
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013 (d)
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 86 $ -- $ 2
Net realized gains (losses)......................... 978 10 5
Change in unrealized gains (losses) on investments.. (255) 48 6
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 809 58 13
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,971 1,546 376
Net transfers (including fixed account)............. 96 189 48
Policy charges...................................... (2,087) (516) (139)
Transfers for policy benefits and terminations...... (755) -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 1,225 1,219 285
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 2,034 1,277 298
NET ASSETS:
Beginning of year................................... 1,575 298 --
-------------------- -------------------- --------------------
End of year......................................... $ 3,609 $ 1,575 $ 298
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST SCHRODERS GLOBAL MULTI-ASSET
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 467 $ 398 $ 1
Net realized gains (losses)......................... 1,436 1,257 187
Change in unrealized gains (losses) on investments.. (2,611) 553 1,498
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (708) 2,208 1,686
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 11,927 9,093 6,592
Net transfers (including fixed account)............. 948 3,198 11,865
Policy charges...................................... (5,687) (5,139) (3,230)
Transfers for policy benefits and terminations...... (605) (239) --
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 6,583 6,913 15,227
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 5,875 9,121 16,913
NET ASSETS:
Beginning of year................................... 31,786 22,665 5,752
------------------- -------------------- --------------------
End of year......................................... $ 37,661 $ 31,786 $ 22,665
=================== ==================== ====================
MIST SSGA GROWTH AND INCOME ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 191,488 $ 185,874 $ 177,538
Net realized gains (losses)......................... 507,278 630,738 250,766
Change in unrealized gains (losses) on investments.. (845,948) (350,740) 431,610
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ (147,182) 465,872 859,914
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 902,958 906,155 862,220
Net transfers (including fixed account)............. (56,759) (356,847) 630,532
Policy charges...................................... (487,928) (484,443) (442,367)
Transfers for policy benefits and terminations...... (287,368) (640,439) (250,215)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 70,903 (575,574) 800,170
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. (76,279) (109,702) 1,660,084
NET ASSETS:
Beginning of year................................... 7,718,022 7,827,724 6,167,640
-------------------- -------------------- -------------------
End of year......................................... $ 7,641,743 $ 7,718,022 $ 7,827,724
==================== ==================== ===================
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 144,898 $ 110,880 $ 102,918
Net realized gains (losses)......................... 399,376 458,401 255,766
Change in unrealized gains (losses) on investments.. (699,498) (255,403) 467,150
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ (155,224) 313,878 825,834
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,101,174 1,072,149 588,590
Net transfers (including fixed account)............. 27,146 369,458 627,263
Policy charges...................................... (371,675) (333,333) (282,734)
Transfers for policy benefits and terminations...... (335,865) (546,709) (433,221)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 420,780 561,565 499,898
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 265,556 875,443 1,325,732
NET ASSETS:
Beginning of year................................... 6,445,663 5,570,220 4,244,488
-------------------- -------------------- -------------------
End of year......................................... $ 6,711,219 $ 6,445,663 $ 5,570,220
==================== ==================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MIST T. ROWE PRICE LARGE CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 36,741 $ 32,258 $ 30,041
Net realized gains (losses)......................... 91,303 6,947 22,312
Change in unrealized gains (losses) on investments.. (197,956) 244,232 456,298
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (69,912) 283,437 508,651
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 7,472 3,948 7,454
Net transfers (including fixed account)............. (203,997) 113,630 326,923
Policy charges...................................... (30,931) (30,992) (25,078)
Transfers for policy benefits and terminations...... (68,966) (119) (112,478)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (296,422) 86,467 196,821
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (366,334) 369,904 705,472
NET ASSETS:
Beginning of year................................... 2,395,891 2,025,987 1,320,515
-------------------- -------------------- --------------------
End of year......................................... $ 2,029,557 $ 2,395,891 $ 2,025,987
==================== ==================== ====================
MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (45,309) $ (39,978) $ 65,404
Net realized gains (losses)......................... 5,782,950 3,333,489 1,831,913
Change in unrealized gains (losses) on investments.. (3,612,484) 275,430 5,764,932
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,125,157 3,568,941 7,662,249
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,017,424 1,971,641 1,926,999
Net transfers (including fixed account)............. 2,394,912 1,134,159 205,058
Policy charges...................................... (1,635,548) (1,470,638) (1,381,598)
Transfers for policy benefits and terminations...... (2,115,852) (1,719,618) (1,809,707)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 660,936 (84,456) (1,059,248)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 2,786,093 3,484,485 6,603,001
NET ASSETS:
Beginning of year................................... 31,233,141 27,748,656 21,145,655
-------------------- -------------------- --------------------
End of year......................................... $ 34,019,234 $ 31,233,141 $ 27,748,656
==================== ==================== ====================
MIST WMC LARGE CAP RESEARCH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,822,832 $ 1,625,933 $ 3,087,670
Net realized gains (losses)......................... 36,321,046 5,779,958 1,187,504
Change in unrealized gains (losses) on investments.. (21,509,605) 41,616,595 96,008,684
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 16,634,273 49,022,486 100,283,858
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 25,871,596 26,924,187 28,600,415
Net transfers (including fixed account)............. (1,616,660) 566,938 (4,051,695)
Policy charges...................................... (25,907,001) (25,639,658) (25,380,973)
Transfers for policy benefits and terminations...... (22,796,743) (23,789,708) (21,667,485)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (24,448,808) (21,938,241) (22,499,738)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (7,814,535) 27,084,245 77,784,120
NET ASSETS:
Beginning of year................................... 412,427,190 385,342,945 307,558,825
-------------------- -------------------- --------------------
End of year......................................... $ 404,612,655 $ 412,427,190 $ 385,342,945
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF BAILLIE GIFFORD INTERNATIONAL STOCK
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 519,877 $ 411,479 $ 476,439
Net realized gains (losses)......................... (206,507) (176,452) (474,270)
Change in unrealized gains (losses) on investments.. (1,227,962) (1,735,615) 5,921,616
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (914,592) (1,500,588) 5,923,785
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,575,231 3,833,062 4,172,944
Net transfers (including fixed account)............. (179,571) (778,376) (82,846)
Policy charges...................................... (2,610,457) (2,744,350) (2,853,344)
Transfers for policy benefits and terminations...... (2,221,523) (2,453,566) (2,703,864)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,436,320) (2,143,230) (1,467,110)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (2,350,912) (3,643,818) 4,456,675
NET ASSETS:
Beginning of year................................... 41,212,522 44,856,340 40,399,665
-------------------- -------------------- ---------------------
End of year......................................... $ 38,861,610 $ 41,212,522 $ 44,856,340
==================== ==================== =====================
MSF BARCLAYS AGGREGATE BOND INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 3,706,067 $ 3,602,466 $ 4,070,313
Net realized gains (losses)......................... 111,155 62,943 125,172
Change in unrealized gains (losses) on investments.. (3,467,125) 3,247,015 (6,977,167)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 350,097 6,912,424 (2,781,682)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 10,650,517 10,905,300 11,646,001
Net transfers (including fixed account)............. (390,145) 8,138,349 11,038,720
Policy charges...................................... (8,265,344) (8,147,634) (8,147,262)
Transfers for policy benefits and terminations...... (6,269,190) (8,356,763) (6,747,468)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,274,162) 2,539,252 7,789,991
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (3,924,065) 9,451,676 5,008,309
NET ASSETS:
Beginning of year................................... 130,875,542 121,423,866 116,415,557
-------------------- -------------------- --------------------
End of year......................................... $ 126,951,477 $ 130,875,542 $ 121,423,866
==================== ==================== ====================
MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,849,615 $ 2,540,384 $ 2,989,203
Net realized gains (losses)......................... 913,996 70,435 2,148,415
Change in unrealized gains (losses) on investments.. (3,544,439) 2,699,020 (6,076,619)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 219,172 5,309,839 (939,001)
--------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,361,507 6,564,554 7,196,561
Net transfers (including fixed account)............. (1,236,326) (132,609) 376,688
Policy charges...................................... (5,484,593) (5,530,279) (5,905,721)
Transfers for policy benefits and terminations...... (4,302,406) (4,664,936) (4,992,049)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,661,818) (3,763,270) (3,324,521)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (4,442,646) 1,546,569 (4,263,522)
NET ASSETS:
Beginning of year................................... 82,796,372 81,249,803 85,513,325
--------------------- --------------------- --------------------
End of year......................................... $ 78,353,726 $ 82,796,372 $ 81,249,803
===================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF BLACKROCK CAPITAL APPRECIATION
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (10,693) $ (2,468) $ 135,824
Net realized gains (losses)......................... 2,022,735 3,803,528 321,200
Change in unrealized gains (losses) on investments.. (1,407,738) (2,831,679) 4,769,715
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 604,304 969,381 5,226,739
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 793,014 901,941 1,539,986
Net transfers (including fixed account)............. 336,170 (11,673,050) 1,984,291
Policy charges...................................... (588,991) (632,673) (888,848)
Transfers for policy benefits and terminations...... (655,032) (709,448) (994,087)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (114,839) (12,113,230) 1,641,342
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 489,465 (11,143,849) 6,868,081
NET ASSETS:
Beginning of year................................... 9,736,331 20,880,180 14,012,099
-------------------- -------------------- --------------------
End of year......................................... $ 10,225,796 $ 9,736,331 $ 20,880,180
==================== ==================== ====================
MSF BLACKROCK LARGE CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 335,383 $ 216,952 $ 205,780
Net realized gains (losses)......................... 1,421,917 4,317,782 916,715
Change in unrealized gains (losses) on investments.. (2,942,487) (2,739,427) 3,399,848
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,185,187) 1,795,307 4,522,343
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,614,117 1,677,799 1,703,921
Net transfers (including fixed account)............. 139,650 458,183 136,294
Policy charges...................................... (1,098,817) (1,071,625) (1,017,256)
Transfers for policy benefits and terminations...... (1,132,285) (1,236,456) (1,178,677)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (477,335) (172,099) (355,718)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (1,662,522) 1,623,208 4,166,625
NET ASSETS:
Beginning of year................................... 20,080,783 18,457,575 14,290,950
-------------------- -------------------- --------------------
End of year......................................... $ 18,418,261 $ 20,080,783 $ 18,457,575
==================== ==================== ====================
MSF BLACKROCK MONEY MARKET
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (35,014) $ (38,422) $ (45,649)
Net realized gains (losses)......................... -- -- --
Change in unrealized gains (losses) on investments.. -- -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (35,014) (38,422) (45,649)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 476,089 2,264,640 3,313,077
Net transfers (including fixed account)............. (4,569,788) 5,773,861 981,039
Policy charges...................................... (886,480) (1,047,919) (1,064,647)
Transfers for policy benefits and terminations...... (333,363) (701,246) (2,676,395)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (5,313,542) 6,289,336 553,074
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (5,348,556) 6,250,914 507,425
NET ASSETS:
Beginning of year................................... 30,032,793 23,781,879 23,274,454
-------------------- -------------------- --------------------
End of year......................................... $ 24,684,237 $ 30,032,793 $ 23,781,879
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF FRONTIER MID CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (1,605,819) $ (1,529,952) $ 1,219,986
Net realized gains (losses)......................... 36,288,678 26,100,542 10,646,811
Change in unrealized gains (losses) on investments.. (28,947,695) (1,683,974) 45,562,137
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 5,735,164 22,886,616 57,428,934
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 13,526,076 14,123,989 15,025,336
Net transfers (including fixed account)............. (546,174) (2,083,030) (9,140,683)
Policy charges...................................... (13,281,761) (13,134,488) (13,251,775)
Transfers for policy benefits and terminations...... (13,018,169) (14,207,419) (12,787,266)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (13,320,028) (15,300,948) (20,154,388)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (7,584,864) 7,585,668 37,274,546
NET ASSETS:
Beginning of year................................... 235,559,690 227,974,022 190,699,476
-------------------- -------------------- --------------------
End of year......................................... $ 227,974,826 $ 235,559,690 $ 227,974,022
==================== ==================== ====================
MSF JENNISON GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 49,690 $ 43,836 $ 69,286
Net realized gains (losses)......................... 4,130,001 1,760,217 748,650
Change in unrealized gains (losses) on investments.. (1,789,865) 102,570 5,442,828
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,389,826 1,906,623 6,260,764
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,340,497 1,453,986 1,523,693
Net transfers (including fixed account)............. 509,083 255,971 (654,269)
Policy charges...................................... (1,224,290) (1,193,061) (1,190,262)
Transfers for policy benefits and terminations...... (1,580,551) (1,317,032) (1,960,411)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (955,261) (800,136) (2,281,249)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,434,565 1,106,487 3,979,515
NET ASSETS:
Beginning of year................................... 22,860,613 21,754,126 17,774,611
-------------------- -------------------- --------------------
End of year......................................... $ 24,295,178 $ 22,860,613 $ 21,754,126
==================== ==================== ====================
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 13,776 $ (14,295) $ 72,558
Net realized gains (losses)......................... 3,521,185 3,617,443 2,242,704
Change in unrealized gains (losses) on investments.. (3,857,826) (2,720,783) 5,169,026
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (322,865) 882,365 7,484,288
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,455,376 1,565,136 1,615,232
Net transfers (including fixed account)............. (362,429) (73,345) (215,054)
Policy charges...................................... (1,217,974) (1,224,901) (1,228,517)
Transfers for policy benefits and terminations...... (1,348,393) (1,266,842) (1,483,788)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,473,420) (999,952) (1,312,127)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (1,796,285) (117,587) 6,172,161
NET ASSETS:
Beginning of year................................... 24,891,171 25,008,758 18,836,597
-------------------- -------------------- --------------------
End of year......................................... $ 23,094,886 $ 24,891,171 $ 25,008,758
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (9,783) $ (10,498) $ (8,824)
Net realized gains (losses)......................... 1,804,809 1,860,548 444,863
Change in unrealized gains (losses) on investments.. (1,598,061) (1,752,743) 3,463,471
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 196,965 97,307 3,899,510
