0001193125-17-123146.txt : 20170413
0001193125-17-123146.hdr.sgml : 20170413
20170413153757
ACCESSION NUMBER: 0001193125-17-123146
CONFORMED SUBMISSION TYPE: 485BPOS
PUBLIC DOCUMENT COUNT: 2
FILED AS OF DATE: 20170413
DATE AS OF CHANGE: 20170413
EFFECTIVENESS DATE: 20170501
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Metropolitan Life Separate Account UL
CENTRAL INDEX KEY: 0000858997
IRS NUMBER: 135581829
STATE OF INCORPORATION: NY
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 485BPOS
SEC ACT: 1933 Act
SEC FILE NUMBER: 033-47927
FILM NUMBER: 17760522
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: 17760523
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
C000011871
Equity Advantage VUL and UL II
485BPOS
1
d262919d485bpos.txt
MLIC EQUITY ADVANTAGE VUL AND UL II
AS FILED WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION ON APRIL 13, 2017
REGISTRATION NOS. 033-47927
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. 31 [X]
AND/OR
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
AMENDMENT NO. 80 [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
200 Park Avenue
New York, NY 10166
(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, 2017 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, 2017 pursuant to paragraph (b)
[ ] 60 days after filing pursuant to paragraph (a)(1)
[ ] on (date) pursuant to paragraph (a)(1) of Rule 485
[ ] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment
Title of Securities Being Registered: Interests in Metropolitan Life Separate
Account UL, which funds certain Variable Universal Life Insurance Policies.
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NOTE:
This registration statement incorporates by reference the prospectuses and
supplements dated May 1, 2016, 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 Equity Advantage VUL Policy, each as filed in Post-Effective Amendment No.
30 filed April 14, 2016, Post-Effective Amendment No. 29 filed April 15, 2015,
Post-Effective Amendment No. 28 filed April 11, 2014, Post-Effective Amendment
No. 27 filed April 11, 2013, Post-Effective Amendment No. 26 filed April 12,
2012, Post-Effective Amendment No. 25 filed April 13, 2011, Post-Effective
Amendment No. 24 filed April 16, 2010, Post-Effective Amendment No. 23 filed
April 16, 2009 and Post- Effective Amendment No. 22 filed April 18, 2008,
respectively, to the Registration Statement on Form N-6 (File No. 033-47927);
and
This registration statement incorporates by reference the prospectuses and
supplements dated April 28, 2008, April 30, 2007, May 1, 2006, May 1, 2005, May
1, 2004 and May 1, 2003 for the UL II Policy, each as filed in Post- Effective
Amendment No. 22 filed April 18, 2008, Post-Effective Amendment No. 21 filed
April 18, 2007, Post-Effective Amendment No. 20 filed April 25, 2006, Post
-Effective Amendment No. 19 filed April 29, 2005, Post-Effective Amendment No.
18 filed April 30, 2004 and Post-Effective Amendment No. 17 filed April 29,
2003, respectively, to the Registration Statement on Form N-6 (File No.
033-47927).
METROPOLITAN LIFE INSURANCE COMPANY
EQUITY ADVANTAGE VUL -- FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
UL II -- FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
Supplement Dated May 1, 2017 to
Prospectus Dated April 28, 2008 as previously amended (for Equity Advantage
VUL)
Prospectus Dated May 1, 2003 as previously amended (for UL II)
This supplement updates certain information contained in your last prospectus,
as annually and periodically supplemented. 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. Equity
Advantage VUL and UL II Policies 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 (and, for Equity
Advantage VUL, the Fixed Account). Each available investment division, in turn,
invests in the shares of one of the following Portfolios:
AMERICAN FUNDS INSURANCE SERIES(R) (CLASS 2)
American Funds Bond Fund
American Funds Global Small Capitalization Fund
American Funds Growth Fund
American Funds Growth-Income Fund
BRIGHTHOUSE FUNDS TRUST I (FORMERLY MET INVESTORS SERIES TRUST) (CLASS A)
Brighthouse Asset Allocation 100 Portfolio (formerly MetLife Asset
Allocation 100 Portfolio)
Brighthouse/Wellington Large Cap Research Portfolio (formerly
Met/Wellington Large Cap Research Portfolio)
Clarion Global Real Estate Portfolio
ClearBridge Aggressive Growth Portfolio
Harris Oakmark International Portfolio
Invesco Mid Cap Value Portfolio
Invesco Small Cap Growth Portfolio
MFS(R) Research International Portfolio
Morgan Stanley Mid Cap Growth Portfolio
Oppenheimer Global Equity Portfolio
PIMCO Inflation Protected Bond Portfolio
PIMCO Total Return Portfolio
SSGA Growth and Income ETF Portfolio
SSGA Growth ETF Portfolio
T. Rowe Price Mid Cap Growth Portfolio
BRIGHTHOUSE FUNDS TRUST II (FORMERLY METROPOLITAN SERIES FUND) (CLASS A)
Baillie Gifford International Stock Portfolio
BlackRock Bond Income Portfolio
BlackRock Capital Appreciation Portfolio
BlackRock Large Cap Value Portfolio
BlackRock Ultra-Short Term Bond Portfolio*
Brighthouse Asset Allocation 20 Portfolio (formerly MetLife Asset
Allocation 20 Portfolio)
Brighthouse Asset Allocation 40 Portfolio (formerly MetLife Asset
Allocation 40 Portfolio)
Brighthouse Asset Allocation 60 Portfolio (formerly MetLife Asset
Allocation 60 Portfolio)
Brighthouse Asset Allocation 80 Portfolio (formerly MetLife Asset
Allocation 80 Portfolio)
Brighthouse/Artisan Mid Cap Value Portfolio (formerly Met/Artisan Mid Cap
Value Portfolio)
Brighthouse/Wellington Balanced Portfolio (formerly Met/Wellington Balanced
Portfolio)
Brighthouse/Wellington Core Equity Opportunities Portfolio (formerly
Met/Wellington Core Equity Opportunities Portfolio)
Frontier Mid Cap Growth Portfolio
Jennison Growth Portfolio
Loomis Sayles Small Cap Core Portfolio
Loomis Sayles Small Cap Growth Portfolio
MetLife Aggregate Bond Index Portfolio (formerly Barclays Aggregate Bond
Index Portfolio)
MetLife Mid Cap Stock Index Portfolio
MetLife MSCI EAFE(R) Index Portfolio (formerly MSCI EAFE(R) Index
Portfolio)
MetLife Russell 2000(R) Index Portfolio (formerly Russell 2000(R) Index
Portfolio)
MetLife Stock Index Portfolio
MFS(R) Total Return Portfolio
MFS(R) Value Portfolio
Neuberger Berman Genesis Portfolio
T. Rowe Price Large Cap Growth Portfolio
T. Rowe Price Small Cap Growth Portfolio
Western Asset Management Strategic Bond Opportunities Portfolio
Western Asset Management U.S. Government Portfolio
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* The BlackRock Ultra-Short Term Bond Portfolio is not available for Equity
Advantage VUL Policies.
The prospectuses for the Portfolios describe in greater detail an investment in
the Portfolios. 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;
-changing your death benefit option; taking a partial withdrawal; surrendering
your Policy; making transfer requests -(including elections with respect to the
automated investment strategies) 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 371351, Pittsburgh, PA
15250-7351
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
FEE TABLES
The following replaces the section entitled "Annual Portfolio Operating
Expenses".
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 a Policy. The first table shows the minimum and
maximum fees and expenses charged by the Portfolios for the fiscal year ended
December 31, 2016. 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. Certain Portfolios may impose a redemption fee in the future.
The next table describes the annual operating expenses for each Portfolio for
the year ended December 31, 2016, as a percentage of the Portfolio's average
daily net assets for the year (before and after fee waivers and expense
reimbursements).
MINIMUM AND MAXIMUM TOTAL ANNUAL PORTFOLIO OPERATING EXPENSES
MINIMUM MAXIMUM
Total Annual Portfolio Operating Expenses
(expenses that are deducted from Portfolio assets, including management fees,
distribution and/or service (12b-1) fees, and other expenses) 0.27% 1.00%
PORTFOLIO FEES AND EXPENSES
(as a percentage of average daily net assets)
The following table is a summary. For more complete information on Portfolio
fees and expenses, please refer to the prospectus for each Portfolio.
ACQUIRED
DISTRIBUTION FUND TOTAL FEE WAIVER NET TOTAL
AND/OR FEES ANNUAL AND/OR ANNUAL
MANAGEMENT SERVICE OTHER AND OPERATING EXPENSE OPERATING
PORTFOLIO FEE (12B-1) FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
AMERICAN FUNDS INSURANCE
SERIES(R) -- CLASS 2
American Funds Bond Fund 0.36% 0.25% 0.02% -- 0.63% -- 0.63%
American Funds Global Small
Capitalization Fund 0.70% 0.25% 0.04% -- 0.99% -- 0.99%
American Funds Growth Fund 0.33% 0.25% 0.02% -- 0.60% -- 0.60%
American Funds Growth-Income
Fund 0.27% 0.25% 0.02% -- 0.54% -- 0.54%
BRIGHTHOUSE FUNDS TRUST I --
CLASS A
Brighthouse Asset Allocation 100
Portfolio 0.07% -- 0.01% 0.68% 0.76% -- 0.76%
Brighthouse/Wellington Large
Cap Research Portfolio 0.56% -- 0.03% -- 0.59% 0.04% 0.55%
Clarion Global Real Estate
Portfolio 0.61% -- 0.04% -- 0.65% -- 0.65%
ClearBridge Aggressive Growth
Portfolio 0.56% -- 0.01% -- 0.57% 0.02% 0.55%
Harris Oakmark International
Portfolio 0.77% -- 0.04% -- 0.81% 0.02% 0.79%
Invesco Mid Cap Value Portfolio 0.65% -- 0.03% 0.05% 0.73% 0.02% 0.71%
3
ACQUIRED
DISTRIBUTION FUND TOTAL FEE WAIVER NET TOTAL
AND/OR FEES ANNUAL AND/OR ANNUAL
MANAGEMENT SERVICE OTHER AND OPERATING EXPENSE OPERATING
PORTFOLIO FEE (12B-1) FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
Invesco Small Cap Growth
Portfolio 0.85% -- 0.03% -- 0.88% 0.02% 0.86%
MFS(R) Research International
Portfolio 0.70% -- 0.04% -- 0.74% 0.06% 0.68%
Morgan Stanley Mid Cap Growth
Portfolio 0.65% -- 0.05% -- 0.70% 0.01% 0.69%
Oppenheimer Global Equity
Portfolio 0.66% -- 0.05% -- 0.71% 0.10% 0.61%
PIMCO Inflation Protected Bond
Portfolio 0.47% -- 0.28% -- 0.75% 0.01% 0.74%
PIMCO Total Return Portfolio 0.48% -- 0.05% -- 0.53% 0.03% 0.50%
SSGA Growth and Income ETF
Portfolio 0.31% -- 0.01% 0.22% 0.54% -- 0.54%
SSGA Growth ETF Portfolio 0.32% -- 0.02% 0.24% 0.58% -- 0.58%
T. Rowe Price Mid Cap Growth
Portfolio 0.75% -- 0.03% -- 0.78% -- 0.78%
BRIGHTHOUSE FUNDS TRUST II --
CLASS A
Baillie Gifford International
Stock Portfolio 0.80% -- 0.05% -- 0.85% 0.12% 0.73%
BlackRock Bond Income
Portfolio 0.33% -- 0.04% -- 0.37% -- 0.37%
BlackRock Capital Appreciation
Portfolio 0.70% -- 0.02% -- 0.72% 0.09% 0.63%
BlackRock Large Cap Value
Portfolio 0.63% -- 0.03% -- 0.66% 0.03% 0.63%
BlackRock Ultra-Short Term
Bond Portfolio 0.35% -- 0.03% -- 0.38% 0.02% 0.36%
Brighthouse Asset Allocation 20
Portfolio 0.09% -- 0.03% 0.53% 0.65% 0.02% 0.63%
Brighthouse Asset Allocation 40
Portfolio 0.06% -- -- 0.57% 0.63% -- 0.63%
Brighthouse Asset Allocation 60
Portfolio 0.05% -- -- 0.60% 0.65% -- 0.65%
Brighthouse Asset Allocation 80
Portfolio 0.05% -- 0.01% 0.64% 0.70% -- 0.70%
Brighthouse/Artisan Mid Cap
Value Portfolio 0.82% -- 0.03% -- 0.85% -- 0.85%
Brighthouse/Wellington Balanced
Portfolio 0.46% -- 0.09% -- 0.55% -- 0.55%
Brighthouse/Wellington Core
Equity Opportunities Portfolio 0.70% -- 0.02% -- 0.72% 0.11% 0.61%
Frontier Mid Cap Growth
Portfolio 0.72% -- 0.03% -- 0.75% 0.02% 0.73%
Jennison Growth Portfolio 0.60% -- 0.02% -- 0.62% 0.08% 0.54%
Loomis Sayles Small Cap Core
Portfolio 0.90% -- 0.06% 0.04% 1.00% 0.08% 0.92%
Loomis Sayles Small Cap Growth
Portfolio 0.90% -- 0.06% -- 0.96% 0.09% 0.87%
MetLife Aggregate Bond Index
Portfolio 0.25% -- 0.03% -- 0.28% 0.01% 0.27%
4
ACQUIRED
DISTRIBUTION FUND TOTAL FEE WAIVER NET TOTAL
AND/OR FEES ANNUAL AND/OR ANNUAL
MANAGEMENT SERVICE OTHER AND OPERATING EXPENSE OPERATING
PORTFOLIO FEE (12B-1) FEES EXPENSES EXPENSES EXPENSES REIMBURSEMENT EXPENSES
MetLife Mid Cap Stock Index
Portfolio 0.25% -- 0.05% 0.01% 0.31% -- 0.31%
MetLife MSCI EAFE(R) Index
Portfolio 0.30% -- 0.08% 0.01% 0.39% -- 0.39%
MetLife Russell 2000(R) Index
Portfolio 0.25% -- 0.06% 0.01% 0.32% -- 0.32%
MetLife Stock Index Portfolio 0.25% -- 0.02% -- 0.27% 0.01% 0.26%
MFS(R) Total Return Portfolio 0.56% -- 0.05% -- 0.61% -- 0.61%
MFS(R) Value Portfolio 0.70% -- 0.02% -- 0.72% 0.14% 0.58%
Neuberger Berman Genesis
Portfolio 0.81% -- 0.04% -- 0.85% 0.01% 0.84%
T. Rowe Price Large Cap Growth
Portfolio 0.60% -- 0.02% -- 0.62% 0.02% 0.60%
T. Rowe Price Small Cap Growth
Portfolio 0.47% -- 0.03% -- 0.50% -- 0.50%
Western Asset Management
Strategic Bond Opportunities
Portfolio 0.57% -- 0.03% 0.01% 0.61% 0.05% 0.56%
Western Asset Management
U.S. Government Portfolio 0.47% -- 0.03% -- 0.50% 0.01% 0.49%
The information shown in the table above was provided by the Portfolios.