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 790,736 896,507 804,491
Net transfers (including fixed account)............. 38,986 (421,247) 748,405
Policy charges...................................... (610,291) (607,725) (585,929)
Transfers for policy benefits and terminations...... (603,154) (728,890) (824,857)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (383,723) (861,355) 142,110
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (186,758) (764,048) 4,041,620
NET ASSETS:
Beginning of year................................... 11,372,609 12,136,657 8,095,037
--------------------- -------------------- --------------------
End of year......................................... $ 11,185,851 $ 11,372,609 $ 12,136,657
===================== ==================== ====================
MSF MET/ARTISAN MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 651,607 $ 401,768 $ 506,787
Net realized gains (losses)......................... 8,080,747 1,070,144 684,691
Change in unrealized gains (losses) on investments.. (14,388,947) (313,797) 16,708,173
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (5,656,593) 1,158,115 17,899,651
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,248,709 4,484,293 4,818,272
Net transfers (including fixed account)............. (532,025) (394,233) (164,067)
Policy charges...................................... (3,288,323) (3,529,069) (3,575,679)
Transfers for policy benefits and terminations...... (3,481,517) (4,058,223) (4,519,220)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,053,156) (3,497,232) (3,440,694)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (8,709,749) (2,339,117) 14,458,957
NET ASSETS:
Beginning of year................................... 62,265,623 64,604,740 50,145,783
-------------------- -------------------- ---------------------
End of year......................................... $ 53,555,874 $ 62,265,623 $ 64,604,740
==================== ==================== =====================
MSF METLIFE ASSET ALLOCATION 20
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 116,446 $ 201,461 $ 160,505
Net realized gains (losses)......................... 174,994 239,244 81,883
Change in unrealized gains (losses) on investments.. (309,762) (203,125) (14,063)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (18,322) 237,580 228,325
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 514,400 486,493 533,556
Net transfers (including fixed account)............. 93,614 224,914 (150,585)
Policy charges...................................... (522,816) (502,703) (484,460)
Transfers for policy benefits and terminations...... (165,837) (70,115) (355,218)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (80,639) 138,589 (456,707)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (98,961) 376,169 (228,382)
NET ASSETS:
Beginning of year................................... 5,533,722 5,157,553 5,385,935
-------------------- --------------------- --------------------
End of year......................................... $ 5,434,761 $ 5,533,722 $ 5,157,553
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF METLIFE ASSET ALLOCATION 40
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 29,433 $ 273,153 $ 235,287
Net realized gains (losses)......................... 699,512 467,475 306,341
Change in unrealized gains (losses) on investments.. (854,363) (270,968) 418,401
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (125,418) 469,660 960,029
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 952,025 955,553 1,011,525
Net transfers (including fixed account)............. 315,680 607,149 150,570
Policy charges...................................... (829,348) (775,283) (748,237)
Transfers for policy benefits and terminations...... (637,520) (593,011) (741,985)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (199,163) 194,408 (328,127)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (324,581) 664,068 631,902
NET ASSETS:
Beginning of year................................... 9,972,600 9,308,532 8,676,630
--------------------- --------------------- ---------------------
End of year......................................... $ 9,648,019 $ 9,972,600 $ 9,308,532
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 60
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 305,717 $ 1,121,316 $ 978,796
Net realized gains (losses)......................... 4,072,097 2,840,090 1,591,249
Change in unrealized gains (losses) on investments.. (4,965,532) (1,284,610) 5,640,223
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (587,718) 2,676,796 8,210,268
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,710,179 4,845,492 5,151,753
Net transfers (including fixed account)............. (516,267) 1,294,516 (136,518)
Policy charges...................................... (3,570,057) (3,579,223) (3,553,677)
Transfers for policy benefits and terminations...... (2,803,258) (2,913,886) (3,662,499)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,179,403) (353,101) (2,200,941)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (2,767,121) 2,323,695 6,009,327
NET ASSETS:
Beginning of year................................... 53,734,760 51,411,065 45,401,738
--------------------- --------------------- ---------------------
End of year......................................... $ 50,967,639 $ 53,734,760 $ 51,411,065
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 80
INVESTMENT DIVISION
----------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 427,851 $ 1,670,618 $ 1,331,275
Net realized gains (losses)......................... 6,177,764 1,673,184 1,631,177
Change in unrealized gains (losses) on investments.. (8,037,823) 1,795,645 15,682,919
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,432,208) 5,139,447 18,645,371
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 9,064,666 9,639,429 9,997,220
Net transfers (including fixed account)............. (479,555) 1,001,195 (970,786)
Policy charges...................................... (5,646,022) (5,665,664) (5,392,604)
Transfers for policy benefits and terminations...... (5,971,484) (5,697,181) (5,660,564)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,032,395) (722,221) (2,026,734)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (4,464,603) 4,417,226 16,618,637
NET ASSETS:
Beginning of year................................... 98,075,582 93,658,356 77,039,719
--------------------- --------------------- ---------------------
End of year......................................... $ 93,610,979 $ 98,075,582 $ 93,658,356
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION
------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 965,012 $ 843,384 $ 921,665
Net realized gains (losses)......................... 7,586,957 8,284,867 4,180,005
Change in unrealized gains (losses) on investments.. (10,506,888) (1,040,640) 18,736,176
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,954,919) 8,087,611 23,837,846
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,638,229 5,599,962 6,442,989
Net transfers (including fixed account)............. 508,090 (10,183,170) 6,297,964
Policy charges...................................... (4,665,601) (4,685,942) (4,821,378)
Transfers for policy benefits and terminations...... (5,028,583) (5,756,275) (5,452,511)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,547,865) (15,025,425) 2,467,064
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (5,502,784) (6,937,814) 26,304,910
NET ASSETS:
Beginning of year................................... 89,174,913 96,112,727 69,807,817
-------------------- -------------------- --------------------
End of year......................................... $ 83,672,129 $ 89,174,913 $ 96,112,727
==================== ==================== ====================
MSF METLIFE STOCK INDEX
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 14,801,691 $ 13,571,216 $ 13,291,250
Net realized gains (losses)......................... 58,353,168 45,473,224 24,663,718
Change in unrealized gains (losses) on investments.. (63,726,527) 58,022,278 191,004,236
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 9,428,332 117,066,718 228,959,204
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 70,011,175 71,591,777 74,274,408
Net transfers (including fixed account)............. 798,237 (11,181,289) (13,931,092)
Policy charges...................................... (46,759,361) (46,691,201) (46,520,238)
Transfers for policy benefits and terminations...... (59,435,957) (70,976,222) (56,333,579)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (35,385,906) (57,256,935) (42,510,501)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (25,957,574) 59,809,783 186,448,703
NET ASSETS:
Beginning of year................................... 986,064,717 926,254,934 739,806,231
-------------------- -------------------- --------------------
End of year......................................... $ 960,107,143 $ 986,064,717 $ 926,254,934
==================== ==================== ====================
MSF MFS TOTAL RETURN
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 247,122 $ 221,552 $ 218,647
Net realized gains (losses)......................... 196,619 193,152 99,210
Change in unrealized gains (losses) on investments.. (470,036) 388,544 1,215,884
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (26,295) 803,248 1,533,741
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 968,017 803,185 855,275
Net transfers (including fixed account)............. 63,944 80,744 222,090
Policy charges...................................... (604,132) (608,835) (611,556)
Transfers for policy benefits and terminations...... (558,787) (680,255) (576,957)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (130,958) (405,161) (111,148)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (157,253) 398,087 1,422,593
NET ASSETS:
Beginning of year................................... 9,964,116 9,566,029 8,143,436
-------------------- -------------------- --------------------
End of year......................................... $ 9,806,863 $ 9,964,116 $ 9,566,029
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF MFS VALUE
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- ------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,254,602 $ 1,340,478 $ 1,170,720
Net realized gains (losses)......................... 14,425,867 5,617,216 3,182,904
Change in unrealized gains (losses) on investments.. (16,842,516) 1,679,688 17,288,533
-------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ (162,047) 8,637,382 21,642,157
-------------------- ------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,724,364 5,969,586 5,983,336
Net transfers (including fixed account)............. (394,287) (737,889) 7,686,212
Policy charges...................................... (4,715,726) (4,711,074) (4,505,565)
Transfers for policy benefits and terminations...... (5,310,681) (5,805,644) (4,815,384)
-------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,696,330) (5,285,021) 4,348,599
-------------------- ------------------- -------------------
Net increase (decrease) in net assets............. (4,858,377) 3,352,361 25,990,756
NET ASSETS:
Beginning of year................................... 87,234,542 83,882,181 57,891,425
-------------------- ------------------- -------------------
End of year......................................... $ 82,376,165 $ 87,234,542 $ 83,882,181
==================== =================== ===================
MSF MSCI EAFE INDEX
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,500,052 $ 1,944,941 $ 2,211,085
Net realized gains (losses)......................... 707,350 1,139,967 838,301
Change in unrealized gains (losses) on investments.. (3,862,935) (7,881,915) 11,746,223
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (655,533) (4,797,007) 14,795,609
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,286,345 6,436,883 6,716,745
Net transfers (including fixed account)............. 1,565,657 6,174,254 128,185
Policy charges...................................... (4,329,144) (4,328,910) (4,441,685)
Transfers for policy benefits and terminations...... (4,133,342) (6,727,062) (4,377,881)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (610,484) 1,555,165 (1,974,636)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (1,266,017) (3,241,842) 12,820,973
NET ASSETS:
Beginning of year................................... 77,801,016 81,042,858 68,221,885
------------------- -------------------- --------------------
End of year......................................... $ 76,534,999 $ 77,801,016 $ 81,042,858
=================== ==================== ====================
MSF NEUBERGER BERMAN GENESIS
INVESTMENT DIVISION
----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 361,906 $ 324,320 $ 655,453
Net realized gains (losses)......................... 1,512,189 1,496,496 614,602
Change in unrealized gains (losses) on investments.. (1,230,308) (2,029,896) 30,722,824
------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 643,787 (209,080) 31,992,879
------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 7,267,381 7,662,015 8,008,218
Net transfers (including fixed account)............. (927,026) (396,548) 3,343,892
Policy charges...................................... (5,942,383) (6,031,755) (6,107,509)
Transfers for policy benefits and terminations...... (6,568,694) (7,231,509) (6,615,611)
------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (6,170,722) (5,997,797) (1,371,010)
------------------- -------------------- -------------------
Net increase (decrease) in net assets............. (5,526,935) (6,206,877) 30,621,869
NET ASSETS:
Beginning of year................................... 106,824,598 113,031,475 82,409,606
------------------- -------------------- -------------------
End of year......................................... $ 101,297,663 $ 106,824,598 $ 113,031,475
=================== ==================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 828,476 $ 763,845 $ 935,087
Net realized gains (losses)......................... 6,271,433 3,797,910 1,797,318
Change in unrealized gains (losses) on investments.. (10,053,677) (996,894) 17,937,722
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (2,953,768) 3,564,861 20,670,127
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,964,713 5,061,087 4,998,071
Net transfers (including fixed account)............. 432,389 570,926 (1,828,111)
Policy charges...................................... (3,613,698) (3,622,004) (3,577,463)
Transfers for policy benefits and terminations...... (4,335,031) (4,139,758) (3,961,136)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,551,627) (2,129,749) (4,368,639)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (5,505,395) 1,435,112 16,301,488
NET ASSETS:
Beginning of year................................... 73,667,200 72,232,088 55,930,600
--------------------- -------------------- ---------------------
End of year......................................... $ 68,161,805 $ 73,667,200 $ 72,232,088
===================== ==================== =====================
MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 57,337 $ (6,271) $ 121,572
Net realized gains (losses)......................... 17,568,369 7,894,789 2,302,973
Change in unrealized gains (losses) on investments.. (8,845,976) (880,615) 19,823,349
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 8,779,730 7,007,903 22,247,894
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,084,380 5,142,662 4,856,717
Net transfers (including fixed account)............. (3,825) 447,854 12,281,657
Policy charges...................................... (4,639,514) (4,447,459) (3,980,799)
Transfers for policy benefits and terminations...... (4,665,654) (5,183,233) (4,480,626)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,224,613) (4,040,176) 8,676,949
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 4,555,117 2,967,727 30,924,843
NET ASSETS:
Beginning of year................................... 83,295,035 80,327,308 49,402,465
-------------------- -------------------- --------------------
End of year......................................... $ 87,850,152 $ 83,295,035 $ 80,327,308
==================== ==================== ====================
MSF T. ROWE PRICE SMALL CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (248,946) $ (370,603) $ 16,840
Net realized gains (losses)......................... 12,918,905 17,881,602 9,434,117
Change in unrealized gains (losses) on investments.. (9,935,901) (10,294,099) 30,236,593
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,734,058 7,216,900 39,687,550
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,600,673 6,500,697 6,334,314
Net transfers (including fixed account)............. 926,025 (16,314,954) (2,078,011)
Policy charges...................................... (5,239,072) (5,322,474) (5,566,115)
Transfers for policy benefits and terminations...... (7,416,481) (7,648,701) (6,511,897)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (5,128,855) (22,785,432) (7,821,709)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (2,394,797) (15,568,532) 31,865,841
NET ASSETS:
Beginning of year................................... 109,708,317 125,276,849 93,411,008
--------------------- -------------------- ---------------------
End of year......................................... $ 107,313,520 $ 109,708,317 $ 125,276,849
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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, 2015, 2014 AND 2013
MSF VAN ECK GLOBAL NATURAL RESOURCES
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 974 $ 983 $ 669
Net realized gains (losses)......................... (9,795) (436) (55)
Change in unrealized gains (losses) on investments.. (64,308) (44,636) 14,171
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (73,129) (44,089) 14,785
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 58,025 82,106 55,907
Net transfers (including fixed account)............. 33,612 (14,270) 60,548
Policy charges...................................... (16,064) (17,934) (13,231)
Transfers for policy benefits and terminations...... (4,972) -- (1,067)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 70,601 49,902 102,157
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (2,528) 5,813 116,942
NET ASSETS:
Beginning of year................................... 176,178 170,365 53,423
-------------------- -------------------- ---------------------
End of year......................................... $ 173,650 $ 176,178 $ 170,365
==================== ==================== =====================
MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,289,587 $ 1,344,118 $ 1,226,086
Net realized gains (losses)......................... 73,628 163,589 194,088
Change in unrealized gains (losses) on investments.. (1,827,670) (168,552) (1,174,913)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (464,455) 1,339,155 245,261
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,048,302 2,069,314 2,229,010
Net transfers (including fixed account)............. 416,380 284,768 1,081,271
Policy charges...................................... (1,498,601) (1,508,520) (1,575,456)
Transfers for policy benefits and terminations...... (1,520,683) (1,535,921) (2,069,679)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (554,602) (690,359) (334,854)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (1,019,057) 648,796 (89,593)
NET ASSETS:
Beginning of year................................... 26,015,238 25,366,442 25,456,035
--------------------- -------------------- --------------------
End of year......................................... $ 24,996,181 $ 26,015,238 $ 25,366,442
===================== ==================== ====================
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 357,540 $ 302,649 $ 337,175
Net realized gains (losses)......................... (6,880) (4,464) 3,029
Change in unrealized gains (losses) on investments.. (270,748) 143,123 (476,487)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 79,912 441,308 (136,283)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,737,457 1,783,465 1,775,872
Net transfers (including fixed account)............. 3,538 (202,894) 653,302
Policy charges...................................... (1,277,275) (1,276,160) (1,231,455)
Transfers for policy benefits and terminations...... (1,069,051) (853,922) (1,189,735)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (605,331) (549,511) 7,984
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (525,419) (108,203) (128,299)
NET ASSETS:
Beginning of year................................... 16,386,046 16,494,249 16,622,548
-------------------- -------------------- ---------------------
End of year......................................... $ 15,860,627 $ 16,386,046 $ 16,494,249
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
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 -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
MSF WMC BALANCED
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,411,640 $ 4,452,005 $ 5,446,288
Net realized gains (losses)......................... 55,909,979 5,320,748 2,747,913
Change in unrealized gains (losses) on investments.. (53,963,621) 19,346,415 43,444,585
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 6,357,998 29,119,168 51,638,786
-------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 22,226,199 23,111,609 24,527,235
Net transfers (including fixed account)............. (1,114,111) (2,156,943) (283,654)
Policy charges...................................... (22,125,724) (22,284,172) (22,861,275)
Transfers for policy benefits and terminations...... (17,838,451) (18,266,637) (17,190,722)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (18,852,087) (19,596,143) (15,808,416)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets............. (12,494,089) 9,523,025 35,830,370
NET ASSETS:
Beginning of year................................... 312,335,178 302,812,153 266,981,783
-------------------- ------------------- --------------------
End of year......................................... $ 299,841,089 $ 312,335,178 $ 302,812,153
==================== =================== ====================
MSF WMC CORE EQUITY OPPORTUNITIES
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,263,131 $ 451,613 $ 855,040
Net realized gains (losses)......................... 26,124,464 7,756,545 2,782,148
Change in unrealized gains (losses) on investments.. (25,717,218) (869,547) 15,346,828
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,670,377 7,338,611 18,984,016
------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,175,987 5,479,853 5,941,838
Net transfers (including fixed account)............. (1,253,819) (1,548,334) (2,306,865)
Policy charges...................................... (3,976,712) (3,989,630) (3,965,087)
Transfers for policy benefits and terminations...... (4,646,062) (4,457,258) (4,143,551)
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,700,606) (4,515,369) (4,473,665)
------------------- ------------------- --------------------
Net increase (decrease) in net assets............. (3,030,229) 2,823,242 14,510,351
NET ASSETS:
Beginning of year................................... 75,552,945 72,729,703 58,219,352
------------------- ------------------- --------------------
End of year......................................... $ 72,522,716 $ 75,552,945 $ 72,729,703
=================== =================== ====================
OPPENHEIMER VA MAIN STREET SMALL CAP
INVESTMENT DIVISION
-------------------------------------------
2015 2014 (g)
-------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 40 $ --
Net realized gains (losses)......................... 625 --
Change in unrealized gains (losses) on investments.. (894) 198
-------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (229) 198
-------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 995 950
Net transfers (including fixed account)............. 4,936 4,034
Policy charges...................................... (926) (91)
Transfers for policy benefits and terminations...... -- (39)
-------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 5,005 4,854
-------------------- --------------------
Net increase (decrease) in net assets............. 4,776 5,052
NET ASSETS:
Beginning of year................................... 5,052 --
-------------------- --------------------
End of year......................................... $ 9,828 $ 5,052
==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
The accompanying notes are an integral part of these financial statements.
172
The accompanying notes are an integral part of these financial statements.
173
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
PIMCO VIT ALL ASSET
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 17,942 $ 49,509 $ 21,748
Net realized gains (losses)......................... (111,468) 28 (591)
Change in unrealized gains (losses) on investments.. 38,369 (44,010) (24,638)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (55,157) 5,527 (3,481)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,611 9,596 --
Net transfers (including fixed account)............. (723,721) (9,803) 897,967
Policy charges...................................... (18,374) (20,445) (7,144)
Transfers for policy benefits and terminations...... -- (6,773) (94,966)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (737,484) (27,425) 795,857
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (792,641) (21,898) 792,376
NET ASSETS:
Beginning of year................................... 902,397 924,295 131,919
------------------- -------------------- --------------------
End of year......................................... $ 109,756 $ 902,397 $ 924,295
=================== ==================== ====================
PIMCO VIT COMMODITYREALRETURN STRATEGY
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013 (d)
------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,467 $ 86 $ --
Net realized gains (losses)......................... (11,415) (39) (5)
Change in unrealized gains (losses) on investments.. 3,408 (10,088) (126)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (6,540) (10,041) (131)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,720 2,721 --
Net transfers (including fixed account)............. (19,227) 38,376 6,189
Policy charges...................................... (1,972) (1,596) (275)
Transfers for policy benefits and terminations...... -- (13) --
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (18,479) 39,488 5,914
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (25,019) 29,447 5,783
NET ASSETS:
Beginning of year................................... 35,230 5,783 --
------------------- -------------------- --------------------
End of year......................................... $ 10,211 $ 35,230 $ 5,783
=================== ==================== ====================
PIMCO VIT LOW DURATION
INVESTMENT DIVISION
-----------------------------------------------------------------
2015 2014 2013
-------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 29,643 $ 17,764 $ 22,872
Net realized gains (losses)......................... 12,574 512 3,304
Change in unrealized gains (losses) on investments.. (33,266) (4,896) (33,450)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 8,951 13,380 (7,274)
-------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,329 3,323 2,809
Net transfers (including fixed account)............. (723,808) -- 888,377
Policy charges...................................... (16,831) (24,792) (36,664)
Transfers for policy benefits and terminations...... (4) (6,920) (262,466)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (739,314) (28,389) 592,056
-------------------- ------------------- --------------------
Net increase (decrease) in net assets............. (730,363) (15,009) 584,782
NET ASSETS:
Beginning of year................................... 1,555,287 1,570,296 985,514
-------------------- ------------------- --------------------
End of year......................................... $ 824,924 $ 1,555,287 $ 1,570,296
==================== =================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
The accompanying notes are an integral part of these financial statements.
174
The accompanying notes are an integral part of these financial statements.
175
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
PIONEER VCT MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 412 $ 452 $ 425
Net realized gains (losses)......................... 10,473 7,922 29,038
Change in unrealized gains (losses) on investments.. (13,938) 732 (1,134)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (3,053) 9,106 28,329
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. (418) 14,941 (126,970)
Policy charges...................................... (4,119) (3,653) (4,969)
Transfers for policy benefits and terminations...... (16,227) (72) --
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (20,764) 11,216 (131,939)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (23,817) 20,322 (103,610)
NET ASSETS:
Beginning of year................................... 70,257 49,935 153,545
-------------------- --------------------- ---------------------
End of year......................................... $ 46,440 $ 70,257 $ 49,935
==================== ===================== =====================
PUTNAM VT INTERNATIONAL VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013 (b)
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 91 $ 95 $ --
Net realized gains (losses)......................... (22) 46 10
Change in unrealized gains (losses) on investments.. (118) (775) 477
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (49) (634) 487
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,288 1,288 --
Net transfers (including fixed account)............. -- 32 6,234
Policy charges...................................... (1,363) (1,293) (293)
Transfers for policy benefits and terminations...... (1) (1) --
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (76) 26 5,941
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (125) (608) 6,428
NET ASSETS:
Beginning of year................................... 5,820 6,428 --
-------------------- --------------------- --------------------
End of year......................................... $ 5,695 $ 5,820 $ 6,428
==================== ===================== ====================
ROYCE MICRO-CAP
INVESTMENT DIVISION
--------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ -- $ 38
Net realized gains (losses)......................... 499 670 87,715
Change in unrealized gains (losses) on investments.. (1,557) (951) (23,953)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (1,058) (281) 63,800
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 939 939 1,884
Net transfers (including fixed account)............. -- 1 (423,639)
Policy charges...................................... (78) (80) (6,293)
Transfers for policy benefits and terminations...... -- -- (1)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 861 860 (428,049)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (197) 579 (364,249)
NET ASSETS:
Beginning of year................................... 8,336 7,757 372,006
-------------------- --------------------- ---------------------
End of year......................................... $ 8,139 $ 8,336 $ 7,757
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
The accompanying notes are an integral part of these financial statements.
176
The accompanying notes are an integral part of these financial statements.
177
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
ROYCE SMALL-CAP
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 443 $ 64 $ 6,679
Net realized gains (losses)......................... 12,813 111,348 68,918
Change in unrealized gains (losses) on investments.. (19,154) (144,191) 110,499
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (5,898) (32,779) 186,096
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 278 -- --
Net transfers (including fixed account)............. 12,275 (595,217) (28,963)
Policy charges...................................... (4,053) (9,562) (10,076)
Transfers for policy benefits and terminations...... -- -- --
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 8,500 (604,779) (39,039)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 2,602 (637,558) 147,057
NET ASSETS:
Beginning of year................................... 51,371 688,929 541,872
-------------------- --------------------- --------------------
End of year......................................... $ 53,973 $ 51,371 $ 688,929
==================== ===================== ====================
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 45,047 $ 66,166 $ 51,315
Net realized gains (losses)......................... (12,799) (17,138) 10,886
Change in unrealized gains (losses) on investments.. (46,377) 6,462 (181,259)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (14,129) 55,490 (119,058)
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,052 3,052 64,400
Net transfers (including fixed account)............. 149,611 (402,394) 136,192
Policy charges...................................... (14,377) (17,192) (20,164)
Transfers for policy benefits and terminations...... (781) (6,416) (83,949)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 137,505 (422,950) 96,479
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 123,376 (367,460) (22,579)
NET ASSETS:
Beginning of year................................... 792,559 1,160,019 1,182,598
-------------------- --------------------- --------------------
End of year......................................... $ 915,935 $ 792,559 $ 1,160,019
==================== ===================== ====================
UIF EMERGING MARKETS EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------------
2015 2014 2013
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 18,406 $ 4,726 $ 14,065
Net realized gains (losses)......................... (24,296) 14,990 6,766
Change in unrealized gains (losses) on investments.. (266,747) (166,226) (38,224)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (272,637) (146,510) (17,393)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,305 4,305 58,675
Net transfers (including fixed account)............. 408,440 1,057,866 283,169
Policy charges...................................... (36,287) (26,285) (21,217)
Transfers for policy benefits and terminations...... (301) (3,783) (100,720)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 376,157 1,032,103 219,907
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 103,520 885,593 202,514
NET ASSETS:
Beginning of year................................... 2,122,051 1,236,458 1,033,944
-------------------- -------------------- --------------------
End of year......................................... $ 2,225,571 $ 2,122,051 $ 1,236,458
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
The accompanying notes are an integral part of these financial statements.
178
The accompanying notes are an integral part of these financial statements.
179
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF CHANGES IN NET ASSETS -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013
WELLS FARGO VT TOTAL RETURN BOND
INVESTMENT DIVISION
---------------------------------------------------------------------
2015 2014 2013
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)............................. $ 10,591 $ 5,207 $ 4,298
Net realized gains (losses).............................. (13,631) (1,528) 10,856
Change in unrealized gains (losses) on investments....... (2,133) 12,966 (21,523)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations..................................... (5,173) 16,645 (6,369)
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners............. 22,439 17,657 30,618
Net transfers (including fixed account).................. (769,510) 741,576 (5,806)
Policy charges........................................... (23,196) (12,748) (12,342)
Transfers for policy benefits and terminations........... -- (5,916) (237,322)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions............................ (770,267) 740,569 (224,852)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets.................. (775,440) 757,214 (231,221)
NET ASSETS:
Beginning of year........................................ 1,015,053 257,839 489,060
--------------------- --------------------- ---------------------
End of year.............................................. $ 239,613 $ 1,015,053 $ 257,839
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
The accompanying notes are an integral part of these financial statements.
180
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.
On January 12, 2016, MetLife, Inc. announced a plan to pursue the separation of
a portion of its U.S. retail business. MetLife, Inc. is currently evaluating
structural alternatives for such a separation, including a public offering of
shares in an independent, publicly traded company, a spin-off, or a sale. The
completion of a public offering would depend on, among other things, the U.S.