Certain Portfolios and their investment adviser have entered into expense
reimbursement and/or fee waiver arrangements that will continue from May 1,
2017 through April 30, 2018. These arrangements can be terminated with respect
to these Portfolios only with the approval of the Portfolio's board of
directors or trustees. Please see the Portfolios' prospectuses for additional
information regarding these arrangements.
Certain Portfolios that have "Acquired Fund Fees and Expenses" are "funds of
funds." A fund of funds invests substantially all of its assets in other
underlying funds. Because the Portfolio invests in other funds, it will bear
its pro rata portion of the operating expenses of those underlying funds,
including the management fee.
We are waiving the following amount of the Mortality and Expense Risk Charge:
an amount equal to the underlying portfolio expenses that are in excess of
0.62% for the investment division investing in the Oppenheimer Global Equity
Portfolio (Class A).
The fee and expense information regarding the Portfolios was provided by those
Portfolios. The American Funds Insurance Series is not affiliated with MetLife.
5
THE FUNDS AND THEIR PORTFOLIOS
The following replaces the section entitled "Management of the Portfolios".
MANAGEMENT OF PORTFOLIOS
Each Fund has an investment adviser who is responsible for overall management
of the Fund. These investment advisers have contracted with sub-advisers to
make the day-to-day investment decisions for some of the Portfolios.
The adviser, any sub-adviser and investment objective of each Portfolio are as
follows:
PORTFOLIO INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
AMERICAN FUNDS INSURANCE SERIES(R) -- CLASS 2
American Funds Bond Fund Seeks as high a level of current Capital Research and
income as is consistent with the Management Company
preservation of capital.
American Funds Global Small Capitalization Fund Seeks long-term growth of Capital Research and
capital. Management Company
American Funds Growth Fund Seeks growth of capital. Capital Research and
Management Company
American Funds Growth-Income Fund Seeks long-term growth of capital Capital Research and
and income. Management Company
BRIGHTHOUSE FUNDS TRUST I -- CLASS A
Brighthouse Asset Allocation 100 Portfolio Seeks growth of capital. Brighthouse Investment
Advisers, LLC
Brighthouse/Wellington Large Cap Research Seeks long-term capital Brighthouse Investment
Portfolio appreciation. Advisers, LLC
Subadviser: Wellington
Management Company LLP
Clarion Global Real Estate Portfolio Seeks total return through Brighthouse Investment
investment in real estate Advisers, LLC
securities, emphasizing both Subadviser: CBRE Clarion
capital appreciation and current Securities LLC
income.
ClearBridge Aggressive Growth Portfolio Seeks capital appreciation. Brighthouse Investment
Advisers, LLC
Subadviser: ClearBridge
Investments, LLC
Harris Oakmark International Portfolio Seeks long-term capital Brighthouse Investment
appreciation. Advisers, LLC
Subadviser: Harris Associates
L.P.
Invesco Mid Cap Value Portfolio Seeks high total return by Brighthouse Investment
investing in equity securities of Advisers, LLC
mid-sized companies. Subadviser: Invesco Advisers,
Inc.
Invesco Small Cap Growth Portfolio Seeks long-term growth of Brighthouse Investment
capital. Advisers, LLC
Subadviser: Invesco Advisers,
Inc.
MFS(R) Research International Portfolio Seeks capital appreciation. Brighthouse Investment
Advisers, LLC
Subadviser: Massachusetts
Financial Services Company
Morgan Stanley Mid Cap Growth Portfolio Seeks capital appreciation. Brighthouse Investment
Advisers, LLC
Subadviser: Morgan Stanley
Investment Management Inc.
6
PORTFOLIO INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
Oppenheimer Global Equity Portfolio Seeks capital appreciation. Brighthouse Investment
Advisers, LLC
Subadviser: OppenheimerFunds,
Inc.
PIMCO Inflation Protected Bond Portfolio Seeks maximum real return, Brighthouse Investment
consistent with preservation of Advisers, LLC
capital and prudent investment Subadviser: Pacific Investment
management. Management Company LLC
PIMCO Total Return Portfolio Seeks maximum total return, Brighthouse Investment
consistent with the preservation Advisers, LLC
of capital and prudent investment Subadviser: Pacific Investment
management. Management Company LLC
SSGA Growth and Income ETF Portfolio Seeks growth of capital and Brighthouse Investment
income. Advisers, LLC
Subadviser: SSGA Funds
Management, Inc.
SSGA Growth ETF Portfolio Seeks growth of capital. Brighthouse Investment
Advisers, LLC
Subadviser: SSGA Funds
Management, Inc.
T. Rowe Price Mid Cap Growth Portfolio Seeks long-term growth of Brighthouse Investment
capital. Advisers, LLC
Subadviser: T. Rowe Price
Associates, Inc.
BRIGHTHOUSE FUNDS TRUST II -- CLASS A
Baillie Gifford International Stock Portfolio Seeks long-term growth of Brighthouse Investment
capital. Advisers, LLC
Subadviser: Baillie Gifford
Overseas Limited
BlackRock Bond Income Portfolio Seeks a competitive total return Brighthouse Investment
primarily from investing in Advisers, LLC
fixed-income securities. Subadviser: BlackRock Advisors,
LLC
BlackRock Capital Appreciation Portfolio Seeks long-term growth of Brighthouse Investment
capital. Advisers, LLC
Subadviser: BlackRock Advisors,
LLC
BlackRock Large Cap Value Portfolio Seeks long-term growth of Brighthouse Investment
capital. Advisers, LLC
Subadviser: BlackRock Advisors,
LLC
BlackRock Ultra-Short Term Bond Portfolio Seeks a high level of current Brighthouse Investment
income consistent with Advisers, LLC
preservation of capital. Subadviser: BlackRock Advisors,
LLC
Brighthouse Asset Allocation 20 Portfolio Seeks a high level of current Brighthouse Investment
income, with growth of capital as Advisers, LLC
a secondary objective.
Brighthouse Asset Allocation 40 Portfolio Seeks high total return in the Brighthouse Investment
form of income and growth of Advisers, LLC
capital, with a greater emphasis
on income.
Brighthouse Asset Allocation 60 Portfolio Seeks a balance between a high Brighthouse Investment
level of current income and Advisers, LLC
growth of capital, with a greater
emphasis on growth of capital.
Brighthouse Asset Allocation 80 Portfolio Seeks growth of capital. Brighthouse Investment
Advisers, LLC
7
PORTFOLIO INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
Brighthouse/Artisan Mid Cap Value Portfolio Seeks long-term capital growth. Brighthouse Investment
Advisers, LLC
Subadviser: Artisan Partners
Limited Partnership
Brighthouse/Wellington Balanced Portfolio Seeks long-term capital Brighthouse Investment
appreciation with some current Advisers, LLC
income. Subadviser: Wellington
Management Company LLP
Brighthouse/Wellington Core Equity Seeks to provide a growing Brighthouse Investment
Opportunities Portfolio stream of income over time and, Advisers, LLC
secondarily, long-term capital Subadviser: Wellington
appreciation and current income. Management Company LLP
Frontier Mid Cap Growth Portfolio Seeks maximum capital Brighthouse Investment
appreciation. Advisers, LLC
Subadviser: Frontier Capital
Management Company, LLC
Jennison Growth Portfolio Seeks long-term growth of Brighthouse Investment
capital. Advisers, LLC
Subadviser: Jennison Associates
LLC
Loomis Sayles Small Cap Core Portfolio Seeks long-term capital growth Brighthouse Investment
from investments in common Advisers, LLC
stocks or other equity securities. Subadviser: Loomis, Sayles &
Company, L.P.
Loomis Sayles Small Cap Growth Portfolio Seeks long-term capital growth. Brighthouse Investment
Advisers, LLC
Subadviser: Loomis, Sayles &
Company, L.P.
MetLife Aggregate Bond Index Portfolio Seeks to track the performance of Brighthouse Investment
the Bloomberg Barclays Advisers, LLC
U.S. Aggregate Bond Index. Subadviser: MetLife Investment
Advisors, LLC
MetLife Mid Cap Stock Index Portfolio Seeks to track the performance of Brighthouse Investment
the Standard & Poor's MidCap Advisers, LLC
400(R) Composite Stock Price Subadviser: MetLife Investment
Index. Advisors, LLC
MetLife MSCI EAFE(R) Index Portfolio Seeks to track the performance of Brighthouse Investment
the MSCI EAFE(R) Index. Advisers, LLC
Subadviser: MetLife Investment
Advisors, LLC
MetLife Russell 2000(R) Index Portfolio Seeks to track the performance of Brighthouse Investment
the Russell 2000(R) Index. Advisers, LLC
Subadviser: MetLife Investment
Advisors, LLC
MetLife Stock Index Portfolio Seeks to track the performance of Brighthouse Investment
the Standard & Poor's 500(R) Advisers, LLC
Composite Stock Price Index. Subadviser: MetLife Investment
Advisors, LLC
MFS(R) Total Return Portfolio Seeks a favorable total return Brighthouse Investment
through investment in a Advisers, LLC
diversified portfolio. Subadviser: Massachusetts
Financial Services Company
MFS(R) Value Portfolio Seeks capital appreciation. Brighthouse Investment
Advisers, LLC
Subadviser: Massachusetts
Financial Services Company
8
PORTFOLIO INVESTMENT OBJECTIVE INVESTMENT ADVISER/SUBADVISER
Neuberger Berman Genesis Portfolio Seeks high total return, consisting Brighthouse Investment
principally of capital appreciation. Advisers, LLC
Subadviser: Neuberger Berman
Investment Advisers LLC
T. Rowe Price Large Cap Growth Portfolio Seeks long-term growth of Brighthouse Investment
capital. Advisers, LLC
Subadviser: T. Rowe Price
Associates, Inc.
T. Rowe Price Small Cap Growth Portfolio Seeks long-term capital growth. Brighthouse Investment
Advisers, LLC
Subadviser: T. Rowe Price
Associates, Inc.
Western Asset Management Strategic Bond Seeks to maximize total return Brighthouse Investment
Opportunities Portfolio consistent with preservation of Advisers, LLC
capital. Subadviser: Western Asset
Management Company
Western Asset Management U.S. Government Seeks to maximize total return Brighthouse Investment
Portfolio consistent with preservation of Advisers, LLC
capital and maintenance of Subadviser: Western Asset
liquidity. Management Company
A Portfolio may have a name and/or objective that is very similar to that of a
publicly available mutual fund that is managed by the same sub-investment
manager or adviser. The Portfolios are not publicly available and will not have
the same performance as those publicly available mutual funds. Different
performance will result from differences in implementation of investment
policies, cash flows, fees and size of the Portfolio.
TRANSFERRING CASH VALUE AMONG YOUR POLICY'S INVESTMENT OPTIONS
The minimum amount you may transfer is $50 or, if less, the total amount in an
investment option. We do not currently charge for transfers, but we do reserve
the right to charge up to $25 per transfer, except for transfers under the
Automated Investment Strategies. Currently, transfers are not taxable
transactions.
9
RESTRICTIONS OF FREQUENT TRANSFERS. Frequent requests from Policy owners to
transfer cash value may dilute the value of a Portfolio's shares if the
frequent trading involves an attempt to take advantage of pricing
inefficiencies created by a lag between a change in the value of the securities
held by the Portfolio and the reflection of that change in the Portfolio's
share price ("arbitrage trading"). Frequent transfers involving arbitrage
trading may adversely affect the long-term performance of the Portfolios, which
may in turn adversely affect Policy owners and other persons who may have an
interest in the Policies (e.g., beneficiaries).
We have policies and procedures that attempt to detect and deter frequent
transfers in situations where we determine there is a potential for arbitrage
trading. Currently, we believe that such situations may be presented in the
international, small-cap, and high-yield Portfolios. -In addition, as
described below, we intend to treat all American Funds Insurance Series(R)
portfolios ("American Funds portfolios") as Monitored Portfolios. We monitor
transfer activity in the Portfolios below (the "Monitored Portfolios"):
American Funds Global Small Capitalization Fund
Baillie Gifford International Stock Portfolio
Clarion Global Real Estate Portfolio
Harris Oakmark International Portfolio
Invesco Small Cap Growth Portfolio
Loomis Sayles Small Cap Core Portfolio
Loomis Sayles Small Cap Growth Portfolio
MetLife MSCI EAFE(R) Index Portfolio
MetLife Russell 2000(R) Index Portfolio
MFS(R) Research International Portfolio
Neuberger Berman Genesis Portfolio
Oppenheimer Global Equity Portfolio
T. Rowe Price Small Cap Growth Portfolio
Western Asset Management Strategic Bond Opportunities Portfolio
We employ various means to monitor transfer activity, such as examining the
frequency and size of transfers into and out of the Monitored Portfolios within
given periods of time. For example, we currently monitor transfer activity to
determine if, for each category of international, small-cap, and high-yield
Portfolios, in a 12-month period there were: (1) -six or more transfers
involving the given category; (2) -cumulative gross transfers involving the
given category that exceed the current cash value; and (3) -two or more
"round-trips" involving any Portfolio in the given category. A round-trip
generally is defined as a transfer in followed by a transfer out within the
next seven calendar days or a transfer out followed by a transfer in within the
next seven calendar days, in either case subject to certain other criteria. WE
DO NOT BELIEVE THAT OTHER UNDERLYING PORTFOLIOS PRESENT A SIGNIFICANT
OPPORTUNITY TO ENGAGE IN ARBITRAGE TRADING AND THEREFORE DO NOT MONITOR
TRANSFER ACTIVITY IN THOSE UNDERLYING PORTFOLIOS. We may change the Monitored
Portfolios at any time without notice in our sole discretion.