Securities and Exchange Commission (the "SEC") filing and review process as
well as market conditions. Any Separation that might occur will be subject to
the satisfaction of various conditions and approvals, including approval of any
transaction by the MetLife, Inc. Board of Directors, satisfaction of any
applicable requirements of the SEC, and receipt of insurance and other
regulatory approvals and other anticipated conditions.
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:
AB Variable Products Series Fund, Inc. ("AB") Met Investors Series Trust ("MIST")*
AIM Variable Insurance Funds (Invesco Variable Metropolitan Series Fund ("MSF")*
Insurance Funds) ("Invesco V.I.") MFS Variable Insurance Trust ("MFS VIT")
American Century Variable Portfolios, Inc. ("American MFS Variable Insurance Trust II ("MFS VIT II")
Century VP") Oppenheimer Variable Account Funds
American Funds Insurance Series ("American Funds") ("Oppenheimer VA")
Dreyfus Variable Investment Fund ("Dreyfus VIF") PIMCO Variable Insurance Trust ("PIMCO VIT")
Fidelity Variable Insurance Products ("Fidelity VIP") Pioneer Variable Contracts Trust ("Pioneer VCT")
Franklin Templeton Variable Insurance Products Trust Putnam Variable Trust ("Putnam VT")
("FTVIPT") Royce Capital Fund ("Royce")
Goldman Sachs Variable Insurance Trust Trust for Advised Portfolios ("TAP")
("Goldman Sachs") The Universal Institutional Funds, Inc. ("UIF")
Janus Aspen Series ("Janus Aspen") Wells Fargo Variable Trust ("Wells Fargo VT")
*See Note 5 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.
181
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
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, 2015:
AB Global Thematic Growth Investment Division MFS VIT New Discovery Investment Division
AB Intermediate Bond Investment Division MFS VIT Value Investment Division
American Century VP Capital Appreciation Investment MFS VIT II High Yield Investment Division
Division MIST AB Global Dynamic Allocation Investment
American Funds Bond Investment Division Division
American Funds Global Small Capitalization MIST Allianz Global Investors Dynamic Multi-Asset
Investment Division Plus Investment Division
American Funds Growth Investment Division MIST American Funds Balanced Allocation
American Funds Growth-Income Investment Division Investment Division
American Funds International Investment Division MIST American Funds Growth Allocation Investment
American Funds U.S. Government/AAA-Rated Division
Securities Investment Division MIST American Funds Moderate Allocation
Dreyfus VIF International Value Investment Division Investment Division
Fidelity VIP Asset Manager: Growth Investment MIST AQR Global Risk Balanced Investment Division
Division MIST BlackRock Global Tactical Strategies Investment
Fidelity VIP Contrafund Investment Division Division
Fidelity VIP Equity-Income Investment Division MIST Clarion Global Real Estate Investment Division
Fidelity VIP Freedom 2010 Investment Division MIST ClearBridge Aggressive Growth Investment
Fidelity VIP Freedom 2020 Investment Division Division
Fidelity VIP Freedom 2025 Investment Division MIST Harris Oakmark International Investment
Fidelity VIP Freedom 2030 Investment Division Division
Fidelity VIP Freedom 2040 Investment Division MIST Invesco Balanced-Risk Allocation Investment
Fidelity VIP Freedom 2050 Investment Division Division
Fidelity VIP High Income Investment Division MIST Invesco Mid Cap Value Investment Division
Fidelity VIP Investment Grade Bond Investment MIST Invesco Small Cap Growth Investment
Division Division (a)
Fidelity VIP Mid Cap Investment Division MIST JPMorgan Global Active Allocation Investment
FTVIPT Franklin Income VIP Investment Division Division
FTVIPT Franklin Mutual Global Discovery VIP MIST JPMorgan Small Cap Value Investment Division
Investment Division MIST Loomis Sayles Global Markets Investment
FTVIPT Franklin Mutual Shares VIP Investment Division
Division MIST Lord Abbett Bond Debenture Investment
FTVIPT Templeton Foreign VIP Investment Division Division
FTVIPT Templeton Global Bond VIP Investment MIST Met/Templeton International Bond Investment
Division Division
Goldman Sachs Mid-Cap Value Investment Division MIST MetLife Asset Allocation 100 Investment
Goldman Sachs Small Cap Equity Insights Investment Division (a)
Division MIST MetLife Balanced Plus Investment Division
Invesco V.I. Comstock Investment Division MIST MetLife Multi-Index Targeted Risk Investment
Invesco V.I. International Growth Investment Division Division
Janus Aspen Balanced Investment Division MIST MetLife Small Cap Value Investment Division
Janus Aspen Forty Investment Division MIST MFS Emerging Markets Equity Investment
Janus Aspen Janus Investment Division Division (a)
Janus Aspen Overseas Investment Division MIST MFS Research International Investment
MFS VIT Global Equity Investment Division Division (a)
182
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
2. LIST OF INVESTMENT DIVISIONS -- (CONCLUDED)
MIST Morgan Stanley Mid Cap Growth Investment MSF MetLife Asset Allocation 40 Investment Division (a)
Division MSF MetLife Asset Allocation 60 Investment Division (a)
MIST Oppenheimer Global Equity Investment Division MSF MetLife Asset Allocation 80 Investment Division (a)
MIST PanAgora Global Diversified Risk Investment MSF MetLife Mid Cap Stock Index Investment Division
Division (b) MSF MetLife Stock Index Investment Division
MIST PIMCO Inflation Protected Bond Investment MSF MFS Total Return Investment Division (a)
Division MSF MFS Value Investment Division
MIST PIMCO Total Return Investment Division MSF MSCI EAFE Index Investment Division
MIST Pioneer Fund Investment Division MSF Neuberger Berman Genesis Investment Division
MIST Pyramis Managed Risk Investment Division MSF Russell 2000 Index Investment Division
MIST Schroders Global Multi-Asset Investment Division MSF T. Rowe Price Large Cap Growth Investment
MIST SSGA Growth and Income ETF Investment Division
Division MSF T. Rowe Price Small Cap Growth Investment
MIST SSGA Growth ETF Investment Division Division
MIST T. Rowe Price Large Cap Value Investment MSF Van Eck Global Natural Resources Investment
Division Division
MIST T. Rowe Price Mid Cap Growth Investment MSF Western Asset Management Strategic Bond
Division (a) Opportunities Investment Division
MIST WMC Large Cap Research Investment Division MSF Western Asset Management U.S. Government
MSF Baillie Gifford International Stock Investment Investment Division
Division MSF WMC Balanced Investment Division
MSF Barclays Aggregate Bond Index Investment MSF WMC Core Equity Opportunities Investment
Division Division
MSF BlackRock Bond Income Investment Division Oppenheimer VA Main Street Small Cap Investment
MSF BlackRock Capital Appreciation Investment Division
Division PIMCO VIT All Asset Investment Division
MSF BlackRock Large Cap Value Investment Division PIMCO VIT CommodityRealReturn Strategy
MSF BlackRock Money Market Investment Division Investment Division
MSF Frontier Mid Cap Growth Investment Division PIMCO VIT Low Duration Investment Division
MSF Jennison Growth Investment Division Pioneer VCT Mid Cap Value Investment Division
MSF Loomis Sayles Small Cap Core Investment Putnam VT International Value Investment Division
Division Royce Micro-Cap Investment Division
MSF Loomis Sayles Small Cap Growth Investment Royce Small-Cap Investment Division
Division UIF Emerging Markets Debt Investment Division
MSF Met/Artisan Mid Cap Value Investment Division (a) UIF Emerging Markets Equity Investment Division
MSF MetLife Asset Allocation 20 Investment Division (a) Wells Fargo VT Total Return Bond 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, 2015.
B. The following Investment Divisions had no net assets as of December 31,
2015:
AB International Value Investment Division Janus Aspen Enterprise Investment Division
American Funds High-Income Bond Investment PIMCO VIT Long-Term U.S. Government Investment
Division Division
Fidelity VIP Freedom 2015 Investment Division TAP 1919 Variable Socially Responsive Balanced
Invesco V.I. Government Securities Investment Division Investment Division
183
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
3. PORTFOLIO CHANGES
The operations of the Investment Divisions were affected by the following
changes that occurred during the year ended December 31, 2015:
NAME CHANGES:
Former Name New Name
(MIST) AllianceBernstein Global Dynamic Allocation (MIST) AB Global Dynamic Allocation Portfolio
Portfolio
(MIST) SSgA Growth and Income ETF Portfolio (MIST) SSGA Growth and Income ETF Portfolio
(MIST) SSgA Growth ETF Portfolio (MIST) SSGA Growth ETF Portfolio
TRUST NAME CHANGE:
Former Trust New Trust
AllianceBernstein Variable Products Series Fund, Inc. AB Variable Products Series Fund, Inc.
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, which follow the accounting and reporting guidance in Financial
Accounting Standards Board ACCOUNTING STANDARDS CODIFICATION TOPIC 946.
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.
184
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, which is part
of 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.
5. EXPENSES AND RELATED PARTY TRANSACTIONS
The following annual Separate Account charge paid to the Company, is an
asset-based charge and assessed through a daily reduction in unit values, which
is recorded as an expense in the accompanying statements of operations of the
applicable Investment Divisions:
Mortality and Expense Risk -- The mortality risk assumed by the Company
is the risk that those insured may die sooner than anticipated and
therefore, the Company will pay an aggregate amount of death benefits
greater than anticipated. The expense risk assumed is the risk that
expenses incurred in issuing and administering the Policies will exceed
the amounts realized from the administrative charges assessed against the
Policies.
The table below represents the range of effective annual rates for the
charge for the year ended December 31, 2015:
-------------------------------------------------------------------------------------------------------------------------
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.
185
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
5. EXPENSES AND RELATED PARTY TRANSACTIONS -- (CONCLUDED)
For some Policies, a mortality and expense risk charge ranging from 0.05% 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. A transfer fee ranging from $0 to $25 may be deducted
after twelve transfers made in a policy year. Administrative charges range from
$0 to $15 and are assessed monthly. Policy fees are assessed monthly and range
from $9 to $12 for policies with face amounts less than $50,000 and from $8 to
$15 for policies with face amounts between $50,000 and $249,999 depending on
the policy year. No policy fee applies to policies issued with a face amount
equal to or greater than $250,000.
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.
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 $100 of the
benefit provided.
The above referenced charges are paid to the Company and are recorded as policy
charges in the accompanying statements of changes in net assets of the
applicable Investment Divisions for the years ended December 31, 2015, 2014 and
2013.
The MIST and MSF Trusts currently offer shares of their portfolios only to
separate accounts established by the Company and other affiliated life
insurance companies, and are managed by MetLife Advisers, LLC ("MetLife
Advisers"), an affiliate of the Company. MetLife Advisers is also the
investment adviser to the portfolios of the MIST and MSF Trusts.
186
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS
AS OF DECEMBER 31
-----------------------
SHARES COST ($)
---------- -----------
2015 2015
---------- -----------
AB Global Thematic Growth
Investment Division..... 1,833 35,130
AB Intermediate Bond
Investment Division..... 5,751 67,889
American Century VP
Capital Appreciation
Investment Division..... 6 79
American Funds Bond
Investment Division..... 586,779 6,362,523
American Funds Global
Small Capitalization
Investment Division..... 2,811,533 59,139,365
American Funds Growth
Investment Division..... 2,433,293 137,703,161
American Funds
Growth-Income
Investment Division..... 2,257,082 85,365,726
American Funds
International Investment
Division................ 23,036 428,602
American Funds U.S.
Government/AAA-Rated
Securities Investment
Division................ 4,126 51,244
Dreyfus VIF International
Value Investment
Division................ 21,101 265,183
Fidelity VIP Asset Manager:
Growth Investment
Division................ 99,573 1,426,100
Fidelity VIP Contrafund
Investment Division..... 82,137 2,205,938
Fidelity VIP Equity-Income
Investment Division..... 630 13,737
Fidelity VIP Freedom 2010
Investment Division..... 1,582 19,490
Fidelity VIP Freedom 2020
Investment Division..... 42,494 383,844
Fidelity VIP Freedom 2025
Investment Division..... 33,754 442,278
Fidelity VIP Freedom 2030
Investment Division..... 9,454 123,408
Fidelity VIP Freedom 2040
Investment Division..... 4,905 92,724
Fidelity VIP Freedom 2050
Investment Division..... 3,129 53,207
FOR THE YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
---------------------------------------- -------------------------------------------
2015 2014 2013 2015 2014 2013
---------- ------------- ------------ ----------- -------------- --------------
AB Global Thematic Growth
Investment Division..... 1,345 17,021 7,870 39,364 11,424 16,644
AB Intermediate Bond
Investment Division..... 7,452 3,407 6,655 2,460 2,264 47,232
American Century VP
Capital Appreciation
Investment Division..... 23 589(a) -- 368 211(a) --
American Funds Bond
Investment Division..... 1,545,785 879,839 1,038,371 1,108,315 670,493 587,559
American Funds Global
Small Capitalization
Investment Division..... 7,946,645 2,323,592 2,195,162 6,304,457 4,957,120 5,135,958
American Funds Growth
Investment Division..... 37,422,273 11,457,537 3,805,307 13,129,504 11,167,958 11,132,333
American Funds
Growth-Income
Investment Division..... 18,327,316 7,783,956 3,196,534 7,549,944 7,114,338 6,413,846
American Funds
International Investment
Division................ 68,037 49,085 273,741 282,880 24,982 231,378
American Funds U.S.