As a condition to making their portfolios available in our products, American
Funds requires us to treat all American Funds portfolios as Monitored
Portfolios under our current frequent transfer policies and procedures.
Further, American Funds requires us to impose additional specified monitoring
criteria for all American Funds portfolios available under the Policy,
regardless of the potential for arbitrage trading. We are required to monitor
transfer activity in American Funds portfolios to determine if there were two
or more transfers in followed by transfers out, in each case of a certain
dollar amount or greater, in any 30-day period. A first violation of the
American Funds monitoring policy will result in a written notice of violation;
each additional violation will result in the imposition of a six-month
restriction, during which period we will require all transfer requests to or
from an American Funds portfolio to be submitted with an original signature.
Further, as Monitored Portfolios, all American Funds portfolios also will be
subject to our current frequent transfer policies, procedures and restrictions
(described below), and transfer restrictions may be imposed upon a violation of
either monitoring policy.
10
Our policies and procedures may result in transfer restrictions being applied
to deter frequent transfers. Currently, when we detect transfer activity in the
Monitored Portfolios that exceeds our current transfer limits, we require
future transfer requests to or from any Monitored Portfolios under that Policy
to be submitted either (i) in writing with an original signature or (ii) by
telephone prior to 10:00 a.m. A first occurrence will result in a warning
letter; a second occurrence will result in the imposition of the restriction
for a six-month period; a third occurrence will result in the permanent
imposition of the restriction.
Transfers made under one of the systematic investment strategies described in
the prospectus are not treated as transfers when we monitor the frequency of
transfers.
The detection and deterrence of harmful transfer activity involves judgments
that are inherently subjective, such as the decision to monitor only those
Portfolios that we believe are susceptible to arbitrage trading, or the
determination of the transfer limits. Our ability to detect and/or restrict
such transfer activity may be limited by operational and technological systems,
as well as our ability to predict strategies employed by Policy owners to avoid
such detection. Our ability to restrict such transfer activity may also be
limited by provisions of the Policy. Accordingly, there is no assurance that we
will prevent all transfer activity that may adversely affect Policy owners and
other persons with interests in the Policies. We do not accommodate frequent
transfers in any Portfolios and there are no arrangements in place to permit
any Policy owner to engage in frequent transfers; we apply our policies and
procedures without exception, waiver, or special arrangement.
The Portfolios may have adopted their own policies and procedures with respect
to frequent transfers in their respective shares, and we reserve the right to
enforce these policies and procedures. For example, Portfolios may assess a
redemption fee (which we reserve the right to collect) on shares held for a
relatively short period. The prospectuses for the Portfolios describe any such
policies and procedures, which may be more or less restrictive than the
policies and procedures we have adopted. Although we may not have the
contractual authority or the operational capacity to apply the frequent
transfer policies and procedures of the Portfolios, we have entered into a
written agreement, as required by SEC regulation, with each Portfolio or its
principal underwriter that obligates us to provide to the Portfolio promptly
upon request certain information about the trading activity of individual
Policy owners, and to execute instructions from the Portfolio to restrict or
prohibit further purchases or transfers by specific Policy owners who violate
the frequent transfer policies established by the Portfolio.
In addition, Policy owners and other persons with interests in the Policies
should be aware that the purchase and redemption orders received by the
Portfolios generally are "omnibus" orders from intermediaries such as
retirement plans or separate accounts funding variable insurance contracts. The
omnibus orders reflect the aggregation and netting of multiple orders from
individual owners of variable insurance policies and/or individual retirement
plan participants. The omnibus nature of these orders may limit the Portfolios
in their ability to apply their frequent transfer policies and procedures. In
addition, the other insurance companies and/or retirement plans may have
different policies and procedures or may not have any such policies and
procedures because of contractual limitations. For these reasons, we cannot
guarantee that the Portfolios (and thus Policy owners) will not be harmed by
transfer activity relating to the other insurance companies and/or retirement
plans that may invest in the Portfolios. If a Portfolio believes that an
omnibus order reflects one or more transfer requests from Policy owners engaged
in frequent trading, the Portfolio may reject the entire omnibus order.
In accordance with applicable law, we reserve the right to modify or terminate
the transfer privilege at any time. We also reserve the right to defer or
restrict the transfer privilege at any time that we are unable to purchase or
redeem shares of any of the Portfolios, including any refusal or restriction on
purchases or redemptions of their shares as a result of their own policies and
procedures on frequent transfers (even if an entire omnibus order is rejected
due to the frequent transfers of a single Policy owner). You should read the
Portfolio prospectuses for more details.
RESTRICTIONS ON LARGE TRANSFERS. Large transfers may increase brokerage and
administrative costs of the underlying Portfolios and may disrupt portfolio
management strategy, requiring a Portfolio to maintain a high cash position and
possibly resulting in lost investment opportunities and forced liquidations. We
do not monitor for large transfers to or from Portfolios except where the
11
manager of a particular underlying Portfolio has brought large transfer
activity to our attention for investigation on a case-by-case basis. For
example, some portfolio managers have asked us to monitor for "block transfers"
where transfer requests have been submitted on behalf of multiple owners by a
third party such as an investment adviser. When we detect such large trades, we
may impose restrictions similar to those described above where future transfer
requests from that third party must be submitted -either (i) in writing with an
original signature -or (ii) by telephone prior to 10:00 a.m. A first occurrence
will result in a warning letter; a second occurrence will result in the
imposition of the restriction for a six-month period; a third occurrence will
result in the permanent imposition of the restriction.
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.
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.
12
CASH VALUE (IF YOUR POLICY IS NOT A MODIFIED ENDOWMENT CONTRACT)
o You are generally not taxed on your cash value 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.
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.
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.
o The tax consequences of loans outstanding after the 15th Policy year are
uncertain.
13
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 the Policy, 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 You will generally owe an additional 10% tax penalty on the taxable portion
of the amounts you receive 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.
INVESTOR CONTROL
In some circumstances, owners of variable contracts who retain excessive
control over the investment of the underlying Separate Account assets may be
treated as the owners of those assets and may be subject to tax on income
produced by those assets. Although published guidance in this area does not
address certain aspects of the Policies, we believe that the Owner of a Policy
should not be treated as an owner of the assets in our Separate Account. We
reserve the right to modify the Policies to bring them into conformity with
applicable standards should such modification be necessary to prevent Owners of
the Policies from being treated as the owners of the underlying Separate
Account assets.
14
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.
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
life insurance 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
15
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.
o Possible taxation as if you were the owner of your allocable portion of the
Separate Account's assets.
o Possible limits on the number of investment funds available or the frequency
of transfers among them.
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.
SALE AND DISTRIBUTION OF THE POLICIES
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.
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.
16
EQUITY ADVANTAGE VUL AND ULII
FLEXIBLE PREMIUM MULTIFUNDED LIFE INSURANCE POLICIES
METROPOLITAN LIFE SEPARATE ACCOUNT UL
ISSUED BY METROPOLITAN LIFE INSURANCE COMPANY
STATEMENT OF ADDITIONAL INFORMATION
(PART B)
MAY 1, 2017
This Statement of Additional Information is not a prospectus. This
Statement of Additional Information relates to (a) for Equity Advantage VUL
Policies, the prospectus dated April 28, 2008, as supplemented, and (b) for
ULII Policies the prospectus dated May 1, 2003, as supplemented, and should be
read in conjunction therewith. A copy of the prospectus for Equity Advantage
VUL and the prospectus for ULII may be obtained by writing to MetLife, P.O. Box
543, Warwick, RI 02887-0543. YOU CAN OBTAIN PROSPECTUSES FOR THE PORTFOLIOS
BY CALLING 1-800-638-5000.
1
TABLE OF CONTENTS
PAGE
-----
THE COMPANY AND THE SEPARATE ACCOUNT..................... 3
DISTRIBUTION OF THE POLICIES............................. 3
COMMISSIONS ON EQUITY ADVANTAGE VUL POLICIES............ 3
COMMISSIONS ON ULII POLICIES............................ 4
INCOME PLANS............................................. 4
POTENTIAL CONFLICTS OF INTEREST.......................... 5
LIMITS TO METLIFE'S RIGHT TO CHALLENGE THE POLICY........ 5
MISSTATEMENT OF AGE OR SEX............................... 5
REPORTS.................................................. 5
PERFORMANCE DATA......................................... 6
PERSONALIZED ILLUSTRATIONS............................... 6
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM............ 7
FINANCIAL STATEMENTS..................................... 7
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 Policies
described in the Prospectus and other variable life insurance policies that we
issue. We have registered the Separate Account as a unit investment trust under
the Investment Company Act of 1940 (the "1940 Act").
For more information about MetLife, please visit our website at
www.metlife.com
DISTRIBUTION OF THE POLICIES
MetLife Investors Distribution Company ("MLIDC"), 200 Park Avenue, New
York, New York 10166, is the principal underwriter and distributor of the
Policies. MLIDC, which is our affiliate, is registered under the Securities
Exchange Act of 1934 (the "34 Act") as a broker-dealer and is a member of the
Financial Industry Regulatory Authority ("FINRA").
The Policies were sold through licensed life insurance sales
representatives associated with our former affiliates MetLife Securities, Inc.
("MSI") and New England Securities Corporation (which merged into MSI effective
January 2, 2015). On July 1, 2016, MSI was sold by MetLife, Inc. to
Massachusetts Mutual Life Insurance Company and is no longer our affiliate. The
Policies may also have been sold through licensed life insurance sales
representatives associated with other broker-dealers with which MLIDC entered
into a selling agreement.
The UL II Policies were no longer sold after December 31, 2000. Beginning
January 1, 2009, the Equity Advantage VUL Policies were no longer sold.
COMMISSIONS ON EQUITY ADVANTAGE VUL POLICIES
MLIDC received sales compensation with respect to the Policies in the
following amounts.
AGGREGATE AMOUNT OF
COMMISSIONS RETAINED
AGGREGATE AMOUNT OF BY DISTRIBUTOR AFTER
COMMISSIONS PAID TO PAYMENTS TO SELLING
FISCAL YEAR DISTRIBUTOR FIRMS
--------------- --------------------- ---------------------
2016.........$3,201,544 $0
2015.........$3,754,047 $0
2014.........$3,881,252 $0
The calculation of maximum commissions payable for the Equity Advantage
VUL Policies is described in the prospectus.
3
COMMISSIONS ON ULII POLICIES
MLIDC received sales compensation with respect to the Policies in the
following amounts.
AGGREGATE AMOUNT OF
COMMISSIONS RETAINED
AGGREGATE AMOUNT OF BY DISTRIBUTOR AFTER
COMMISSIONS PAID TO PAYMENTS TO SELLING
FISCAL YEAR DISTRIBUTOR FIRMS
--------------- --------------------- ---------------------
2016.........$435,892 $0
2015.........$579,203 $0
2014.........$632,260 $0
The calculation of maximum commissions payable for the ULII Policies is
described in the prospectus for ULII.
INCOME PLANS
Generally, you can receive the Policy's insurance proceeds, amounts
payable at the Final date or amounts paid upon surrender of your Policy 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 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
4
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 issue or
reinstatement (excluding riders added later). We will not contest an increase
in a death benefit after it has been in effect for two years.
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 Change in specified face amount.
o Change in death benefit options.
o Changes in guarantees.
o Transfers among investment divisions (including those through Automated
Investment Strategies, which are confirmed quarterly).
o Partial withdrawals.
o Loan amounts you request.
o Loan repayments and 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 and cash surrender values.
5
o Amounts in the investment divisions and Fixed Account.
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 Policy
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.
PERSONALIZED ILLUSTRATIONS
We may provide personalized illustrations showing how the Policies 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, cash surrender value, and cash value could vary over an extended
period of time assuming hypothetical gross rates of return (i.e., investment
income and capital gains and losses, realized or unrealized) for the Separate
Account equal to 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.
The illustrated death benefit, cash surrender value, and cash value for a
hypothetical Policy would be different, either higher or lower, from the
amounts shown in the illustration if the actual gross rates of return averaged
the gross rates of return upon which the illustration is based, but varied
above and below the average during the period, or if premiums were paid in
other amounts or at other than annual intervals. For example, as a result of
variations in actual returns, additional premium payments beyond those
illustrated may be necessary to maintain the Policy in force for the periods
shown or to realize the Policy values shown in particular illustrations even if
the average rate of return is realized.
Illustrations may also show the internal rate of return on the cash
surrender value and the death benefit. The internal rate of return on the cash
surrender value is equivalent to an interest rate (after taxes) at which an
amount equal to the illustrated premiums could have been invested outside the
Policy to arrive at the cash surrender value of the Policy. The internal rate
of return on the death benefit is equivalent to an interest rate (after taxes)
at which an amount equal to the illustrated premiums could have been invested
outside the Policy to arrive at the death benefit of the Policy. Illustrations
may also show values based on the historical performance of the investment
divisions of the Separate Account.
6
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.
7
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, 2016, 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,
2016, 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, 2016, 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 24, 2017
This page is intentionally left blank.