Government/AAA-Rated
Securities Investment
Division................ 3,712 1,772 6,097 1,568 1,495 1,780
Dreyfus VIF International
Value Investment
Division................ 4,421 3,201 4,196 2,288 2,373 5,015
Fidelity VIP Asset Manager:
Growth Investment
Division................ 265,538 181,483 141,995 464,095 117,715 548,689
Fidelity VIP Contrafund
Investment Division..... 557,464 226,935 410,978 430,569 199,157 755,794
Fidelity VIP Equity-Income
Investment Division..... 5,037 2,954 17,769 14,338 11,967 51,901
Fidelity VIP Freedom 2010
Investment Division..... 71,664 21,634 3,749 100,698 20,447 1,304
Fidelity VIP Freedom 2020
Investment Division..... 55,480 165,843 145,138 500,336 171,907 36,374
Fidelity VIP Freedom 2025
Investment Division..... 418,024 1,384 39,398(b) 9,867 4,514 2,977(b)
Fidelity VIP Freedom 2030
Investment Division..... 90,730 140,205 30,075 48,668 122,464 19,207
Fidelity VIP Freedom 2040
Investment Division..... 80,078 93,959 11,359(c) 41,278 52,334 76(c)
Fidelity VIP Freedom 2050
Investment Division..... 56,548 60,842 518 29,989 57,314 489
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
187
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31
------------------------
SHARES COST ($)
---------- ------------
2015 2015
---------- ------------
Fidelity VIP High Income
Investment Division..... 41,564 237,947
Fidelity VIP Investment
Grade Bond Investment
Division................ 100,028 1,286,509
Fidelity VIP Mid Cap
Investment Division..... 8,789 264,376
FTVIPT Franklin Income
VIP Investment
Division................ 2,735 42,348
FTVIPT Franklin Mutual
Global Discovery VIP
Investment Division..... 24,759 502,830
FTVIPT Franklin Mutual
Shares VIP Investment
Division................ 3,714 77,895
FTVIPT Templeton Foreign
VIP Investment
Division................ 397,091 5,906,415
FTVIPT Templeton Global
Bond VIP Investment
Division................ 34,227 625,661
Goldman Sachs Mid-Cap
Value Investment
Division................ 17,555 277,754
Goldman Sachs Small Cap
Equity Insights
Investment Division..... 2,913 36,482
Invesco V.I. Comstock
Investment Division..... 19,227 241,715
Invesco V.I. International
Growth Investment
Division................ 9,848 316,330
Janus Aspen Balanced
Investment Division..... 34,833 999,422
Janus Aspen Forty
Investment Division..... 17,234 591,164
Janus Aspen Janus
Investment Division..... 15,229 352,412
Janus Aspen Overseas
Investment Division..... 1,294 56,055
MFS VIT Global Equity
Investment Division..... 9,979 150,822
MFS VIT New Discovery
Investment Division..... 13,587 198,459
MFS VIT Value Investment
Division................ 1,096 14,625
FOR THE YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
--------------------------------------- --------------------------------------
2015 2014 2013 2015 2014 2013
---------- --------- ------------ -------- -------- ------------
Fidelity VIP High Income
Investment Division..... 66,394 21,533 9,749 11,400 9,295 6,850
Fidelity VIP Investment
Grade Bond Investment
Division................ 84,404 492,396 1,222,120 76,817 996,618 1,702,641
Fidelity VIP Mid Cap
Investment Division..... 67,101 20,809 36,720 6,163 24,409 710,324
FTVIPT Franklin Income
VIP Investment
Division................ 21,745 30,058 1,158(d) 5,475 4,384 551(d)
FTVIPT Franklin Mutual
Global Discovery VIP
Investment Division..... 86,232 87,301 138,324 36,427 79,798 553,153
FTVIPT Franklin Mutual
Shares VIP Investment
Division................ 41,137 19,716 23,740(d) 2,521 2,934 1,637(d)
FTVIPT Templeton Foreign
VIP Investment
Division................ 1,005,831 2,395,132 488,568 309,654 901,189 808,327
FTVIPT Templeton Global
Bond VIP Investment
Division................ 421,942 94,840 996,332 965,007 136,586 115,913
Goldman Sachs Mid-Cap
Value Investment
Division................ 21,240 54,571 60,380 19,881 35,646 75,921
Goldman Sachs Small Cap
Equity Insights
Investment Division..... 5,606 7,642 14,789 3,707 9,176 4,535
Invesco V.I. Comstock
Investment Division..... 28,117 14,379 4,245 10,378 7,046 5,974
Invesco V.I. International
Growth Investment
Division................ 20,431 23,557 347,644 29,885 66,518 6,733,613
Janus Aspen Balanced
Investment Division..... 115,942 131,441 103,316 52,044 82,517 330,801
Janus Aspen Forty
Investment Division..... 129,875 266,429 25,891 19,860 400,760 268,869
Janus Aspen Janus
Investment Division..... 94,675 42,556 7,622 43,217 23,494 736,912
Janus Aspen Overseas
Investment Division..... 6,872 14,546 17,811 12,411 21,028 430,241
MFS VIT Global Equity
Investment Division..... 18,861 11,222 15,146 13,725 11,006 3,782
MFS VIT New Discovery
Investment Division..... 6,957 45,561 1,726 6,382 6,105 10,583
MFS VIT Value Investment
Division................ 1,676 955 274 2,032 1,720 1,372
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
188
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31
------------------------
SHARES COST ($)
---------- ------------
2015 2015
---------- ------------
MFS VIT II High Yield
Investment Division..... 25,197 153,220
MIST AB Global Dynamic
Allocation Investment
Division................ 5,507 62,686
MIST Allianz Global
Investors Dynamic
Multi-Asset Plus
Investment Division..... 197 2,092
MIST American Funds
Balanced Allocation
Investment Division..... 88,784 881,108
MIST American Funds
Growth Allocation
Investment Division..... 160,722 1,548,727
MIST American Funds
Moderate Allocation
Investment Division..... 97,643 997,062
MIST AQR Global Risk
Balanced Investment
Division................ 16,087 170,107
MIST BlackRock Global
Tactical Strategies
Investment Division..... 21,990 237,991
MIST Clarion Global Real
Estate Investment
Division................ 2,506,332 29,693,578
MIST ClearBridge
Aggressive Growth
Investment Division..... 2,804,364 32,191,803
MIST Harris Oakmark
International Investment
Division................ 2,864,395 42,138,016
MIST Invesco
Balanced-Risk Allocation
Investment Division..... 4,191 42,929
MIST Invesco Mid Cap
Value Investment
Division................ 4,708,770 82,419,111
MIST Invesco Small Cap
Growth Investment
Division................ 439,557 6,791,641
MIST JPMorgan Global
Active Allocation
Investment Division..... 16,768 189,776
FOR THE YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
------------------------------------------- ----------------------------------------
2015 2014 2013 2015 2014 2013
--------- -------------- -------------- --------- ------------- ------------
MFS VIT II High Yield
Investment Division..... 10,209 8,053 147,796(e) 2,674 9,380 707(e)
MIST AB Global Dynamic
Allocation Investment
Division................ 35,828 17,377 33,068 19,998 3,240 7,386
MIST Allianz Global
Investors Dynamic
Multi-Asset Plus
Investment Division..... 11,135 100(a) -- 8,841 24(a) --
MIST American Funds
Balanced Allocation
Investment Division..... 147,094 187,720 136,505 64,178 60,112 46,230
MIST American Funds
Growth Allocation
Investment Division..... 329,483 432,644 596,532 160,757 272,941 241,084
MIST American Funds
Moderate Allocation
Investment Division..... 262,764 261,530 332,563 253,058 80,567 87,879
MIST AQR Global Risk
Balanced Investment
Division................ 77,154 57,534 202,173 89,138 35,216 63,799
MIST BlackRock Global
Tactical Strategies
Investment Division..... 100,309 104,608 72,022 49,822 14,302 13,676
MIST Clarion Global Real
Estate Investment
Division................ 2,921,699 7,937,396 4,872,884 3,259,973 7,343,310 2,567,939
MIST ClearBridge
Aggressive Growth
Investment Division..... 3,901,426 22,044,282 2,383,159 6,423,106 3,068,564 1,442,150
MIST Harris Oakmark
International Investment
Division................ 7,532,177 7,989,660 12,366,501 3,678,669 11,781,678 3,801,502
MIST Invesco
Balanced-Risk Allocation
Investment Division..... 29,687 10,894 28,473 16,109 4,860 11,354
MIST Invesco Mid Cap
Value Investment
Division................ 7,116,167 17,257,547 1,498,456 6,104,875 6,663,774 5,791,979
MIST Invesco Small Cap
Growth Investment
Division................ 2,489,399 1,841,187 1,526,001 1,159,496 1,116,722 1,137,610
MIST JPMorgan Global
Active Allocation
Investment Division..... 61,002 72,943 133,918 33,585 15,555 47,621
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
189
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31
-------------------------
SHARES COST ($)
----------- ------------
2015 2015
----------- ------------
MIST JPMorgan Small Cap
Value Investment
Division................ 20,492 349,485
MIST Loomis Sayles Global
Markets Investment
Division................ 21,700 296,777
MIST Lord Abbett Bond
Debenture Investment
Division................ 2,383,673 29,174,394
MIST Met/Templeton
International Bond
Investment Division..... 18,424 205,132
MIST MetLife Asset
Allocation 100
Investment Division..... 1,622,633 18,359,133
MIST MetLife Balanced
Plus Investment
Division................ 25,212 280,889
MIST MetLife Multi-Index
Targeted Risk
Investment Division..... 11,711 139,364
MIST MetLife Small Cap
Value Investment
Division................ 64,162 916,334
MIST MFS Emerging
Markets Equity
Investment Division..... 66,399 649,826
MIST MFS Research
International Investment
Division................ 1,740,735 18,846,041
MIST Morgan Stanley
Mid Cap Growth
Investment Division..... 13,523,030 139,767,451
MIST Oppenheimer Global
Equity Investment
Division................ 2,414,507 34,364,101
MIST PanAgora Global
Diversified Risk
Investment Division..... 1 10
MIST PIMCO Inflation
Protected Bond
Investment Division..... 1,092,309 11,894,934
MIST PIMCO Total Return
Investment Division..... 3,915,216 46,183,374
MIST Pioneer Fund
Investment Division..... 13,600 155,792
FOR THE YEAR ENDED DECEMBER 31
------------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
---------------------------------------- ------------------------------------------
2015 2014 2013 2015 2014 2013
------------ --------- ------------ -------------- ---------- -------------
MIST JPMorgan Small Cap
Value Investment
Division................ 86,606 107,150 203,341 18,000 49,885 18,320
MIST Loomis Sayles Global
Markets Investment
Division................ 28,756 47,648 386,272(d) 129,542 48,429 11,829(d)
MIST Lord Abbett Bond
Debenture Investment
Division................ 5,338,414 5,135,027 3,850,241 2,981,292 4,601,508 3,533,230
MIST Met/Templeton
International Bond
Investment Division..... 88,215 99,613 105,910 53,943 8,955 22,711
MIST MetLife Asset
Allocation 100
Investment Division..... 3,914,059 2,705,529 1,755,615 2,073,396 1,925,555 1,915,678
MIST MetLife Balanced
Plus Investment
Division................ 137,489 157,666 107,011 83,354 16,033 66,151
MIST MetLife Multi-Index
Targeted Risk
Investment Division..... 128,550 116,860 10,029(d) 107,270 2,566 7,161(d)
MIST MetLife Small Cap
Value Investment
Division................ 320,730 53,036 63,430 25,332 120,727 233,699
MIST MFS Emerging
Markets Equity
Investment Division..... 165,039 409,348 203,989 61,034 127,301 16,542
MIST MFS Research
International Investment
Division................ 1,366,765 1,401,947 4,346,021 1,521,529 1,748,099 1,625,675
MIST Morgan Stanley
Mid Cap Growth
Investment Division..... 2,463,949 2,474,168 3,506,234 13,176,582 15,801,000 14,826,330
MIST Oppenheimer Global
Equity Investment
Division................ 5,241,230 3,170,102 2,321,885 4,474,959 4,390,657 3,889,775
MIST PanAgora Global
Diversified Risk
Investment Division..... 9,129(f) -- -- 8,759(f) -- --
MIST PIMCO Inflation
Protected Bond
Investment Division..... 1,409,990 1,814,740 2,836,674 1,673,265 1,907,316 3,102,046
MIST PIMCO Total Return
Investment Division..... 4,418,576 2,535,003 9,342,752 4,184,544 6,427,172 5,838,413
MIST Pioneer Fund
Investment Division..... 21,285 61,661 7,882 50,580 2,073 47,925
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
190
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31
------------------------
SHARES COST ($)
---------- ------------
2015 2015
---------- ------------
MIST Pyramis Managed
Risk Investment
Division................ 334 3,810
MIST Schroders Global
Multi-Asset Investment
Division................ 3,342 38,245
MIST SSGA Growth and
Income ETF Investment
Division................ 669,741 7,760,554
MIST SSGA Growth ETF
Investment Division..... 590,257 6,730,607
MIST T. Rowe Price Large
Cap Value Investment
Division................ 59,535 1,533,669
MIST T. Rowe Price Mid
Cap Growth Investment
Division................ 2,987,988 29,005,425
MIST WMC Large Cap
Research Investment
Division................ 28,983,713 319,179,780
MSF Baillie Gifford
International Stock
Investment Division..... 4,002,225 44,200,073
MSF Barclays Aggregate
Bond Index Investment
Division................ 11,625,593 127,490,981
MSF BlackRock Bond
Income Investment
Division................ 738,211 79,334,420
MSF BlackRock Capital
Appreciation Investment
Division................ 280,159 7,803,137
MSF BlackRock Large Cap
Value Investment
Division................ 2,187,442 22,209,749
MSF BlackRock Money
Market Investment
Division................ 246,842 24,684,237
MSF Frontier Mid Cap
Growth Investment
Division................ 6,766,840 175,517,395
MSF Jennison Growth
Investment Division..... 1,587,920 19,643,901
MSF Loomis Sayles
Small Cap Core
Investment Division..... 92,092 21,045,528
FOR THE YEAR ENDED DECEMBER 31
--------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
--------------------------------------- ---------------------------------------
2015 2014 2013 2015 2014 2013
----------- ---------- ------------- ----------- ----------- -------------
MIST Pyramis Managed
Risk Investment
Division................ 47,328 1,698 292(d) 45,584 476 --(d)
MIST Schroders Global
Multi-Asset Investment
Division................ 21,659 11,548 20,776 13,208 3,147 5,512
MIST SSGA Growth and
Income ETF Investment
Division................ 1,604,888 1,761,161 1,997,849 903,258 1,687,133 859,987
MIST SSGA Growth ETF
Investment Division..... 1,782,647 1,868,438 1,446,527 847,783 847,985 671,592
MIST T. Rowe Price Large
Cap Value Investment
Division................ 50,140 147,425 420,793 305,400 28,700 193,933
MIST T. Rowe Price Mid
Cap Growth Investment
Division................ 9,041,352 5,023,487 3,029,264 3,314,619 2,437,153 2,799,197
MIST WMC Large Cap
Research Investment
Division................ 35,133,904 8,159,906 6,774,176 28,229,973 28,472,042 26,186,441
MSF Baillie Gifford
International Stock
Investment Division..... 2,432,046 1,702,428 2,118,267 3,348,491 3,434,170 3,108,949
MSF Barclays Aggregate
Bond Index Investment
Division................ 12,590,249 17,873,747 20,021,956 13,158,342 11,732,000 8,161,697
MSF BlackRock Bond
Income Investment
Division................ 7,717,489 5,415,462 8,070,467 8,611,007 6,638,355 6,400,153
MSF BlackRock Capital
Appreciation Investment
Division................ 2,583,957 690,157 3,327,801 965,221 12,805,858 1,550,635
MSF BlackRock Large Cap
Value Investment
Division................ 3,367,903 6,262,989 2,342,311 1,904,152 1,834,624 1,620,473
MSF BlackRock Money
Market Investment
Division................ 5,475,949 18,335,118 8,919,408 10,824,505 12,084,209 8,411,979
MSF Frontier Mid Cap
Growth Investment
Division................ 32,585,116 21,151,998 8,476,019 16,451,475 17,712,139 22,525,722
MSF Jennison Growth
Investment Division..... 5,344,129 3,179,188 913,517 2,703,444 2,763,458 2,926,328
MSF Loomis Sayles
Small Cap Core
Investment Division..... 3,725,578 3,980,334 2,698,843 2,034,904 1,814,675 2,319,697
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
191
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONTINUED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------ -------------------------------------------------------------------------
COST OF PROCEEDS
SHARES COST ($) PURCHASES ($) FROM SALES ($)