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
STATEMENTS OF ASSETS AND LIABILITIES
DECEMBER 31, 2016
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............. $ 32,386 $ 95,051 $ 3,341 $ 6,362,160
Due from Metropolitan Life
Insurance Company................... -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets..................... 32,386 95,051 3,341 6,362,160
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company................... -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities................ -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS............................... $ 32,386 $ 95,051 $ 3,341 $ 6,362,160
==================== ==================== ==================== ====================
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, 2016
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.. $ 63,768,756 $ 168,913,311 $ 105,740,543 $ 348,390
Due from Metropolitan Life
Insurance Company........ -- -- 3 --
--------------------- -------------------- --------------------- --------------------
Total Assets.......... 63,768,756 168,913,311 105,740,546 348,390
--------------------- -------------------- --------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- 4 -- --
--------------------- -------------------- --------------------- --------------------
Total Liabilities..... -- 4 -- --
--------------------- -------------------- --------------------- --------------------
NET ASSETS.................... $ 63,768,756 $ 168,913,307 $ 105,740,546 $ 348,390
===================== ==================== ===================== ====================
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.. $ 54,307 $ 193,298 $ 1,799,093 $ 2,675,209
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 54,307 193,298 1,799,093 2,675,209
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 54,307 $ 193,298 $ 1,799,093 $ 2,675,209
==================== ==================== ==================== ====================
FIDELITY VIP FIDELITY VIP
EQUITY-INCOME FREEDOM 2010
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 16,883 $ 29,390
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 16,883 29,390
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 16,883 $ 29,390
==================== ====================
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, 2016
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.. $ 567,520 $ 448,266 $ 181,828 $ 159,009
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Assets.......... 567,520 448,266 181,828 159,009
-------------------- --------------------- -------------------- ---------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Liabilities..... -- -- -- --
-------------------- --------------------- -------------------- ---------------------
NET ASSETS.................... $ 567,520 $ 448,266 $ 181,828 $ 159,009
==================== ===================== ==================== =====================
FIDELITY VIP FIDELITY VIP
FIDELITY VIP GOVERNMENT FIDELITY VIP INVESTMENT
FREEDOM 2050 MONEY MARKET HIGH INCOME GRADE BOND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------- -------------------- ---------------------
ASSETS:
Investments at fair value.. $ 107,059 $ 3,825,639 $ 368,584 $ 1,241,561
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Assets.......... 107,059 3,825,639 368,584 1,241,561
-------------------- --------------------- -------------------- ---------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 10 -- -- --
-------------------- --------------------- -------------------- ---------------------
Total Liabilities..... 10 -- -- --
-------------------- --------------------- -------------------- ---------------------
NET ASSETS.................... $ 107,049 $ 3,825,639 $ 368,584 $ 1,241,561
==================== ===================== ==================== =====================
FTVIPT
FIDELITY VIP MID CAP FRANKLIN INCOME VIP
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 256,383 $ 56,031
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 256,383 56,031
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 256,383 $ 56,031
==================== ====================
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, 2016
FTVIPT FTVIPT FTVIPT
FRANKLIN MUTUAL FRANKLIN MUTUAL FTVIPT TEMPLETON TEMPLETON GLOBAL
GLOBAL DISCOVERY VIP SHARES VIP FOREIGN VIP BOND VIP
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 559,179 $ 96,301 $ 5,762,444 $ 624,673
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 559,179 96,301 5,762,444 624,673
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 559,179 $ 96,301 $ 5,762,444 $ 624,673
==================== ==================== ==================== ====================
GOLDMAN SACHS
GOLDMAN SACHS SMALL CAP EQUITY INVESCO V.I. INVESCO V.I.
MID-CAP VALUE INSIGHTS COMSTOCK INTERNATIONAL GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- ---------------------
ASSETS:
Investments at fair value.. $ 82,725 $ 39,554 $ 449,886 $ 358,802
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- ---------------------
Total Assets.......... 82,725 39,554 449,886 358,802
-------------------- -------------------- -------------------- ---------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- 1 -- --
-------------------- -------------------- -------------------- ---------------------
Total Liabilities..... -- 1 -- --
-------------------- -------------------- -------------------- ---------------------
NET ASSETS.................... $ 82,725 $ 39,553 $ 449,886 $ 358,802
==================== ==================== ==================== =====================
JANUS ASPEN JANUS ASPEN
BALANCED ENTERPRISE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 1,073,389 $ 452,619
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 1,073,389 452,619
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 1,073,389 $ 452,619
==================== ====================
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, 2016
MFS VIT
JANUS ASPEN FORTY JANUS ASPEN JANUS JANUS ASPEN OVERSEAS GLOBAL EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 505,032 $ 271,199 $ 43,050 $ 218,575
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 505,032 271,199 43,050 218,575
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 505,032 $ 271,199 $ 43,050 $ 218,575
==================== ==================== ==================== ====================
MIST AB
MFS VIT MFS VIT MFS VIT II GLOBAL DYNAMIC
NEW DISCOVERY VALUE HIGH YIELD ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 206,405 $ 20,045 $ 151,111 $ 61,910
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 206,405 20,045 151,111 61,910
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 206,405 $ 20,045 $ 151,111 $ 61,910
==================== ==================== ==================== ====================
MIST
ALLIANZ GLOBAL MIST
INVESTORS DYNAMIC AMERICAN FUNDS
MULTI-ASSET PLUS BALANCED ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 4,786 $ 990,764
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 4,786 990,764
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 4,786 $ 990,764
==================== ====================
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, 2016
MIST MIST MIST MIST BLACKROCK
AMERICAN FUNDS AMERICAN FUNDS AQR GLOBAL GLOBAL TACTICAL
GROWTH ALLOCATION MODERATE ALLOCATION RISK BALANCED STRATEGIES
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 1,761,546 $ 1,158,636 $ 135,878 $ 317,436
Due from Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- -------------------- --------------------
Total Assets.......... 1,761,546 1,158,636 135,878 317,436
------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 1,761,546 $ 1,158,636 $ 135,878 $ 317,436
=================== ==================== ==================== ====================
MIST MIST INVESCO
MIST CLARION MIST CLEARBRIDGE HARRIS OAKMARK BALANCED-RISK
GLOBAL REAL ESTATE AGGRESSIVE GROWTH INTERNATIONAL ALLOCATION
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 27,646,709 $ 40,986,926 $ 39,465,104 $ 45,859
Due from Metropolitan Life
Insurance Company........ 1 16 2 --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 27,646,710 40,986,942 39,465,106 45,859
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 27,646,710 $ 40,986,942 $ 39,465,106 $ 45,859
==================== ==================== ==================== ====================
MIST INVESCO MIST INVESCO
MID CAP VALUE SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 88,992,780 $ 6,722,590
Due from Metropolitan Life
Insurance Company........ -- 1
-------------------- --------------------
Total Assets.......... 88,992,780 6,722,591
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 38 --
-------------------- --------------------
Total Liabilities..... 38 --
-------------------- --------------------
NET ASSETS.................... $ 88,992,742 $ 6,722,591
==================== ====================
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, 2016
MIST JPMORGAN MIST MIST MET/ABERDEEN
GLOBAL ACTIVE MIST JPMORGAN LOOMIS SAYLES EMERGING
ALLOCATION SMALL CAP VALUE GLOBAL MARKETS MARKETS EQUITY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- -------------------- -------------------
ASSETS:
Investments at fair value.. $ 203,391 $ 409,299 $ 371,582 $ 652,237
Due from Metropolitan Life
Insurance Company........ -- -- -- --
------------------- ------------------- -------------------- -------------------
Total Assets.......... 203,391 409,299 371,582 652,237
------------------- ------------------- -------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
------------------- ------------------- -------------------- -------------------
Total Liabilities..... -- -- -- --
------------------- ------------------- -------------------- -------------------
NET ASSETS.................... $ 203,391 $ 409,299 $ 371,582 $ 652,237
=================== =================== ==================== ===================
MIST MET/TEMPLETON MIST MET/WELLINGTON MIST METLIFE MIST METLIFE
INTERNATIONAL BOND LARGE CAP RESEARCH ASSET ALLOCATION 100 BALANCED PLUS
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 218,676 $ 409,625,038 $ 21,704,625 $ 316,959
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 218,676 409,625,038 21,704,625 316,959
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- 5 -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- 5 -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 218,676 $ 409,625,033 $ 21,704,625 $ 316,959
==================== ==================== ==================== ====================
MIST METLIFE
MULTI-INDEX MIST METLIFE
TARGETED RISK SMALL CAP VALUE
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 168,352 $ 774,395
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 168,352 774,395
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 168,352 $ 774,395
==================== ====================
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, 2016
MIST MIST MIST
MIST MFS RESEARCH MORGAN STANLEY OPPENHEIMER PANAGORA GLOBAL
INTERNATIONAL MID CAP GROWTH GLOBAL EQUITY DIVERSIFIED RISK
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ------------------- -------------------- -------------------
ASSETS:
Investments at fair value.. $ 17,206,099 $ 186,034,462 $ 46,257,713 $ 15
Due from Metropolitan Life
Insurance Company........ 1 60 6 --
-------------------- ------------------- -------------------- -------------------
Total Assets........... 17,206,100 186,034,522 46,257,719 15
-------------------- ------------------- -------------------- -------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- ------------------- -------------------- -------------------
Total Liabilities...... -- -- -- --
-------------------- ------------------- -------------------- -------------------
NET ASSETS.................... $ 17,206,100 $ 186,034,522 $ 46,257,719 $ 15
==================== =================== ==================== ===================
MIST
PIMCO INFLATION MIST PIMCO MIST PYRAMIS MIST SCHRODERS
PROTECTED BOND TOTAL RETURN MANAGED RISK GLOBAL MULTI-ASSET
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- -------------------- ------------------- --------------------
ASSETS:
Investments at fair value.. $ 10,359,389 $ 42,840,891 $ 8,438 $ 52,316
Due from Metropolitan Life
Insurance Company........ -- 1 -- --
------------------- -------------------- ------------------- --------------------
Total Assets........... 10,359,389 42,840,892 8,438 52,316
------------------- -------------------- ------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
------------------- -------------------- ------------------- --------------------
Total Liabilities...... -- -- -- --
------------------- -------------------- ------------------- --------------------
NET ASSETS.................... $ 10,359,389 $ 42,840,892 $ 8,438 $ 52,316
=================== ==================== =================== ====================
MIST SSGA GROWTH MIST SSGA
AND INCOME ETF GROWTH ETF
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 8,122,289 $ 7,142,017
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets........... 8,122,289 7,142,017
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities...... -- --
-------------------- --------------------
NET ASSETS.................... $ 8,122,289 $ 7,142,017
==================== ====================
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, 2016
MIST T. ROWE PRICE MIST T. ROWE PRICE MSF BAILLIE GIFFORD MSF BARCLAYS
LARGE CAP VALUE MID CAP GROWTH INTERNATIONAL STOCK AGGREGATE BOND INDEX
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 2,327,000 $ 34,743,933 $ 38,958,128 $ 127,387,337
Due from Metropolitan Life
Insurance Company........ -- -- 2 2
------------------- ------------------- -------------------- --------------------
Total Assets.......... 2,327,000 34,743,933 38,958,130 127,387,339
------------------- ------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
------------------- ------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
------------------- ------------------- -------------------- --------------------
NET ASSETS.................... $ 2,327,000 $ 34,743,933 $ 38,958,130 $ 127,387,339
=================== =================== ==================== ====================
MSF BLACKROCK
MSF BLACKROCK MSF BLACKROCK MSF BLACKROCK ULTRA-SHORT
BOND INCOME CAPITAL APPRECIATION LARGE CAP VALUE TERM BOND
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 77,277,402 $ 9,502,695 $ 21,009,123 $ 22,657,241
Due from Metropolitan Life
Insurance Company........ 1 -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 77,277,403 9,502,695 21,009,123 22,657,241
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- 1
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... -- -- -- 1
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 77,277,403 $ 9,502,695 $ 21,009,123 $ 22,657,240
==================== ==================== ==================== ====================
MSF FRONTIER MSF JENNISON
MID CAP GROWTH GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 225,309,928 $ 22,968,241
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 225,309,928 22,968,241
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 20 1
-------------------- --------------------
Total Liabilities..... 20 1
-------------------- --------------------
NET ASSETS.................... $ 225,309,908 $ 22,968,240
==================== ====================
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, 2016
MSF LOOMIS SAYLES MSF LOOMIS SAYLES MSF MET/ARTISAN MSF MET/WELLINGTON
SMALL CAP CORE SMALL CAP GROWTH MID CAP VALUE BALANCED
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 25,854,977 $ 11,122,714 $ 62,142,341 $ 299,463,080
Due from Metropolitan Life
Insurance Company........ 47 6 57 1
-------------------- --------------------- -------------------- --------------------
Total Assets.......... 25,855,024 11,122,720 62,142,398 299,463,081
-------------------- --------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- --------------------- -------------------- --------------------
Total Liabilities..... -- -- -- --
-------------------- --------------------- -------------------- --------------------
NET ASSETS.................... $ 25,855,024 $ 11,122,720 $ 62,142,398 $ 299,463,081
==================== ===================== ==================== ====================
MSF MET/WELLINGTON
CORE EQUITY MSF METLIFE MSF METLIFE MSF METLIFE
OPPORTUNITIES ASSET ALLOCATION 20 ASSET ALLOCATION 40 ASSET ALLOCATION 60
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 73,520,029 $ 5,067,129 $ 10,372,997 $ 52,559,819
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 73,520,029 5,067,129 10,372,997 52,559,819
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 1 -- -- 1
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... 1 -- -- 1
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 73,520,028 $ 5,067,129 $ 10,372,997 $ 52,559,818
==================== ==================== ==================== ====================
MSF METLIFE MSF METLIFE
ASSET ALLOCATION 80 MID CAP STOCK INDEX
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- ---------------------
ASSETS:
Investments at fair value.. $ 96,200,971 $ 95,179,139
Due from Metropolitan Life
Insurance Company........ -- 6
-------------------- ---------------------
Total Assets.......... 96,200,971 95,179,145
-------------------- ---------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 2 --
-------------------- ---------------------
Total Liabilities..... 2 --
-------------------- ---------------------
NET ASSETS.................... $ 96,200,969 $ 95,179,145
==================== =====================
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, 2016
MSF METLIFE MSF MFS MSF MSCI
STOCK INDEX TOTAL RETURN MSF MFS VALUE EAFE INDEX
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- ------------------- --------------------
ASSETS:
Investments at fair value.. $ 1,023,023,670 $ 10,408,921 $ 88,412,118 $ 76,450,326
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- ------------------- --------------------
Total Assets.......... 1,023,023,670 10,408,921 88,412,118 76,450,326
-------------------- -------------------- ------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 1 -- 1 3
-------------------- -------------------- ------------------- --------------------
Total Liabilities..... 1 -- 1 3
-------------------- -------------------- ------------------- --------------------
NET ASSETS.................... $ 1,023,023,669 $ 10,408,921 $ 88,412,117 $ 76,450,323
==================== ==================== =================== ====================
MSF NEUBERGER MSF RUSSELL 2000 MSF T. ROWE PRICE MSF T. ROWE PRICE
BERMAN GENESIS INDEX LARGE CAP GROWTH SMALL CAP GROWTH
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
------------------- ------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 112,504,180 $ 78,678,966 $ 84,300,671 $ 112,461,755
Due from Metropolitan Life
Insurance Company........ 2 -- 3 --
------------------- ------------------- -------------------- --------------------
Total Assets.......... 112,504,182 78,678,966 84,300,674 112,461,755
------------------- ------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- 2 -- 22
------------------- ------------------- -------------------- --------------------
Total Liabilities..... -- 2 -- 22
------------------- ------------------- -------------------- --------------------
NET ASSETS.................... $ 112,504,182 $ 78,678,964 $ 84,300,674 $ 112,461,733
=================== =================== ==================== ====================
MSF WESTERN
MSF VAN ECK ASSET MANAGEMENT
GLOBAL NATURAL STRATEGIC BOND
RESOURCES OPPORTUNITIES
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 259,264 $ 52,921,770
Due from Metropolitan Life
Insurance Company........ -- 6
-------------------- --------------------
Total Assets.......... 259,264 52,921,776
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 259,264 $ 52,921,776
==================== ====================
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, 2016
MSF WESTERN OPPENHEIMER PIMCO VIT
ASSET MANAGEMENT VA MAIN STREET PIMCO VIT COMMODITYREALRETURN
U.S. GOVERNMENT SMALL CAP ALL ASSET STRATEGY
INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- -------------------- -------------------- --------------------
ASSETS:
Investments at fair value.. $ 15,656,153 $ 5,825 $ 126,203 $ 9,928
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- -------------------- -------------------- --------------------
Total Assets.......... 15,656,153 5,825 126,203 9,928
-------------------- -------------------- -------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 6 -- -- --
-------------------- -------------------- -------------------- --------------------
Total Liabilities..... 6 -- -- --
-------------------- -------------------- -------------------- --------------------
NET ASSETS.................... $ 15,656,147 $ 5,825 $ 126,203 $ 9,928
==================== ==================== ==================== ====================
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.. $ 873,923 $ 55,933 $ 4,261 $ 10,583
Due from Metropolitan Life
Insurance Company........ -- -- -- --
-------------------- ------------------- ------------------- --------------------
Total Assets.......... 873,923 55,933 4,261 10,583
-------------------- ------------------- ------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ 1,341 -- -- --
-------------------- ------------------- ------------------- --------------------
Total Liabilities..... 1,341 -- -- --
-------------------- ------------------- ------------------- --------------------
NET ASSETS.................... $ 872,582 $ 55,933 $ 4,261 $ 10,583
==================== =================== =================== ====================
UIF EMERGING
ROYCE SMALL-CAP MARKETS DEBT
INVESTMENT DIVISION INVESTMENT DIVISION
-------------------- --------------------
ASSETS:
Investments at fair value.. $ 68,550 $ 1,256,825
Due from Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Assets.......... 68,550 1,256,825
-------------------- --------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company........ -- --
-------------------- --------------------
Total Liabilities..... -- --
-------------------- --------------------
NET ASSETS.................... $ 68,550 $ 1,256,825
==================== ====================
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, 2016
UIF EMERGING
MARKETS EQUITY
INVESTMENT DIVISION
--------------------
ASSETS:
Investments at fair value................................................................................. $ 3,160,892
Due from Metropolitan Life
Insurance Company....................................................................................... --
--------------------
Total Assets......................................................................................... 3,160,892
--------------------
LIABILITIES:
Due to Metropolitan Life
Insurance Company....................................................................................... --
--------------------
Total Liabilities.................................................................................... --
--------------------
NET ASSETS................................................................................................... $ 3,160,892
====================
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, 2016, 2015 AND 2014
AB GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ --
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... -- -- --
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 877 4,879 1,302
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 877 4,879 1,302
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,193) (2,756) 2,635
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (316) 2,123 3,937
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (316) $ 2,123 $ 3,937
===================== ==================== ====================
AB INTERMEDIATE BOND
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,736 $ 2,061 $ 1,921
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 2,736 2,061 1,921
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,264 1,833 810
Realized gains (losses) on sale of investments....... (186) (171) (121)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 1,078 1,662 689
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 49 (3,852) 952
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,127 (2,190) 1,641
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 3,863 $ (129) $ 3,562
==================== ==================== =====================
AMERICAN CENTURY VP CAPITAL APPRECIATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 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.......................... 4 23 --
Realized gains (losses) on sale of investments....... (1) 33 12
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 3 56 12
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (60) (38) 42
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (57) 18 54
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (57) $ 18 $ 54
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
AMERICAN FUNDS BOND
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 110,564 $ 104,107 $ 115,025
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 9,571 8,549 8,401
-------------------- -------------------- ---------------------
Net investment income (loss).................... 100,993 95,558 106,624
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 23,172 116,557 2,120
Realized gains (losses) on sale of investments....... 1,509 (3,532) 4,807
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 24,681 113,025 6,927
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 45,632 (201,734) 172,487
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 70,313 (88,709) 179,414
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 171,306 $ 6,849 $ 286,038
==================== ==================== =====================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 159,045 $ -- $ 88,263
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 77,911 91,602 95,114
--------------------- -------------------- ---------------------
Net investment income (loss).................... 81,134 (91,602) (6,851)
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 11,923,223 5,579,846 320,860
Realized gains (losses) on sale of investments....... (19,783) 1,343,378 1,028,540
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 11,903,440 6,923,224 1,349,400
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (10,777,574) (6,348,033) 96,482
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,125,866 575,191 1,445,882
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,207,000 $ 483,589 $ 1,439,031
===================== ==================== =====================
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,259,429 $ 1,004,590 $ 1,286,837
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 147,194 155,259 152,282
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,112,235 849,331 1,134,555
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 14,591,335 34,618,471 7,869,597
Realized gains (losses) on sale of investments....... 1,564,440 3,175,509 3,654,149
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 16,155,775 37,793,980 11,523,746
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (2,560,394) (27,669,113) 413,436
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 13,595,381 10,124,867 11,937,182
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 14,707,616 $ 10,974,198 $ 13,071,737
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,500,084 $ 1,369,670 $ 1,339,033
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 100,558 103,704 103,335
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,399,526 1,265,966 1,235,698
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 11,252,001 15,356,438 5,003,511
Realized gains (losses) on sale of investments....... 993,174 1,779,863 2,212,712
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 12,245,175 17,136,301 7,216,223
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (2,551,087) (16,929,014) 1,935,227
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 9,694,088 207,287 9,151,450
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 11,093,614 $ 1,473,253 $ 10,387,148
==================== ==================== ====================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,799 $ 7,125 $ 9,668
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 4,799 7,125 9,668
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 28,955 32,754 --
Realized gains (losses) on sale of investments....... (7,617) 20,582 3,059
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 21,338 53,336 3,059
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (18,823) (72,634) (30,549)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,515 (19,298) (27,490)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 7,314 $ (12,173) $ (17,822)
==================== ==================== =====================
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 737 $ 712 $ 520
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 737 712 520
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,010 404 --
Realized gains (losses) on sale of investments....... (42) (3) (30)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 968 401 (30)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,163) (350) 1,820
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (195) 51 1,790
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 542 $ 763 $ 2,310
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- ---------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,283 $ 4,421 $ 3,201
--------------------- ---------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- ---------------------- ---------------------
Net investment income (loss).................... 3,283 4,421 3,201
--------------------- ---------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (5,322) (390) (210)
--------------------- ---------------------- ---------------------
Net realized gains (losses)..................... (5,322) (390) (210)
--------------------- ---------------------- ---------------------
Change in unrealized gains (losses) on investments... (2,271) (10,460) (26,366)
--------------------- ---------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (7,593) (10,850) (26,576)
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (4,310) $ (6,429) $ (23,375)
===================== ====================== =====================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 23,502 $ 20,958 $ 20,809
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 23,502 20,958 20,809
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 25,657 1,145 1,627
Realized gains (losses) on sale of investments....... 35,213 127,820 33,797
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 60,870 128,965 35,424
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (48,668) (145,469) 59,690
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 12,202 (16,504) 95,114
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 35,704 $ 4,454 $ 115,923
===================== ===================== =====================
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 18,813 $ 25,926 $ 24,338
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 18,813 25,926 24,338
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 215,517 265,481 56,967
Realized gains (losses) on sale of investments....... 49,752 107,564 61,174
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 265,269 373,045 118,141
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (89,763) (372,526) 174,211
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 175,506 519 292,352
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 194,319 $ 26,445 $ 316,690
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 351 $ 426 $ 687
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 351 426 687
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 873 2,231 338
Realized gains (losses) on sale of investments....... (15) 275 718
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 858 2,506 1,056
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 1,277 (3,341) 37
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,135 (835) 1,093
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,486 $ (409) $ 1,780
===================== ===================== =====================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 439 $ 361 $ 775
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- 29
--------------------- --------------------- ---------------------
Net investment income (loss).................... 439 361 746
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 455 65 738
Realized gains (losses) on sale of investments....... (28) 5,610 2,715
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 427 5,675 3,453
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 369 (5,470) (2,030)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 796 205 1,423
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,235 $ 566 $ 2,169
===================== ===================== =====================
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 8,579 $ 10,060 $ 16,277
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- 108
--------------------- --------------------- ---------------------
Net investment income (loss).................... 8,579 10,060 16,169
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 16,688 2,356 17,423
Realized gains (losses) on sale of investments....... 2,623 166,915 21,410
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 19,311 169,271 38,833
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 4,403 (177,998) (8,502)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 23,714 (8,727) 30,331
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 32,293 $ 1,333 $ 46,500
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP FREEDOM 2025
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 6,677 $ 8,151 $ 613
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- ---------------------
Net investment income (loss).................... 6,677 8,151 613
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 13,619 2,389 771
Realized gains (losses) on sale of investments....... (312) 231 464
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 13,307 2,620 1,235
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 6,315 (13,249) 73
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 19,622 (10,629) 1,308
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 26,299 $ (2,478) $ 1,921
==================== ===================== =====================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,599 $ 2,154 $ 1,233
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- 38
--------------------- --------------------- ---------------------
Net investment income (loss).................... 2,599 2,154 1,195
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,822 611 1,344
Realized gains (losses) on sale of investments....... (1,669) 1,142 11,989
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 3,153 1,753 13,333
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 4,716 (4,989) (10,096)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 7,869 (3,236) 3,237
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 10,468 $ (1,082) $ 4,432
===================== ===================== =====================
FIDELITY VIP FREEDOM 2040
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,084 $ 1,492 $ 775
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- 8
--------------------- -------------------- ---------------------
Net investment income (loss).................... 2,084 1,492 767
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,682 541 487
Realized gains (losses) on sale of investments....... (877) 263 749
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 2,805 804 1,236
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 5,080 (3,345) (709)
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 7,885 (2,541) 527
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 9,969 $ (1,049) $ 1,294
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP FREEDOM 2050
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,500 $ 878 $ 369
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- 14
--------------------- --------------------- ---------------------
Net investment income (loss).................... 1,500 878 355
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,239 308 382
Realized gains (losses) on sale of investments....... (570) 535 6,257
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 1,669 843 6,639
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 2,841 (2,416) (5,093)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 4,510 (1,573) 1,546
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 6,010 $ (695) $ 1,901
===================== ===================== =====================
FIDELITY
VIP GOVERNMENT
MONEY MARKET
INVESTMENT DIVISION
---------------------
2016 (b)
---------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,167
---------------------
EXPENSES:
Mortality and expense risk charges................... --
---------------------
Net investment income (loss).................... 4,167
---------------------
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................................... $ 4,167
=====================
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 18,971 $ 14,336 $ 10,183
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 18,971 14,336 10,183
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (443) (455) 158
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... (443) (455) 158
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 19,200 (20,979) (8,210)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 18,757 (21,434) (8,052)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 37,728 $ (7,098) $ 2,131
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 28,927 $ 31,506 $ 26,958
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- --------------------
Net investment income (loss).................... 28,927 31,506 26,958
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 587 993 644
Realized gains (losses) on sale of investments....... (2,116) (839) (16,379)
--------------------- --------------------- --------------------
Net realized gains (losses)..................... (1,529) 154 (15,735)
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 27,988 (39,907) 77,902
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 26,459 (39,753) 62,167
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 55,386 $ (8,247) $ 89,125
===================== ===================== ====================
FIDELITY VIP MID CAP
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 766 $ 745 $ 48
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... 766 745 48
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 14,495 30,638 5,961
Realized gains (losses) on sale of investments....... (682) 648 4,531
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 13,813 31,286 10,492
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... 9,442 (36,156) 4,318
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 23,255 (4,870) 14,810
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 24,021 $ (4,125) $ 14,858
===================== ===================== =====================
FTVIPT FRANKLIN INCOME VIP
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,059 $ 1,086 $ 385
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 2,059 1,086 385
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (110) (154) (51)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (110) (154) (51)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 3,968 (2,439) (1,084)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 3,858 (2,593) (1,135)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 5,917 $ (1,507) $ (750)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FTVIPT FRANKLIN MUTUAL GLOBAL DISCOVERY VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 8,262 $ 13,670 $ 10,690
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 8,262 13,670 10,690
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 39,176 27,512 33,082
Realized gains (losses) on sale of investments....... (2,198) 194 10,518
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 36,978 27,706 43,600
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 13,065 (58,851) (24,521)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 50,043 (31,145) 19,079
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 58,305 $ (17,475) $ 29,769
==================== ==================== ====================
FTVIPT FRANKLIN MUTUAL SHARES VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,664 $ 1,895 $ 789
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,664 1,895 789
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 6,856 4,180 205
Realized gains (losses) on sale of investments....... (444) 33 259
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 6,412 4,213 464
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 4,437 (9,723) 1,131
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 10,849 (5,510) 1,595
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 12,513 $ (3,615) $ 2,384
==================== ==================== ====================
FTVIPT TEMPLETON FOREIGN VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 114,022 $ 189,205 $ 78,379
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 114,022 189,205 78,379
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 89,391 177,426 --
Realized gains (losses) on sale of investments....... (69,876) 5,027 156,830
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 19,515 182,453 156,830
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 260,337 (703,728) (709,096)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 279,852 (521,275) (552,266)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 393,874 $ (332,070) $ (473,887)
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FTVIPT TEMPLETON GLOBAL BOND VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 83,772 $ 65,826
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... -- 83,772 65,826
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 449 5,274 --
Realized gains (losses) on sale of investments....... (4,156) (97,965) (644)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (3,707) (92,691) (644)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 24,908 (36,601) (38,430)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 21,201 (129,292) (39,074)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 21,201 $ (45,520) $ 26,752
==================== ==================== ====================
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,071 $ 1,118 $ 2,932
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 1,071 1,118 2,932
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 43 20,122 48,819
Realized gains (losses) on sale of investments....... (9,872) 671 7,493
--------------------- -------------------- --------------------
Net realized gains (losses)..................... (9,829) 20,793 56,312
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 25,433 (48,920) (21,021)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 15,604 (28,127) 35,291
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 16,675 $ (27,009) $ 38,223
===================== ==================== ====================
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 413 $ 104 $ 277
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 413 104 277
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 986 4,391 5,208
Realized gains (losses) on sale of investments....... (839) 336 1,707
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 147 4,727 6,915