---------- ------------ ----------------------------------- -----------------------------------
2015 2015 2015 2014 2013 2015 2014 2013
---------- ------------ ---------- ---------- ---------- ---------- ---------- ----------
MSF Loomis Sayles
Small Cap Growth
Investment Division..... 855,842 9,721,928 2,397,390 2,282,405 1,502,732 1,247,114 1,779,900 1,369,444
MSF Met/Artisan Mid Cap
Value Investment
Division................ 250,567 52,884,756 9,241,788 1,388,923 1,897,264 4,195,279 4,484,383 4,831,177
MSF MetLife Asset
Allocation 20 Investment
Division................ 497,108 5,629,692 823,597 1,528,404 1,016,919 619,628 974,749 1,287,364
MSF MetLife Asset
Allocation 40 Investment
Division................ 811,513 9,460,318 2,475,186 1,909,288 1,722,153 2,085,619 1,095,441 1,719,216
MSF MetLife Asset
Allocation 60 Investment
Division................ 4,077,632 45,965,540 6,027,977 7,170,769 5,705,492 4,491,997 4,378,369 6,533,709
MSF MetLife Asset
Allocation 80 Investment
Division................ 6,696,067 75,937,084 8,947,130 7,388,669 7,738,825 7,178,922 6,440,275 8,434,282
MSF MetLife Mid Cap
Stock Index Investment
Division................ 4,856,188 65,750,750 10,066,908 8,192,648 13,448,733 7,032,261 18,250,892 7,654,195
MSF MetLife Stock Index
Investment Division..... 21,800,820 702,213,756 79,790,746 55,709,939 44,934,052 59,505,671 76,321,598 61,796,495
MSF MFS Total Return
Investment Division..... 58,512 8,270,033 1,186,630 862,352 938,490 1,070,466 1,045,972 830,981
MSF MFS Value Investment
Division................ 5,458,990 75,838,351 17,539,930 6,999,445 13,685,105 6,622,488 7,007,481 6,070,278
MSF MSCI EAFE Index
Investment Division..... 6,304,366 72,261,005 7,716,691 10,695,798 7,260,878 5,827,123 7,195,699 7,024,358
MSF Neuberger Berman
Genesis Investment
Division................ 5,596,556 81,028,858 1,163,361 2,063,278 7,027,531 6,972,177 7,736,851 7,742,991
MSF Russell 2000 Index
Investment Division..... 3,790,979 50,670,772 8,769,748 6,587,826 3,029,528 6,340,553 6,379,754 6,463,070
MSF T. Rowe Price Large
Cap Growth Investment
Division................ 3,870,051 62,844,624 18,463,477 7,579,276 15,736,961 7,557,701 6,082,255 6,944,037
MSF T. Rowe Price Small
Cap Growth Investment
Division................ 4,875,688 73,921,068 13,093,685 10,586,051 9,391,866 8,702,468 25,182,622 11,430,616
MSF Van Eck Global
Natural Resources
Investment Division..... 22,879 272,890 96,754 134,400 114,120 25,178 80,461 11,294
MSF Western Asset
Management Strategic
Bond Opportunities
Investment Division..... 1,994,907 24,998,720 2,670,409 2,618,269 3,018,642 1,935,423 1,964,514 2,127,409
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
192
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS -- (CONCLUDED)
AS OF DECEMBER 31
-------------------------
SHARES COST ($)
----------- ------------
2015 2015
----------- ------------
MSF Western Asset
Management U.S.
Government Investment
Division................ 1,332,826 16,111,066
MSF WMC Balanced
Investment Division..... 16,068,655 268,885,261
MSF WMC Core Equity
Opportunities Investment
Division................ 2,556,317 73,795,526
Oppenheimer VA Main
Street Small Cap
Investment Division..... 461 10,525
PIMCO VIT All Asset
Investment Division..... 12,061 132,378
PIMCO VIT
CommodityRealReturn
Strategy Investment
Division................ 1,478 17,017
PIMCO VIT Low Duration
Investment Division..... 80,609 844,323
Pioneer VCT Mid Cap Value
Investment Division..... 2,460 43,389
Putnam VT International
Value Investment
Division................ 596 6,112
Royce Micro-Cap
Investment Division..... 871 9,102
Royce Small-Cap
Investment Division..... 6,402 70,678
UIF Emerging Markets Debt
Investment Division..... 122,944 1,046,831
UIF Emerging Markets
Equity Investment
Division................ 179,626 2,617,203
Wells Fargo VT Total
Return Bond Investment
Division................ 23,076 241,849
FOR THE YEAR ENDED DECEMBER 31
---------------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
------------------------------------------ -------------------------------------------
2015 2014 2013 2015 2014 2013
----------- ------------- ------------- ----------- -------------- --------------
MSF Western Asset
Management U.S.
Government Investment
Division................ 1,262,553 1,153,933 1,874,177 1,510,344 1,400,796 1,529,016
MSF WMC Balanced
Investment Division..... 60,097,474 7,536,901 9,203,469 22,658,546 22,681,028 19,565,615
MSF WMC Core Equity
Opportunities Investment
Division................ 28,017,024 7,579,420 3,803,213 6,046,488 5,561,430 6,337,042
Oppenheimer VA Main
Street Small Cap
Investment Division..... 6,650 4,945(g) -- 939 91(g) --
PIMCO VIT All Asset
Investment Division..... 59,535 59,597 919,742 779,077 37,514 102,137
PIMCO VIT
CommodityRealReturn
Strategy Investment
Division................ 4,187 40,783 6,189(d) 21,199 1,248 275(d)
PIMCO VIT Low Duration
Investment Division..... 30,973 21,087 932,742 740,639 31,701 317,710
Pioneer VCT Mid Cap Value
Investment Division..... 6,247 22,259 425 20,763 3,724 131,940
Putnam VT International
Value Investment
Division................ 1,379 1,415 6,233(b) 1,364 1,293 293(b)
Royce Micro-Cap
Investment Division..... 1,437 1,597 2,118 78 80 429,932
Royce Small-Cap
Investment Division..... 25,745 399,926 226,942 4,053 998,708 224,586
UIF Emerging Markets Debt
Investment Division..... 304,283 126,705 271,301 121,731 474,385 107,779
UIF Emerging Markets
Equity Investment
Division................ 758,349 1,371,355 399,267 363,786 334,525 165,296
Wells Fargo VT Total
Return Bond Investment
Division................ 1,611,052 802,502 59,791 2,370,728 56,718 270,977
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
193
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
AB GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 11,048 10,121 11,630
Units issued and
transferred from other
funding options....... 227 2,619 1,489
Units redeemed and
transferred to other
funding options....... (5,616) (1,692) (2,998)
----------------- ----------------- -----------------
Units end of year........ 5,659 11,048 10,121
================= ================= =================
AMERICAN CENTURY VP
AB INTERMEDIATE BOND CAPITAL APPRECIATION
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------- ------------------------------------
2015 2014 2013 2015 2014 (a)
----------------- ----------------- ----------------- ----------------- -----------------
Units beginning of year.. 3,712 3,812 6,675 21 --
Units issued and
transferred from other
funding options....... 219 44 219 -- 32
Units redeemed and
transferred to other
funding options....... (152) (144) (3,082) (17) (11)
----------------- ----------------- ----------------- ----------------- -----------------
Units end of year........ 3,779 3,712 3,812 4 21
================= ================= ================= ================= =================
AMERICAN FUNDS BOND
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 422,554 417,001 397,946
Units issued and
transferred from other
funding options....... 130,560 99,347 106,636
Units redeemed and
transferred to other
funding options....... (115,258) (93,794) (87,581)
----------------- ----------------- -----------------
Units end of year........ 437,856 422,554 417,001
================= ================= =================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 1,772,715 1,848,240 1,947,587
Units issued and
transferred from other
funding options....... 211,987 218,125 249,505
Units redeemed and
transferred to other
funding options....... (300,661) (293,650) (348,852)
----------------- ----------------- -----------------
Units end of year........ 1,684,041 1,772,715 1,848,240
================= ================= =================
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 1,119,856 1,184,798 1,269,410
Units issued and
transferred from other
funding options....... 101,013 116,712 145,646
Units redeemed and
transferred to other
funding options....... (175,701) (181,654) (230,258)
----------------- ----------------- -----------------
Units end of year........ 1,045,168 1,119,856 1,184,798
================= ================= =================
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 1,243,407 1,315,261 1,382,116
Units issued and
transferred from other
funding options....... 120,286 131,341 173,179
Units redeemed and
transferred to other
funding options....... (190,280) (203,195) (240,034)
----------------- ----------------- -----------------
Units end of year........ 1,173,413 1,243,407 1,315,261
================= ================= =================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 19,587 19,162 18,773
Units issued and
transferred from other
funding options....... 842 1,226 7,789
Units redeemed and
transferred to other
funding options....... (7,942) (801) (7,400)
----------------- ----------------- -----------------
Units end of year........ 12,487 19,587 19,162
================= ================= =================
AMERICAN FUNDS
U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
------------------ ----------------- ------------------
Units beginning of year.. 2,082 2,093 1,972
Units issued and
transferred from other
funding options....... 109 54 220
Units redeemed and
transferred to other
funding options....... (66) (65) (99)
------------------ ----------------- ------------------
Units end of year........ 2,125 2,082 2,093
================== ================= ==================
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
------------------ ----------------- ------------------
Units beginning of year.. 15,519 15,672 16,013
Units issued and
transferred from other
funding options....... -- -- 11
Units redeemed and
transferred to other
funding options....... (156) (153) (352)
------------------ ----------------- ------------------
Units end of year........ 15,363 15,519 15,672
================== ================= ==================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
------------------ ----------------- ------------------
Units beginning of year.. 135,053 132,058 164,596
Units issued and
transferred from other
funding options....... 16,970 11,986 11,097
Units redeemed and
transferred to other
funding options....... (30,924) (8,991) (43,635)
------------------ ----------------- ------------------
Units end of year........ 121,099 135,053 132,058
================== ================= ==================
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ------------------ -----------------
Units beginning of year.. 113,831 115,785 147,414
Units issued and
transferred from other
funding options....... 11,187 6,940 9,977
Units redeemed and
transferred to other
funding options....... (17,183) (8,894) (41,606)
----------------- ------------------ -----------------
Units end of year........ 107,835 113,831 115,785
================= ================== =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
194
195
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ------------------ ------------------
Units beginning of year.. 1,259 1,817 4,431
Units issued and
transferred from other
funding options....... 122 100 860
Units redeemed and
transferred to other
funding options....... (712) (658) (3,474)
----------------- ------------------ ------------------
Units end of year........ 669 1,259 1,817
================= ================== ==================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
------------------ ----------------- ------------------
Units beginning of year.. 3,474 3,488 3,378
Units issued and
transferred from other
funding options....... 8,348 7,340 118
Units redeemed and
transferred to other
funding options....... (10,430) (7,354) (8)
------------------ ----------------- ------------------
Units end of year........ 1,392 3,474 3,488
================== ================= ==================
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------------
2015 2014 2013
------------------ ------------------ ------------------
Units beginning of year.. 56,045 58,587 51,279
Units issued and
transferred from other
funding options....... 12,806 25,007 9,018
Units redeemed and
transferred to other
funding options....... (37,904) (27,549) (1,710)
------------------ ------------------ ------------------
Units end of year........ 30,947 56,045 58,587
================== ================== ==================
FIDELITY VIP FREEDOM 2025
INVESTMENT DIVISION
----------------------------------------------------------
2015 2014 2013 (b)
------------------ ------------------ ------------------
Units beginning of year.. 1,914 2,149 --
Units issued and
transferred from other
funding options....... 20,650 -- 2,321
Units redeemed and
transferred to other
funding options....... (494) (235) (172)
------------------ ------------------ ------------------
Units end of year........ 22,070 1,914 2,149
================== ================== ==================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ------------------ ------------------
Units beginning of year.. 5,911 4,709 3,939
Units issued and
transferred from other
funding options....... 20,629 23,056 811
Units redeemed and
transferred to other
funding options....... (17,842) (21,854) (41)
----------------- ------------------ ------------------
Units end of year........ 8,698 5,911 4,709
================= ================== ==================
FIDELITY VIP FREEDOM 2040
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013 (c)
----------------- ----------------- ------------------
Units beginning of year.. 3,374 782 --
Units issued and
transferred from other
funding options....... 12,698 10,224 784
Units redeemed and
transferred to other
funding options....... (10,431) (7,632) (2)
----------------- ----------------- ------------------
Units end of year........ 5,641 3,374 782
================= ================= ==================
FIDELITY VIP FREEDOM 2050
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ------------------ ------------------
Units beginning of year.. 1,669 1,444 1,468
Units issued and
transferred from other
funding options....... 8,271 7,473 1
Units redeemed and
transferred to other
funding options....... (6,719) (7,248) (25)
----------------- ------------------ ------------------
Units end of year........ 3,221 1,669 1,444
================= ================== ==================
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ------------------ ------------------
Units beginning of year.. 8,712 8,598 8,955
Units issued and
transferred from other
funding options....... 2,652 576 4
Units redeemed and
transferred to other
funding options....... (563) (462) (361)
----------------- ------------------ ------------------
Units end of year........ 10,801 8,712 8,598
================= ================== ==================
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ----------------- ------------------
Units beginning of year.. 76,739 109,725 144,729
Units issued and
transferred from other
funding options....... 3,210 29,160 74,632
Units redeemed and
transferred to other
funding options....... (4,702) (62,146) (109,636)
----------------- ----------------- ------------------
Units end of year........ 75,247 76,739 109,725
================= ================= ==================
FIDELITY VIP MID CAP
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 6,260 6,501 26,557
Units issued and
transferred from other
funding options....... 889 386 46
Units redeemed and
transferred to other
funding options....... (149) (627) (20,102)
----------------- ----------------- -----------------
Units end of year........ 7,000 6,260 6,501
================= ================= =================
FTVIPT FRANKLIN INCOME VIP
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013 (d)
------------------ ------------------ -----------------