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 6,057 (5,505) (4,589)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 6,204 (778) 2,326
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 6,617 $ (674) $ 2,603
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
INVESCO V.I. COMSTOCK
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- ---------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,913 $ 5,695 $ 3,587
--------------------- ---------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- ---------------------- ---------------------
Net investment income (loss)................... 4,913 5,695 3,587
--------------------- ---------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 29,536 941 --
Realized gains (losses) on sale of investments....... 2,231 3,469 2,447
--------------------- ---------------------- ---------------------
Net realized gains (losses).................... 31,767 4,410 2,447
--------------------- ---------------------- ---------------------
Change in unrealized gains (losses) on investments... 25,839 (32,126) 22,523
--------------------- ---------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 57,606 (27,716) 24,970
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 62,519 $ (22,021) $ 28,557
===================== ====================== =====================
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- ---------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,874 $ 5,017 $ 5,421
--------------------- ---------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- ---------------------- ---------------------
Net investment income (loss)................... 4,874 5,017 5,421
--------------------- ---------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 630 2,637 5,138
--------------------- ---------------------- ---------------------
Net realized gains (losses).................... 630 2,637 5,138
--------------------- ---------------------- ---------------------
Change in unrealized gains (losses) on investments... (8,246) (13,856) (10,871)
--------------------- ---------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (7,616) (11,219) (5,733)
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (2,742) $ (6,202) $ (312)
===================== ====================== =====================
JANUS ASPEN BALANCED
INVESTMENT DIVISION
-----------------------------------------------------------------------
2016 2015 2014
--------------------- ---------------------- ----------------------
INVESTMENT INCOME:
Dividends............................................ $ 20,153 $ 15,263 $ 16,228
--------------------- ---------------------- ----------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- ---------------------- ----------------------
Net investment income (loss)................... 20,153 15,263 16,228
--------------------- ---------------------- ----------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 14,217 35,506 26,985
Realized gains (losses) on sale of investments....... 8,012 5,452 10,485
--------------------- ---------------------- ----------------------
Net realized gains (losses).................... 22,229 40,958 37,470
--------------------- ---------------------- ----------------------
Change in unrealized gains (losses) on investments... (19) (51,128) 30,740
--------------------- ---------------------- ----------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 22,210 (10,170) 68,210
--------------------- ---------------------- ----------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 42,363 $ 5,093 $ 84,438
===================== ====================== ======================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
JANUS ASPEN
ENTERPRISE
INVESTMENT DIVISION
---------------------
2016 (c)
---------------------
INVESTMENT INCOME:
Dividends............................................ $ 107
---------------------
EXPENSES:
Mortality and expense risk charges................... --
---------------------
Net investment income (loss).................... 107
---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 38,700
Realized gains (losses) on sale of investments....... (534)
---------------------
Net realized gains (losses)..................... 38,166
---------------------
Change in unrealized gains (losses) on investments... 289
---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 38,455
---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 38,562
=====================
JANUS ASPEN FORTY
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 252
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- ---------------------
Net investment income (loss).................... -- -- 252
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 67,914 121,081 249,329
Realized gains (losses) on sale of investments....... (8,107) 1,569 62,849
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 59,807 122,650 312,178
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (58,944) (57,429) (248,123)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 863 65,221 64,055
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 863 $ 65,221 $ 64,307
===================== ===================== =====================
JANUS ASPEN JANUS
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,500 $ 2,968 $ 1,630
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- ---------------------
Net investment income (loss).................... 1,500 2,968 1,630
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 17,243 84,817 31,621
Realized gains (losses) on sale of investments....... 45,098 17,674 9,477
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 62,341 102,491 41,098
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (66,733) (79,472) 12,182
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (4,392) 23,019 53,280
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (2,892) $ 25,987 $ 54,910
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,672 $ 225 $ 1,960
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 1,672 225 1,960
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,129 1,449 6,620
Realized gains (losses) on sale of investments....... (7,649) (6,243) (4,308)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (6,520) (4,794) 2,312
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 1,900 363 (10,605)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (4,620) (4,431) (8,293)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (2,948) $ (4,206) $ (6,333)
==================== ==================== =====================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,326 $ 1,587 $ 974
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 1,326 1,587 974
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 9,731 6,506 1,843
Realized gains (losses) on sale of investments....... 695 2,452 2,541
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 10,426 8,958 4,384
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 736 (14,256) 1,213
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 11,162 (5,298) 5,597
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 12,488 $ (3,711) $ 6,571
===================== ==================== ====================
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
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.......................... 9,401 6,957 45,559
Realized gains (losses) on sale of investments....... (174) 374 1,237
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 9,227 7,331 46,796
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 7,467 (11,470) (63,957)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 16,694 (4,139) (17,161)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 16,694 $ (4,139) $ (17,161)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MFS VIT VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 369 $ 439 $ 285
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- --------------------- --------------------
Net investment income (loss).................... 369 439 285
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,629 1,237 670
Realized gains (losses) on sale of investments....... 619 659 571
--------------------- --------------------- --------------------
Net realized gains (losses)..................... 2,248 1,896 1,241
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (76) (2,518) 559
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,172 (622) 1,800
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,541 $ (183) $ 2,085
===================== ===================== ====================
MFS VIT II HIGH YIELD
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 9,347 $ 9,868 $ 8,003
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- ---------------------
Net investment income (loss).................... 9,347 9,868 8,003
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (220) (99) 25
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... (220) (99) 25
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 9,158 (16,013) (4,175)
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 8,938 (16,112) (4,150)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 18,285 $ (6,244) $ 3,853
===================== ==================== =====================
MIST AB GLOBAL DYNAMIC ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 977 $ 2,180 $ 860
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- ---------------------
Net investment income (loss).................... 977 2,180 860
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 630 2,323 856
Realized gains (losses) on sale of investments....... (200) (101) 135
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 430 2,222 991
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 769 (4,443) 1,384
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,199 (2,221) 2,375
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,176 $ (41) $ 3,235
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST ALLIANZ GLOBAL INVESTORS DYNAMIC MULTI-ASSET PLUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014 (a)
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 2 $ 21 $ --
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 2 21 --
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 19 1
Realized gains (losses) on sale of investments....... (12) (278) --
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (12) (259) 1
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 80 (72) 1
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 68 (331) 2
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 70 $ (310) $ 2
==================== ==================== =====================
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 18,208 $ 15,506 $ 13,034
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- ---------------------
Net investment income (loss).................... 18,208 15,506 13,034
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 77,498 46,196 78,760
Realized gains (losses) on sale of investments....... (552) 3,497 6,182
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 76,946 49,693 84,942
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (22,963) (69,036) (47,376)
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 53,983 (19,343) 37,566
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 72,191 $ (3,837) $ 50,600
==================== ===================== =====================
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 26,959 $ 24,524 $ 20,605
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 26,959 24,524 20,605
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 165,604 95,418 237,874
Realized gains (losses) on sale of investments....... (5,416) 15,416 24,970
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 160,188 110,834 262,844
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (37,021) (141,365) (180,168)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 123,167 (30,531) 82,676
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 150,126 $ (6,007) $ 103,281
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 23,999 $ 17,019 $ 15,920
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
--------------------- -------------------- --------------------
Net investment income (loss).................... 23,999 17,019 15,920
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 68,764 40,376 77,010
Realized gains (losses) on sale of investments....... (1,035) 12,509 5,925
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 67,729 52,885 82,935
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (16,232) (73,320) (41,113)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 51,497 (20,435) 41,822
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 75,496 $ (3,416) $ 57,742
===================== ==================== ====================
MIST AQR GLOBAL RISK BALANCED
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 7,434 $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... -- 7,434 --
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 13,315 786
Realized gains (losses) on sale of investments....... (7,843) (2,519) (660)
-------------------- --------------------- --------------------
Net realized gains (losses)..................... (7,843) 10,796 126
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 18,548 (30,868) 5,443
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 10,705 (20,072) 5,569
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 10,705 $ (12,638) $ 5,569
==================== ===================== ====================
MIST BLACKROCK GLOBAL TACTICAL STRATEGIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 4,216 $ 3,577 $ 1,792
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 4,216 3,577 1,792
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 23,769 9,296 8,451
Realized gains (losses) on sale of investments....... (756) 49 363
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 23,013 9,345 8,814
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (13,208) (14,933) (1,686)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 9,805 (5,588) 7,128
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 14,021 $ (2,011) $ 8,920
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 679,349 $ 1,234,670 $ 513,864
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 29,090 31,928 33,399
-------------------- --------------------- --------------------
Net investment income (loss).................... 650,259 1,202,742 480,465
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 31,945 48,531 314,419
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 31,945 48,531 314,419
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (362,033) (1,654,271) 3,062,383
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (330,088) (1,605,740) 3,376,802
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 320,171 $ (402,998) $ 3,857,267
==================== ===================== ====================
MIST CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 270,534 $ 198,717 $ 72,926
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 36,607 45,621 36,095
--------------------- -------------------- --------------------
Net investment income (loss).................... 233,927 153,096 36,831
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 970,623 1,820,551 867,002
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 970,623 1,820,551 867,002
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (103,509) (3,670,688) 5,750,935
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 867,114 (1,850,137) 6,617,937
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,101,041 $ (1,697,041) $ 6,654,768
===================== ==================== ====================
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 861,973 $ 1,358,813 $ 1,105,911
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 49,021 57,999 62,335
--------------------- -------------------- --------------------
Net investment income (loss).................... 812,952 1,300,814 1,043,576
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,415,203 3,880,482 4,067,270
Realized gains (losses) on sale of investments....... (640,681) 49,542 1,812,640
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,774,522 3,930,024 5,879,910
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 446,527 (6,964,997) (9,320,626)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,221,049 (3,034,973) (3,440,716)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 3,034,001 $ (1,734,159) $ (2,397,140)
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST INVESCO BALANCED-RISK ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 63 $ 1,200 $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 63 1,200 --
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 3,078 1,200
Realized gains (losses) on sale of investments....... (528) (1,351) 65
-------------------- --------------------- --------------------
Net realized gains (losses)..................... (528) 1,727 1,265
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 4,887 (4,753) 178
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 4,359 (3,026) 1,443
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 4,422 $ (1,826) $ 1,443
==================== ===================== ====================
MIST INVESCO MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 727,789 $ 652,691 $ 652,762
--------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 77,755 88,957 90,624
--------------------- --------------------- --------------------
Net investment income (loss).................... 650,034 563,734 562,138
--------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,889,123 4,446,457 16,068,302
Realized gains (losses) on sale of investments....... 11,246 732,310 1,049,905
--------------------- --------------------- --------------------
Net realized gains (losses)..................... 3,900,369 5,178,767 17,118,207
--------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 7,673,646 (13,696,346) (8,899,738)
--------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 11,574,015 (8,517,579) 8,218,469
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 12,224,049 $ (7,953,845) $ 8,780,607
===================== ===================== ====================
MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 9,561 $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 8,076 9,074 8,994
-------------------- --------------------- --------------------
Net investment income (loss).................... (8,076) 487 (8,994)
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,137,318 1,773,695 783,328
Realized gains (losses) on sale of investments....... (110,635) 1,804 187,042
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 1,026,683 1,775,499 970,370
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (318,719) (1,866,286) (438,103)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 707,964 (90,787) 532,267
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 699,888 $ (90,300) $ 523,273
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST JPMORGAN GLOBAL ACTIVE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,855 $ 5,107 $ 1,679
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 3,855 5,107 1,679
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,091 8,853 4,582
Realized gains (losses) on sale of investments....... (510) (120) 660
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 2,581 8,733 5,242
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,187) (12,813) 2,680
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,394 (4,080) 7,922
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 5,249 $ 1,027 $ 9,601
==================== ==================== ====================
MIST JPMORGAN SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 6,286 $ 4,196 $ 2,563
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 6,286 4,196 2,563
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 22,605 26,694 28,052
Realized gains (losses) on sale of investments....... 2,029 (765) 2,277
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 24,634 25,929 30,329
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 79,671 (52,802) (18,929)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 104,305 (26,873) 11,400
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 110,591 $ (22,677) $ 13,963
==================== ==================== =====================
MIST LOOMIS SAYLES GLOBAL MARKETS
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 6,758 $ 7,875 $ 9,637
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 6,758 7,875 9,637
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 11,125 -- --
Realized gains (losses) on sale of investments....... 1,573 18,423 4,771
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 12,698 18,423 4,771
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,350) (13,993) 1,137
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 11,348 4,430 5,908
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 18,106 $ 12,305 $ 15,545
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST MET/ABERDEEN EMERGING MARKETS EQUITY
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 6,049 $ 10,228 $ 2,914
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 6,049 10,228 2,914
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (30,698) (4,559) (2,174)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (30,698) (4,559) (2,174)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 89,323 (82,085) (31,587)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 58,625 (86,644) (33,761)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 64,674 $ (76,416) $ (30,847)
==================== ==================== ====================
MIST MET/TEMPLETON INTERNATIONAL BOND
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 16,491 $ 6,729
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... -- 16,491 6,729
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 486 355 --
Realized gains (losses) on sale of investments....... (2,171) (5,538) 6
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (1,685) (5,183) 6
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 4,976 (19,099) (3,576)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 3,291 (24,282) (3,570)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 3,291 $ (7,791) $ 3,159
==================== ==================== ====================
MIST MET/WELLINGTON LARGE CAP RESEARCH
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 9,605,133 $ 3,933,627 $ 3,642,958
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 2,007,407 2,110,795 2,017,025
-------------------- -------------------- --------------------
Net investment income (loss).................... 7,597,726 1,822,832 1,625,933
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 26,127,082 29,529,907 --
Realized gains (losses) on sale of investments....... 4,953,703 6,791,139 5,779,958
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 31,080,785 36,321,046 5,779,958
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (8,253,818) (21,509,605) 41,616,595
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 22,826,967 14,811,441 47,396,553
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 30,424,693 $ 16,634,273 $ 49,022,486
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST METLIFE ASSET ALLOCATION 100
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 523,833 $ 322,952 $ 181,683
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 14,780 16,490 16,174
--------------------- --------------------- ---------------------
Net investment income (loss).................... 509,053 306,462 165,509
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,664,123 1,572,075 --
Realized gains (losses) on sale of investments....... 102,098 325,688 437,534
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 2,766,221 1,897,763 437,534
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (1,391,486) (2,617,113) 404,377
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,374,735 (719,350) 841,911
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,883,788 $ (412,888) $ 1,007,420
===================== ===================== =====================
MIST METLIFE BALANCED PLUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 7,951 $ 4,773 $ 2,715
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 7,951 4,773 2,715
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,078 13,434 12,036
Realized gains (losses) on sale of investments....... (955) (2,885) 220
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 2,123 10,549 12,256
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 12,397 (26,058) (517)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 14,520 (15,509) 11,739
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 22,471 $ (10,736) $ 14,454
==================== ==================== ====================
MIST METLIFE MULTI-INDEX TARGETED RISK
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,944 $ 1,398 $ --
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 1,944 1,398 --
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 3,097 172
Realized gains (losses) on sale of investments....... (37) 1,073 90
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (37) 4,170 262
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 4,590 (7,672) 4,343
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 4,553 (3,502) 4,605
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 6,497 $ (2,104) $ 4,605
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST METLIFE SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 8,421 $ 800 $ 366
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 8,421 800 366
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 21,554 310,745 38,852
Realized gains (losses) on sale of investments....... (31,090) 1,317 32,257
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (9,536) 312,062 71,109
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 191,373 (358,930) (58,142)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 181,837 (46,868) 12,967
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 190,258 $ (46,068) $ 13,333
==================== ==================== ====================
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 378,662 $ 565,935 $ 483,322
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 15,460 17,693 18,674
-------------------- -------------------- --------------------
Net investment income (loss).................... 363,202 548,242 464,648
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (113,918) 34,366 144,798
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (113,918) 34,366 144,798
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (396,420) (864,226) (2,026,000)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (510,338) (829,860) (1,881,202)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (147,136) $ (281,618) $ (1,416,554)
==================== ==================== ====================
MIST MORGAN STANLEY MID CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 132,861
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 581,093 686,901 717,140
-------------------- -------------------- --------------------
Net investment income (loss).................... (581,093) (686,901) (584,279)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 3,185,085 4,836,759 5,665,992
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 3,185,085 4,836,759 5,665,992
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (20,525,720) (15,427,415) (2,867,790)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (17,340,635) (10,590,656) 2,798,202
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (17,921,728) $ (11,277,557) $ 2,213,923
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 540,111 $ 609,199 $ 505,389
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 112,319 104,779 89,693
-------------------- -------------------- ---------------------
Net investment income (loss).................... 427,792 504,420 415,696
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,248,912 1,119,227 1,468,712
Realized gains (losses) on sale of investments....... 1,062,963 1,459,506 1,473,679
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... 3,311,875 2,578,733 2,942,391
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (3,785,262) (1,183,054) (2,309,701)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (473,387) 1,395,679 632,690
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ (45,595) $ 1,900,099 $ 1,048,386
==================== ==================== =====================
MIST PANAGORA GLOBAL DIVERSIFIED RISK
INVESTMENT DIVISION
--------------------------------------------
2016 2015 (d)
-------------------- --------------------
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....... 1 (360)
-------------------- --------------------
Net realized gains (losses)..................... 1 (295)
-------------------- --------------------
Change in unrealized gains (losses) on investments... (1) 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
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ 559,967 $ 213,452
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 17,989 19,912 21,738
-------------------- --------------------- --------------------
Net investment income (loss).................... (17,989) 540,055 191,714
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (134,822) (211,211) (162,419)
-------------------- --------------------- --------------------
Net realized gains (losses)..................... (134,822) (211,211) (162,419)
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 652,775 (655,945) 319,472
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 517,953 (867,156) 157,053
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 499,964 $ (327,101) $ 348,767
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,232,049 $ 2,501,824 $ 1,261,172
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 55,405 58,540 62,315
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,176,644 2,443,284 1,198,857
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 545,027 --
Realized gains (losses) on sale of investments....... (107,899) (40,218) 36,542
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (107,899) 504,809 36,542
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 134,407 (2,854,535) 873,849
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 26,508 (2,349,726) 910,391
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,203,152 $ 93,558 $ 2,109,248
==================== ==================== ====================
MIST PYRAMIS MANAGED RISK
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 47 $ 86
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 47 86 --
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 16 433 2
Realized gains (losses) on sale of investments....... (9) 545 8
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 7 978 10
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 239 (255) 48
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 246 723 58
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 293 $ 809 $ 58
==================== ==================== ====================
MIST SCHRODERS GLOBAL MULTI-ASSET
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 675 $ 467 $ 398
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 675 467 398
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 658 1,401 1,089
Realized gains (losses) on sale of investments....... (11) 35 168
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 647 1,436 1,257
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 1,558 (2,611) 553
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 2,205 (1,175) 1,810
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 2,880 $ (708) $ 2,208
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST SSGA GROWTH AND INCOME ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 201,907 $ 200,671 $ 195,317
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 8,489 9,183 9,443
------------------- -------------------- --------------------
Net investment income (loss).................... 193,418 191,488 185,874
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 439,798 439,240 463,729
Realized gains (losses) on sale of investments....... (17,565) 68,038 167,009
------------------- -------------------- --------------------
Net realized gains (losses)..................... 422,233 507,278 630,738
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (166,860) (845,948) (350,740)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 255,373 (338,670) 279,998
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 448,791 $ (147,182) $ 465,872
=================== ==================== ====================
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 159,959 $ 152,270 $ 118,289
-------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 7,001 7,372 7,409
-------------------- -------------------- -------------------
Net investment income (loss).................... 152,958 144,898 110,880
-------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 424,639 369,187 348,010
Realized gains (losses) on sale of investments....... (36,140) 30,189 110,391
-------------------- -------------------- -------------------
Net realized gains (losses)..................... 388,499 399,376 458,401
-------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... (116,079) (699,498) (255,403)
-------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 272,420 (300,122) 202,998
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 425,378 $ (155,224) $ 313,878
==================== ==================== ===================
MIST T. ROWE PRICE LARGE CAP VALUE
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 63,487 $ 36,741 $ 32,258
-------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- -------------------
Net investment income (loss).................... 63,487 36,741 32,258
-------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 241,959 4,421 --
Realized gains (losses) on sale of investments....... 22,893 86,882 6,947
-------------------- -------------------- -------------------
Net realized gains (losses)..................... 264,852 91,303 6,947
-------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... 1,148 (197,956) 244,232
-------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 266,000 (106,653) 251,179
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 329,487 $ (69,912) $ 283,437
==================== ==================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ --
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 45,975 45,309 39,978
--------------------- --------------------- ---------------------
Net investment income (loss).................... (45,975) (45,309) (39,978)
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,929,907 5,111,107 2,710,770
Realized gains (losses) on sale of investments....... 274,363 671,843 622,719
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 5,204,270 5,782,950 3,333,489
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (3,017,999) (3,612,484) 275,430
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,186,271 2,170,466 3,608,919
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,140,296 $ 2,125,157 $ 3,568,941
===================== ===================== =====================
MSF BAILLIE GIFFORD INTERNATIONAL STOCK
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 627,145 $ 713,415 $ 614,397
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 179,611 193,538 202,918
-------------------- -------------------- --------------------
Net investment income (loss).................... 447,534 519,877 411,479
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (310,525) (206,507) (176,452)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (310,525) (206,507) (176,452)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 1,728,920 (1,227,962) (1,735,615)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,418,395 (1,434,469) (1,912,067)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,865,929 $ (914,592) $ (1,500,588)
==================== ==================== ====================
MSF BARCLAYS AGGREGATE BOND INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,556,980 $ 3,746,041 $ 3,642,812
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 40,599 39,974 40,346
-------------------- -------------------- --------------------
Net investment income (loss).................... 3,516,381 3,706,067 3,602,466
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 157,844 111,155 62,943
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 157,844 111,155 62,943
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (713,953) (3,467,125) 3,247,015
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (556,109) (3,355,970) 3,309,958
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 2,960,272 $ 350,097 $ 6,912,424
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 2,531,954 $ 3,137,039 $ 2,833,552
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 278,834 287,424 293,168
-------------------- -------------------- --------------------
Net investment income (loss).................... 2,253,120 2,849,615 2,540,384
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 918,699 --
Realized gains (losses) on sale of investments....... 30,488 (4,703) 70,435
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 30,488 913,996 70,435
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (97,803) (3,544,439) 2,699,020
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (67,315) (2,630,443) 2,769,455
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 2,185,805 $ 219,172 $ 5,309,839
==================== ==================== ====================
MSF BLACKROCK CAPITAL APPRECIATION
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ 7,533
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 9,977 10,693 10,001
-------------------- -------------------- --------------------
Net investment income (loss).................... (9,977) (10,693) (2,468)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 852,431 1,744,269 --
Realized gains (losses) on sale of investments....... 195,339 278,466 3,803,528
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,047,770 2,022,735 3,803,528
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (1,066,351) (1,407,738) (2,831,679)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (18,581) 614,997 971,849
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (28,558) $ 604,304 $ 969,381
==================== ==================== ====================
MSF BLACKROCK LARGE CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 319,165 $ 358,828 $ 240,568
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 22,545 23,445 23,616
-------------------- -------------------- --------------------
Net investment income (loss).................... 296,620 335,383 216,952
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,458,734 1,605,704 4,383,514
Realized gains (losses) on sale of investments....... (389,249) (183,787) (65,732)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 1,069,485 1,421,917 4,317,782
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 1,883,740 (2,942,487) (2,739,427)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 2,953,225 (1,520,570) 1,578,355
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 3,249,845 $ (1,185,187) $ 1,795,307
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF BLACKROCK ULTRA-SHORT TERM BOND
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 16,356 $ 813 $ --
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 34,740 35,827 38,422
-------------------- -------------------- --------------------
Net investment income (loss).................... (18,384) (35,014) (38,422)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 487 -- --
Realized gains (losses) on sale of investments....... 3,225 -- --
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 3,712 -- --
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 60,725 -- --
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 64,437 -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 46,053 $ (35,014) $ (38,422)
==================== ==================== ====================
MSF FRONTIER MID CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ --
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 1,459,027 1,605,819 1,529,952
-------------------- -------------------- --------------------
Net investment income (loss).................... (1,459,027) (1,605,819) (1,529,952)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 25,696,515 31,059,487 20,270,585
Realized gains (losses) on sale of investments....... 2,622,698 5,229,191 5,829,957
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 28,319,213 36,288,678 26,100,542
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (16,692,072) (28,947,695) (1,683,974)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 11,627,141 7,340,983 24,416,568
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 10,168,114 $ 5,735,164 $ 22,886,616
==================== ==================== ====================
MSF JENNISON GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 66,617 $ 64,278 $ 57,642
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 14,334 14,588 13,806
-------------------- -------------------- --------------------
Net investment income (loss).................... 52,283 49,690 43,836
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,948,170 3,546,254 1,172,046
Realized gains (losses) on sale of investments....... 177,425 583,747 588,171
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 3,125,595 4,130,001 1,760,217
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,197,364) (1,789,865) 102,570
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (71,769) 2,340,136 1,862,787
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ (19,486) $ 2,389,826 $ 1,906,623
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 76,360 $ 38,636 $ 10,698
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 22,984 24,860 24,993
--------------------- -------------------- --------------------
Net investment income (loss).................... 53,376 13,776 (14,295)
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,113,583 3,150,294 3,179,934
Realized gains (losses) on sale of investments....... 122,418 370,891 437,509
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 2,236,001 3,521,185 3,617,443
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 1,915,532 (3,857,826) (2,720,783)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 4,151,533 (336,641) 896,660
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 4,204,909 $ (322,865) $ 882,365
===================== ==================== ====================
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ -- $ -- $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 9,163 9,783 10,498
-------------------- --------------------- --------------------
Net investment income (loss).................... (9,163) (9,783) (10,498)
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 1,165,890 1,543,783 1,374,358
Realized gains (losses) on sale of investments....... 56,242 261,026 486,190
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 1,222,132 1,804,809 1,860,548
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... (582,015) (1,598,061) (1,752,743)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 640,117 206,748 107,805
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 630,954 $ 196,965 $ 97,307
==================== ===================== ====================
MSF MET/ARTISAN MID CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 623,203 $ 704,333 $ 459,965
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 49,909 52,726 58,197
-------------------- -------------------- --------------------
Net investment income (loss).................... 573,294 651,607 401,768
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 6,218,111 7,448,048 --