Units beginning of year.. 28 1 --
Units issued and
transferred from other
funding options....... 25 32 1
Units redeemed and
transferred to other
funding options....... (6) (5) --
------------------ ------------------ -----------------
Units end of year........ 47 28 1
================== ================== =================
FTVIPT FRANKLIN MUTUAL GLOBAL DISCOVERY VIP
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ----------------- ------------------
Units beginning of year.. 18,185 19,479 40,339
Units issued and
transferred from other
funding options....... 1,837 1,756 1,707
Units redeemed and
transferred to other
funding options....... (1,490) (3,050) (22,567)
----------------- ----------------- ------------------
Units end of year........ 18,532 18,185 19,479
================= ================= ==================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
196
197
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
FTVIPT FRANKLIN MUTUAL SHARES VIP
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013 (d)
----------------- ----------------- -----------------
Units beginning of year.... 109 67 --
Units issued and
transferred from other
funding options......... 92 50 72
Units redeemed and
transferred to other
funding options......... (7) (8) (5)
----------------- ----------------- -----------------
Units end of year.......... 194 109 67
================= ================= =================
FTVIPT TEMPLETON FOREIGN VIP
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ---------------- -----------------
Units beginning of year.... 276,787 203,220 225,312
Units issued and
transferred from other
funding options......... 39,852 129,250 22,322
Units redeemed and
transferred to other
funding options......... (21,358) (55,683) (44,414)
----------------- ---------------- -----------------
Units end of year.......... 295,281 276,787 203,220
================= ================ =================
FTVIPT TEMPLETON GLOBAL BOND VIP
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ----------------- ----------------
Units beginning of year.... 49,895 54,283 18,556
Units issued and
transferred from other
funding options......... 14,084 1,227 40,703
Units redeemed and
transferred to other
funding options......... (40,454) (5,615) (4,976)
----------------- ----------------- ----------------
Units end of year.......... 23,525 49,895 54,283
================= ================= ================
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.... 10,570 11,790 15,625
Units issued and
transferred from other
funding options......... -- 140 --
Units redeemed and
transferred to other
funding options......... (736) (1,360) (3,835)
----------------- ----------------- -----------------
Units end of year.......... 9,834 10,570 11,790
================= ================= =================
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
------------------ ----------------- ------------------
Units beginning of year.. 1,766 2,114 1,925
Units issued and
transferred from other
funding options....... 53 111 460
Units redeemed and
transferred to other
funding options....... (174) (459) (271)
------------------ ----------------- ------------------
Units end of year........ 1,645 1,766 2,114
================== ================= ==================
INVESCO V.I. COMSTOCK
INVESTMENT DIVISION
----------------------------------------------------------
2015 2014 2013
------------------ ------------------ ------------------
Units beginning of year.. 18,652 18,458 18,847
Units issued and
transferred from other
funding options....... 1,183 598 11
Units redeemed and
transferred to other
funding options....... (576) (404) (400)
------------------ ------------------ ------------------
Units end of year........ 19,259 18,652 18,458
================== ================== ==================
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
----------------------------------------------------------
2015 2014 2013
------------------ ------------------ ------------------
Units beginning of year.. 14,202 16,229 314,797
Units issued and
transferred from other
funding options....... 674 795 15,364
Units redeemed and
transferred to other
funding options....... (1,191) (2,882) (313,932)
------------------ ------------------ ------------------
Units end of year........ 13,685 14,202 16,229
================== ================== ==================
JANUS ASPEN BALANCED
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ------------------ ------------------
Units beginning of year.. 44,817 44,471 59,065
Units issued and
transferred from other
funding options....... 2,768 4,121 1,895
Units redeemed and
transferred to other
funding options....... (2,200) (3,775) (16,489)
----------------- ------------------ ------------------
Units end of year........ 45,385 44,817 44,471
================= ================== ==================
JANUS ASPEN FORTY
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
------------------ ----------------- -----------------
Units beginning of year.. 20,307 34,817 46,505
Units issued and
transferred from other
funding options....... 500 912 1,234
Units redeemed and
transferred to other
funding options....... (881) (15,422) (12,922)
------------------ ----------------- -----------------
Units end of year........ 19,926 20,307 34,817
================== ================= =================
JANUS ASPEN JANUS
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
------------------ ----------------- ------------------
Units beginning of year.. 27,479 28,415 81,921
Units issued and
transferred from other
funding options....... 407 699 121
Units redeemed and
transferred to other
funding options....... (2,363) (1,635) (53,627)
------------------ ----------------- ------------------
Units end of year........ 25,523 27,479 28,415
================== ================= ==================
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ----------------- ------------------
Units beginning of year.. 1,884 2,403 17,627
Units issued and
transferred from other
funding options....... 223 240 228
Units redeemed and
transferred to other
funding options....... (539) (759) (15,452)
----------------- ----------------- ------------------
Units end of year........ 1,568 1,884 2,403
================= ================= ==================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 7,650 7,761 7,233
Units issued and
transferred from other
funding options....... 430 357 716
Units redeemed and
transferred to other
funding options....... (574) (468) (188)
----------------- ----------------- -----------------
Units end of year........ 7,506 7,650 7,761
================= ================= =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
198
199
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 8,474 8,721 9,204
Units issued and
transferred from other
funding options....... 8 5 --
Units redeemed and
transferred to other
funding options....... (262) (252) (483)
----------------- ----------------- -----------------
Units end of year........ 8,220 8,474 8,721
================= ================= =================
MFS VIT VALUE
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 903 978 1,049
Units issued and
transferred from other
funding options....... -- 1,462 1
Units redeemed and
transferred to other
funding options....... (83) (1,537) (72)
----------------- ----------------- -----------------
Units end of year........ 820 903 978
================= ================= =================
MFS VIT II HIGH YIELD
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013 (e)
----------------- ----------------- -----------------
Units beginning of year.. 7,587 8,075 --
Units issued and
transferred from other
funding options....... 40 3 8,117
Units redeemed and
transferred to other
funding options....... (163) (491) (42)
----------------- ----------------- -----------------
Units end of year........ 7,464 7,587 8,075
================= ================= =================
MIST AB GLOBAL DYNAMIC ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 3,865 2,847 656
Units issued and
transferred from other
funding options....... 2,377 1,277 2,831
Units redeemed and
transferred to other
funding options....... (1,530) (259) (640)
----------------- ----------------- -----------------
Units end of year........ 4,712 3,865 2,847
================= ================= =================
MIST ALLIANZ GLOBAL INVESTORS
DYNAMIC MULTI-ASSET PLUS MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------ --------------------------------------------------------
2015 2014 (a) 2015 2014 2013
----------------- ----------------- ----------------- ------------------ -----------------
Units beginning of year.. 72 -- 59,916 57,458 54,591
Units issued and
transferred from other
funding options....... 10,338 96 5,741 6,662 6,481
Units redeemed and
transferred to other
funding options....... (8,468) (24) (4,351) (4,204) (3,614)
----------------- ----------------- ----------------- ------------------ -----------------
Units end of year........ 1,942 72 61,306 59,916 57,458
================= ================= ================= ================== =================
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 101,601 108,102 84,318
Units issued and
transferred from other
funding options....... 14,045 12,222 43,545
Units redeemed and
transferred to other
funding options....... (10,606) (18,723) (19,761)
----------------- ----------------- -----------------
Units end of year........ 105,040 101,601 108,102
================= ================= =================
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 71,127 64,895 49,584
Units issued and
transferred from other
funding options....... 14,053 12,069 22,287
Units redeemed and
transferred to other
funding options....... (17,368) (5,837) (6,976)
----------------- ----------------- -----------------
Units end of year........ 67,812 71,127 64,895
================= ================= =================
MIST AQR GLOBAL RISK BALANCED
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 17,046 15,059 2,358
Units issued and
transferred from other
funding options....... 5,403 5,307 18,647
Units redeemed and
transferred to other
funding options....... (8,350) (3,320) (5,946)
----------------- ----------------- -----------------
Units end of year........ 14,099 17,046 15,059
================= ================= =================
MIST BLACKROCK GLOBAL TACTICAL STRATEGIES
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ----------------- ------------------
Units beginning of year.. 15,552 8,821 3,707
Units issued and
transferred from other
funding options....... 6,931 7,919 6,344
Units redeemed and
transferred to other
funding options....... (4,020) (1,188) (1,230)
----------------- ----------------- ------------------
Units end of year........ 18,463 15,552 8,821
================= ================= ==================
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
------------------ ----------------- -----------------
Units beginning of year.. 1,424,610 1,412,669 1,388,419
Units issued and
transferred from other
funding options....... 197,300 493,788 302,475
Units redeemed and
transferred to other
funding options....... (268,419) (481,847) (278,225)
------------------ ----------------- -----------------
Units end of year........ 1,353,491 1,424,610 1,412,669
================== ================= =================
MIST CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ------------------ -----------------
Units beginning of year.. 2,519,284 1,375,745 1,313,742
Units issued and
transferred from other
funding options....... 466,292 1,550,161 313,509
Units redeemed and
transferred to other
funding options....... (607,947) (406,622) (251,506)
----------------- ------------------ -----------------
Units end of year........ 2,377,629 2,519,284 1,375,745
================= ================== =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
200
201
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 1,446,693 1,980,844 1,421,965
Units issued and
transferred from other
funding options....... 200,787 220,406 863,606
Units redeemed and
transferred to other
funding options....... (244,523) (754,557) (304,727)
----------------- ----------------- -----------------
Units end of year........ 1,402,957 1,446,693 1,980,844
================= ================= =================
MIST INVESCO BALANCED-RISK ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 27,242 22,938 7,100
Units issued and
transferred from other
funding options....... 22,460 8,699 26,433
Units redeemed and
transferred to other
funding options....... (14,407) (4,395) (10,595)
----------------- ----------------- -----------------
Units end of year........ 35,295 27,242 22,938
================= ================= =================
MIST INVESCO MID CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 2,536,877 2,707,441 2,873,152
Units issued and
transferred from other
funding options....... 264,793 236,264 304,764
Units redeemed and
transferred to other
funding options....... (365,099) (406,828) (470,475)
----------------- ----------------- -----------------
Units end of year........ 2,436,571 2,536,877 2,707,441
================= ================= =================
MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 249,054 251,143 245,733
Units issued and
transferred from other
funding options....... 41,305 57,371 77,189
Units redeemed and
transferred to other
funding options....... (57,393) (59,460) (71,779)
----------------- ----------------- -----------------
Units end of year........ 232,966 249,054 251,143
================= ================= =================
MIST JPMORGAN GLOBAL ACTIVE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
---------------- ----------------- -----------------
Units beginning of year.. 135,962 93,835 17,811
Units issued and
transferred from other
funding options....... 36,613 54,885 119,559
Units redeemed and
transferred to other
funding options....... (26,415) (12,758) (43,535)
---------------- ----------------- -----------------
Units end of year........ 146,160 135,962 93,835
================ ================= =================
MIST JPMORGAN SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 12,640 11,410 2,300
Units issued and
transferred from other
funding options....... 2,473 3,528 10,018
Units redeemed and
transferred to other
funding options....... (791) (2,298) (908)
----------------- ----------------- -----------------
Units end of year........ 14,322 12,640 11,410
================= ================= =================
MIST LOOMIS SAYLES GLOBAL MARKETS
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013 (d)
----------------- ----------------- -----------------
Units beginning of year.. 21,302 21,834 --
Units issued and
transferred from other
funding options....... 1,018 1,956 22,483
Units redeemed and
transferred to other
funding options....... (6,104) (2,488) (649)
----------------- ----------------- -----------------
Units end of year........ 16,216 21,302 21,834
================= ================= =================
MIST LORD ABBETT BOND DEBENTURE
INVESTMENT DIVISION
-----------------------------------------------------
2015 2014 2013
----------------- ---------------- ----------------
Units beginning of year.. 941,028 1,003,912 1,063,203
Units issued and
transferred from other
funding options....... 147,194 169,905 133,374
Units redeemed and
transferred to other
funding options....... (162,376) (232,789) (192,665)
----------------- ---------------- ----------------
Units end of year........ 925,846 941,028 1,003,912
================= ================ ================
MIST MET/TEMPLETON INTERNATIONAL BOND
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ------------------ -----------------
Units beginning of year.. 11,790 5,967 181
Units issued and
transferred from other
funding options....... 4,916 6,422 7,357
Units redeemed and
transferred to other
funding options....... (3,751) (599) (1,571)
----------------- ------------------ -----------------
Units end of year........ 12,955 11,790 5,967
================= ================== =================
MIST METLIFE ASSET ALLOCATION 100
INVESTMENT DIVISION
---------------------------------------------------------
2015 2014 2013
----------------- ------------------ ------------------
Units beginning of year.. 1,096,717 1,065,070 1,085,674
Units issued and
transferred from other
funding options....... 187,265 228,160 197,390
Units redeemed and
transferred to other
funding options....... (191,206) (196,513) (217,994)
----------------- ------------------ ------------------
Units end of year........ 1,092,776 1,096,717 1,065,070
================= ================== ==================
MIST METLIFE BALANCED PLUS
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 17,529 7,685 4,287
Units issued and
transferred from other
funding options....... 9,022 11,072 9,284
Units redeemed and
transferred to other
funding options....... (6,320) (1,228) (5,886)
----------------- ----------------- -----------------
Units end of year........ 20,231 17,529 7,685
================= ================= =================
MIST METLIFE MULTI-INDEX TARGETED RISK
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013 (d)
------------------ ----------------- -----------------
Units beginning of year.. 968 23 --
Units issued and
transferred from other
funding options....... 982 966 91
Units redeemed and
transferred to other
funding options....... (851) (21) (68)
------------------ ----------------- -----------------
Units end of year........ 1,099 968 23
================== ================= =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
202
203
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
MIST METLIFE SMALL CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ----------------- ----------------
Units beginning of year.... 36,751 41,430 50,513
Units issued and
transferred from other
funding options......... 595 892 3,119
Units redeemed and
transferred to other
funding options......... (1,290) (5,571) (12,202)
----------------- ----------------- ----------------
Units end of year.......... 36,056 36,751 41,430
================= ================= ================
MIST MFS EMERGING MARKETS EQUITY
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ----------------- ----------------
Units beginning of year.... 36,263 21,705 6,737
Units issued and
transferred from other
funding options......... 14,079 25,364 16,265
Units redeemed and
transferred to other
funding options......... (5,952) (10,806) (1,297)
----------------- ----------------- ----------------
Units end of year.......... 44,390 36,263 21,705
================= ================= ================
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ----------------- ----------------
Units beginning of year.... 1,025,165 1,065,499 920,691
Units issued and
transferred from other
funding options......... 97,048 100,778 300,336
Units redeemed and
transferred to other
funding options......... (133,705) (141,112) (155,528)
----------------- ----------------- ----------------
Units end of year.......... 988,508 1,025,165 1,065,499
================= ================= ================
MIST MORGAN STANLEY MID CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ----------------- ----------------
Units beginning of year.... 10,592,901 11,170,989 11,831,703
Units issued and
transferred from other
funding options......... 1,090,120 1,232,830 1,271,412
Units redeemed and
transferred to other
funding options......... (1,538,600) (1,810,918) (1,932,126)
----------------- ----------------- ----------------
Units end of year.......... 10,144,421 10,592,901 11,170,989
================= ================= ================
MIST
PANAGORA GLOBAL
MIST OPPENHEIMER GLOBAL EQUITY DIVERSIFIED RISK
INVESTMENT DIVISION INVESTMENT DIVISION
------------------------------------------------------- -------------------
2015 2014 2013 2015 (f)
---------------- ----------------- ----------------- -------------------
Units beginning of year.. 1,580,006 1,679,985 1,769,256 --
Units issued and
transferred from other
funding options....... 214,184 175,615 403,190 8,768
Units redeemed and
transferred to other
funding options....... (244,196) (275,594) (492,461) (8,758)
---------------- ----------------- ----------------- -------------------
Units end of year........ 1,549,994 1,580,006 1,679,985 10
================ ================= ================= ===================
MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 747,392 755,274 837,709
Units issued and
transferred from other
funding options....... 113,438 177,981 212,906
Units redeemed and
transferred to other
funding options....... (169,445) (185,863) (295,341)
----------------- ----------------- -----------------
Units end of year........ 691,385 747,392 755,274
================= ================= =================
MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 2,149,016 2,464,593 2,365,572
Units issued and
transferred from other
funding options....... 253,114 274,736 638,791
Units redeemed and
transferred to other
funding options....... (374,537) (590,313) (539,770)
----------------- ----------------- -----------------
Units end of year........ 2,027,593 2,149,016 2,464,593
================= ================= =================
MIST PIONEER FUND
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ---------------- -----------------
Units beginning of year.... 10,521 10,624 13,454
Units issued and
transferred from other
funding options......... 44 -- 95
Units redeemed and
transferred to other
funding options......... (2,309) (103) (2,925)
----------------- ---------------- -----------------
Units end of year.......... 8,256 10,521 10,624
================= ================ =================
MIST PYRAMIS MANAGED RISK
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013 (d)
----------------- ---------------- -----------------
Units beginning of year.... 13 3 --
Units issued and
transferred from other
funding options......... 393 15 3
Units redeemed and
transferred to other
funding options......... (375) (5) --
----------------- ---------------- -----------------
Units end of year.......... 31 13 3
================= ================ =================
MIST SCHRODERS GLOBAL MULTI-ASSET
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ---------------- -----------------
Units beginning of year.... 24,844 19,086 5,334
Units issued and
transferred from other
funding options......... 15,177 8,293 18,632
Units redeemed and
transferred to other
funding options......... (10,324) (2,535) (4,880)
----------------- ---------------- -----------------
Units end of year.......... 29,697 24,844 19,086
================= ================ =================
MIST SSGA GROWTH AND INCOME ETF
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.... 467,656 503,743 450,776
Units issued and
transferred from other
funding options......... 77,796 91,210 138,933
Units redeemed and
transferred to other
funding options......... (75,098) (127,297) (85,966)
----------------- ----------------- -----------------
Units end of year.......... 470,354 467,656 503,743
================= ================= =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
204
205
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.... 398,249 366,821 332,667
Units issued and
transferred from other
funding options......... 95,075 110,844 106,864
Units redeemed and
transferred to other
funding options......... (71,452) (79,416) (72,710)
----------------- ----------------- -----------------
Units end of year.......... 421,872 398,249 366,821
================= ================= =================
MIST T. ROWE PRICE LARGE CAP VALUE
INVESTMENT DIVISION
-----------------------------------------------------
2015 2014 2013
---------------- ----------------- ----------------
Units beginning of year.... 133,581 128,280 112,114
Units issued and
transferred from other
funding options......... 514 7,180 30,343
Units redeemed and
transferred to other
funding options......... (17,063) (1,879) (14,177)
---------------- ----------------- ----------------
Units end of year.......... 117,032 133,581 128,280
================ ================= ================
MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ---------------- -----------------
Units beginning of year.... 1,478,700 1,482,938 1,544,904
Units issued and
transferred from other
funding options......... 325,674 265,792 265,706
Units redeemed and
transferred to other
funding options......... (295,823) (270,030) (327,672)
----------------- ---------------- -----------------
Units end of year.......... 1,508,551 1,478,700 1,482,938
================= ================ =================
MIST WMC LARGE CAP RESEARCH
INVESTMENT DIVISION
-----------------------------------------------------
2015 2014 2013
---------------- ----------------- ----------------
Units beginning of year.... 10,583,026 11,184,832 11,913,338
Units issued and
transferred from other
funding options......... 847,471 1,115,535 1,167,810
Units redeemed and
transferred to other
funding options......... (1,460,772) (1,717,341) (1,896,316)
---------------- ----------------- ----------------
Units end of year.......... 9,969,725 10,583,026 11,184,832
================ ================= ================
MSF BAILLIE GIFFORD INTERNATIONAL STOCK
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
----------------- ----------------- ------------------
Units beginning of year.. 2,569,893 2,695,199 2,785,901
Units issued and
transferred from other
funding options....... 347,116 341,419 371,228
Units redeemed and
transferred to other
funding options....... (434,216) (466,725) (461,930)
----------------- ----------------- ------------------
Units end of year........ 2,482,793 2,569,893 2,695,199
================= ================= ==================
MSF BARCLAYS AGGREGATE BOND INDEX
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 6,012,506 5,904,440 5,528,875
Units issued and
transferred from other
funding options....... 869,690 1,175,001 1,310,705
Units redeemed and
transferred to other
funding options....... (1,063,054) (1,066,935) (935,140)
----------------- ----------------- -----------------
Units end of year........ 5,819,142 6,012,506 5,904,440
================= ================= =================
MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION
--------------------------------------------------------
2015 2014 2013
------------------ ----------------- -----------------
Units beginning of year.. 3,018,880 3,164,737 3,286,524
Units issued and
transferred from other
funding options....... 413,695 388,693 408,801
Units redeemed and
transferred to other
funding options....... (592,052) (534,550) (530,588)
------------------ ----------------- -----------------
Units end of year........ 2,840,523 3,018,880 3,164,737
================== ================= =================
MSF BLACKROCK CAPITAL APPRECIATION
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 414,973 1,238,069 1,083,757
Units issued and
transferred from other
funding options....... 70,459 69,171 306,867
Units redeemed and
transferred to other
funding options....... (75,820) (892,267) (152,555)
----------------- ----------------- -----------------
Units end of year........ 409,612 414,973 1,238,069
================= ================= =================
MSF BLACKROCK LARGE CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ---------------- -----------------
Units beginning of year.... 943,466 952,777 972,398
Units issued and
transferred from other
funding options......... 144,666 168,601 172,172
Units redeemed and
transferred to other
funding options......... (166,523) (177,912) (191,793)
----------------- ---------------- -----------------
Units end of year.......... 921,609 943,466 952,777
================= ================ =================
MSF BLACKROCK MONEY MARKET
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ---------------- -----------------
Units beginning of year.... 1,682,938 1,334,062 1,306,002
Units issued and
transferred from other
funding options......... 357,312 1,140,932 573,675
Units redeemed and
transferred to other
funding options......... (653,316) (792,056) (545,615)
----------------- ---------------- -----------------
Units end of year.......... 1,386,934 1,682,938 1,334,062
================= ================ =================
MSF FRONTIER MID CAP GROWTH
INVESTMENT DIVISION
-----------------------------------------------------
2015 2014 2013
---------------- ----------------- ----------------
Units beginning of year.... 6,861,561 7,328,205 8,053,406
Units issued and
transferred from other
funding options......... 503,551 603,587 669,008
Units redeemed and
transferred to other
funding options......... (872,778) (1,070,231) (1,394,209)
---------------- ----------------- ----------------
Units end of year.......... 6,492,334 6,861,561 7,328,205
================ ================= ================
MSF JENNISON GROWTH
INVESTMENT DIVISION
------------------------------------------------------
2015 2014 2013
----------------- ----------------- ----------------
Units beginning of year.... 975,379 1,014,111 1,151,518
Units issued and
transferred from other
funding options......... 152,823 170,080 133,920
Units redeemed and
transferred to other
funding options......... (192,375) (208,812) (271,327)
----------------- ----------------- ----------------
Units end of year.......... 935,827 975,379 1,014,111
================= ================= ================
(a) For the period April 28, 2014 to December 31, 2014.
(b) Commenced April 28, 2008 and began transactions in 2013.
(c) Commenced May 3, 2010 and began transactions in 2013.
(d) For the period April 29, 2013 to December 31, 2013.
(e) For the period August 19, 2013 to December 31, 2013.
(f) Commenced April 28, 2014 and began transactions in 2015.
(g) Commenced April 28, 2008 and began transactions in 2014.
206
207
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
7. SCHEDULES OF UNITS -- (CONTINUED)
FOR THE YEARS ENDED DECEMBER 31, 2015, 2014 AND 2013:
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 78,544 81,272 88,479
Units issued and
transferred from other
funding options....... 5,343 7,450 9,232
Units redeemed and
transferred to other
funding options....... (11,017) (10,178) (16,439)
----------------- ----------------- -----------------
Units end of year........ 72,870 78,544 81,272
================= ================= =================
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 532,728 575,475 569,420
Units issued and
transferred from other
funding options....... 77,825 93,547 141,821
Units redeemed and
transferred to other
funding options....... (95,180) (136,294) (135,766)
----------------- ----------------- -----------------
Units end of year........ 515,373 532,728 575,475
================= ================= =================
MSF MET/ARTISAN MID CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------
Units beginning of year.. 171,419 179,229 188,777
Units issued and
transferred from other
funding options....... 17,894 19,314 34,357
Units redeemed and
transferred to other
funding options....... (29,417) (27,124) (43,905)
----------------- ----------------- -----------------
Units end of year........ 159,896 171,419 179,229
================= ================= =================
MSF METLIFE ASSET ALLOCATION 20
INVESTMENT DIVISION
-------------------------------------------------------
2015 2014 2013
----------------- ----------------- -----------------