Realized gains (losses) on sale of investments....... 158,671 632,699 1,070,144
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 6,376,782 8,080,747 1,070,144
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 4,919,832 (14,388,947) (313,797)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 11,296,614 (6,308,200) 756,347
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 11,869,908 $ (5,656,593) $ 1,158,115
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF MET/WELLINGTON BALANCED
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 8,164,072 $ 6,073,749 $ 6,099,011
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 1,586,955 1,662,109 1,647,006
--------------------- -------------------- --------------------
Net investment income (loss).................... 6,577,117 4,411,640 4,452,005
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 13,751,650 51,879,369 --
Realized gains (losses) on sale of investments....... 1,873,457 4,030,610 5,320,748
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 15,625,107 55,909,979 5,320,748
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (3,743,348) (53,963,621) 19,346,415
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 11,881,759 1,946,358 24,667,163
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 18,458,876 $ 6,357,998 $ 29,119,168
===================== ==================== ====================
MSF MET/WELLINGTON CORE EQUITY OPPORTUNITIES
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,178,342 $ 1,320,806 $ 508,892
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 55,978 57,675 57,279
--------------------- -------------------- --------------------
Net investment income (loss).................... 1,122,364 1,263,131 451,613
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 3,218,161 25,408,009 6,081,753
Realized gains (losses) on sale of investments....... (89,698) 716,455 1,674,792
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 3,128,463 26,124,464 7,756,545
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 855,321 (25,717,218) (869,547)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 3,983,784 407,246 6,886,998
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 5,106,148 $ 1,670,377 $ 7,338,611
===================== ==================== ====================
MSF METLIFE ASSET ALLOCATION 20
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 185,658 $ 124,733 $ 209,842
-------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 7,760 8,287 8,381
-------------------- --------------------- ---------------------
Net investment income (loss).................... 177,898 116,446 201,461
-------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 179,520 168,162 213,606
Realized gains (losses) on sale of investments....... (57,458) 6,832 25,638
-------------------- --------------------- ---------------------
Net realized gains (losses)..................... 122,062 174,994 239,244
-------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (54,551) (309,762) (203,125)
-------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 67,511 (134,768) 36,119
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 245,409 $ (18,322) $ 237,580
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF METLIFE ASSET ALLOCATION 40
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 380,608 $ 46,938 $ 291,635
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 15,456 17,505 18,482
--------------------- --------------------- ---------------------
Net investment income (loss).................... 365,152 29,433 273,153
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 653,875 559,298 346,288
Realized gains (losses) on sale of investments....... (4,511) 140,214 121,187
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 649,364 699,512 467,475
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (402,883) (854,363) (270,968)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 246,481 (154,851) 196,507
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 611,633 $ (125,418) $ 469,660
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 60
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,741,228 $ 390,972 $ 1,206,188
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 80,187 85,255 84,872
--------------------- --------------------- ---------------------
Net investment income (loss).................... 1,661,041 305,717 1,121,316
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,622,045 3,409,671 2,031,851
Realized gains (losses) on sale of investments....... 180,894 662,426 808,239
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 4,802,939 4,072,097 2,840,090
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (2,834,262) (4,965,532) (1,284,610)
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,968,677 (893,435) 1,555,480
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 3,629,718 $ (587,718) $ 2,676,796
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 80
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,023,030 $ 512,933 $ 1,754,790
--------------------- --------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 80,568 85,082 84,172
--------------------- --------------------- ---------------------
Net investment income (loss).................... 2,942,462 427,851 1,670,618
--------------------- --------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 11,163,996 4,372,751 --
Realized gains (losses) on sale of investments....... 857,817 1,805,013 1,673,184
--------------------- --------------------- ---------------------
Net realized gains (losses)..................... 12,021,813 6,177,764 1,673,184
--------------------- --------------------- ---------------------
Change in unrealized gains (losses) on investments... (7,365,543) (8,037,823) 1,795,645
--------------------- --------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 4,656,270 (1,860,059) 3,468,829
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 7,598,732 $ (1,432,208) $ 5,139,447
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,110,219 $ 1,033,473 $ 910,209
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 65,628 68,461 66,825
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,044,591 965,012 843,384
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 6,666,040 5,617,501 4,123,805
Realized gains (losses) on sale of investments....... 1,488,577 1,969,456 4,161,062
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 8,154,617 7,586,957 8,284,867
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 7,196,356 (10,506,888) (1,040,640)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 15,350,973 (2,919,931) 7,244,227
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 16,395,564 $ (1,954,919) $ 8,087,611
==================== ==================== ====================
MSF METLIFE STOCK INDEX
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 19,282,251 $ 16,989,974 $ 15,723,375
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 2,114,804 2,188,283 2,152,159
-------------------- -------------------- --------------------
Net investment income (loss).................... 17,167,447 14,801,691 13,571,216
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 42,275,909 40,868,342 23,073,733
Realized gains (losses) on sale of investments....... 15,702,100 17,484,826 22,399,491
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 57,978,009 58,353,168 45,473,224
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 31,292,870 (63,726,527) 58,022,278
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 89,270,879 (5,373,359) 103,495,502
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 106,438,326 $ 9,428,332 $ 117,066,718
==================== ==================== ====================
MSF MFS TOTAL RETURN
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 287,267 $ 256,077 $ 230,037
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 9,492 8,955 8,485
-------------------- -------------------- --------------------
Net investment income (loss).................... 277,775 247,122 221,552
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 417,334 -- --
Realized gains (losses) on sale of investments....... 162,191 196,619 193,152
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 579,525 196,619 193,152
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 3,086 (470,036) 388,544
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 582,611 (273,417) 581,696
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 860,386 $ (26,295) $ 803,248
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF MFS VALUE
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,901,086 $ 2,325,157 $ 1,410,912
-------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 68,482 70,555 70,434
-------------------- ------------------- -------------------
Net investment income (loss).................... 1,832,604 2,254,602 1,340,478
-------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 7,583,219 13,359,170 3,936,675
Realized gains (losses) on sale of investments....... 440,263 1,066,697 1,680,541
-------------------- ------------------- -------------------
Net realized gains (losses)..................... 8,023,482 14,425,867 5,617,216
-------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments... 1,456,878 (16,842,516) 1,679,688
-------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 9,480,360 (2,416,649) 7,296,904
-------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 11,312,964 $ (162,047) $ 8,637,382
==================== =================== ===================
MSF MSCI EAFE INDEX
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,978,825 $ 2,538,836 $ 1,985,462
------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 35,536 38,784 40,521
------------------- -------------------- --------------------
Net investment income (loss).................... 1,943,289 2,500,052 1,944,941
------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 101,562 707,350 1,139,967
------------------- -------------------- --------------------
Net realized gains (losses)..................... 101,562 707,350 1,139,967
------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (990,605) (3,862,935) (7,881,915)
------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... (889,043) (3,155,585) (6,741,948)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,054,246 $ (655,533) $ (4,797,007)
=================== ==================== ====================
MSF NEUBERGER BERMAN GENESIS
INVESTMENT DIVISION
----------------------------------------------------------------
2016 2015 2014
------------------- -------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 488,023 $ 455,355 $ 420,580
------------------- -------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... 88,644 93,449 96,260
------------------- -------------------- -------------------
Net investment income (loss).................... 399,379 361,906 324,320
------------------- -------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 1,826,763 1,512,189 1,496,496
------------------- -------------------- -------------------
Net realized gains (losses)..................... 1,826,763 1,512,189 1,496,496
------------------- -------------------- -------------------
Change in unrealized gains (losses) on investments... 15,758,188 (1,230,308) (2,029,896)
------------------- -------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 17,584,951 281,881 (533,400)
------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 17,984,330 $ 643,787 $ (209,080)
=================== ==================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 959,940 $ 876,249 $ 812,259
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 46,857 47,773 48,414
--------------------- -------------------- ---------------------
Net investment income (loss).................... 913,083 828,476 763,845
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 4,042,248 4,152,346 1,573,978
Realized gains (losses) on sale of investments....... 1,662,177 2,119,087 2,223,932
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 5,704,425 6,271,433 3,797,910
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 7,347,406 (10,053,677) (996,894)
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 13,051,831 (3,782,244) 2,801,016
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 13,964,914 $ (2,953,768) $ 3,564,861
===================== ==================== =====================
MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 49,087 $ 117,835 $ 48,493
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 57,405 60,498 54,764
-------------------- -------------------- --------------------
Net investment income (loss).................... (8,318) 57,337 (6,271)
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 10,221,524 15,073,030 5,537,905
Realized gains (losses) on sale of investments....... 1,301,214 2,495,339 2,356,884
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 11,522,738 17,568,369 7,894,789
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... (10,229,673) (8,845,976) (880,615)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,293,065 8,722,393 7,014,174
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,284,747 $ 8,779,730 $ 7,007,903
==================== ==================== ====================
MSF T. ROWE PRICE SMALL CAP GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 278,411 $ 155,566 $ 19,192
--------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 374,021 404,512 389,795
--------------------- -------------------- ---------------------
Net investment income (loss).................... (95,610) (248,946) (370,603)
--------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 13,259,903 9,768,650 8,559,449
Realized gains (losses) on sale of investments....... 2,246,255 3,150,255 9,322,153
--------------------- -------------------- ---------------------
Net realized gains (losses)..................... 15,506,158 12,918,905 17,881,602
--------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (3,850,598) (9,935,901) (10,294,099)
--------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 11,655,560 2,983,004 7,587,503
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 11,559,950 $ 2,734,058 $ 7,216,900
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF VAN ECK GLOBAL NATURAL RESOURCES
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,967 $ 974 $ 983
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 1,967 974 983
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- 3,054
Realized gains (losses) on sale of investments....... (7,201) (9,795) (3,490)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (7,201) (9,795) (436)
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... 88,581 (64,308) (44,636)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 81,380 (74,103) (45,072)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 83,347 $ (73,129) $ (44,089)
==================== ==================== =====================
MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 831,199 $ 1,322,147 $ 1,377,573
--------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... 69,295 32,560 33,455
--------------------- -------------------- --------------------
Net investment income (loss).................... 761,904 1,289,587 1,344,118
--------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... 119,058 73,628 163,589
--------------------- -------------------- --------------------
Net realized gains (losses)..................... 119,058 73,628 163,589
--------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 2,417,251 (1,827,670) (168,552)
--------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 2,536,309 (1,754,042) (4,963)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 3,298,213 $ (464,455) $ 1,339,155
===================== ==================== ====================
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 416,577 $ 373,766 $ 319,215
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... 16,155 16,226 16,566
-------------------- -------------------- ---------------------
Net investment income (loss).................... 400,422 357,540 302,649
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (10,757) (6,880) (4,464)
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (10,757) (6,880) (4,464)
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (199,711) (270,748) 143,123
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (210,468) (277,628) 138,659
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 189,954 $ 79,912 $ 441,308
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
OPPENHEIMER VA MAIN STREET SMALL CAP
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014 (e)
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 46 $ 40 $ --
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 46 40 --
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 343 665 --
Realized gains (losses) on sale of investments....... 12 (40) --
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 355 625 --
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 988 (894) 198
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 1,343 (269) 198
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,389 $ (229) $ 198
==================== ==================== ====================
PIMCO VIT ALL ASSET
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- ------------------- -------------------
INVESTMENT INCOME:
Dividends............................................ $ 3,261 $ 17,942 $ 49,509
-------------------- ------------------- -------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- ------------------- -------------------
Net investment income (loss).................... 3,261 17,942 49,509
-------------------- ------------------- -------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (833) (111,468) 28
-------------------- ------------------- -------------------
Net realized gains (losses)..................... (833) (111,468) 28
-------------------- ------------------- -------------------
Change in unrealized gains (losses) on investments... 12,619 38,369 (44,010)
-------------------- ------------------- -------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 11,786 (73,099) (43,982)
-------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 15,047 $ (55,157) $ 5,527
==================== =================== ===================
PIMCO VIT COMMODITYREALRETURN STRATEGY
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 111 $ 1,467 $ 86
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 111 1,467 86
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (957) (11,415) (39)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (957) (11,415) (39)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 2,262 3,408 (10,088)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments..................................... 1,305 (8,007) (10,127)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations.................................... $ 1,416 $ (6,540) $ (10,041)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
PIMCO VIT LOW DURATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INVESTMENT INCOME:
Dividends............................................ $ 13,010 $ 29,643 $ 17,764
-------------------- -------------------- ---------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- ---------------------
Net investment income (loss).................... 13,010 29,643 17,764
-------------------- -------------------- ---------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (325) 12,574 512
-------------------- -------------------- ---------------------
Net realized gains (losses)..................... (325) 12,574 512
-------------------- -------------------- ---------------------
Change in unrealized gains (losses) on investments... (271) (33,266) (4,896)
-------------------- -------------------- ---------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (596) (20,692) (4,384)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 12,414 $ 8,951 $ 13,380
==================== ==================== =====================
PIONEER VCT MID CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 342 $ 412 $ 452
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 342 412 452
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 2,899 5,835 6,866
Realized gains (losses) on sale of investments....... 268 4,638 1,056
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 3,167 10,473 7,922
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 3,146 (13,938) 732
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 6,313 (3,465) 8,654
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 6,655 $ (3,053) $ 9,106
==================== ==================== ====================
PUTNAM VT INTERNATIONAL VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 122 $ 91 $ 95
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 122 91 95
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- --
Realized gains (losses) on sale of investments....... (165) (22) 46
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (165) (22) 46
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 58 (118) (775)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... (107) (140) (729)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 15 $ (49) $ (634)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
ROYCE MICRO-CAP
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 61 $ -- $ --
-------------------- --------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- --------------------- --------------------
Net investment income (loss).................... 61 -- --
-------------------- --------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- 498 657
Realized gains (losses) on sale of investments....... 71 1 13
-------------------- --------------------- --------------------
Net realized gains (losses)..................... 71 499 670
-------------------- --------------------- --------------------
Change in unrealized gains (losses) on investments... 1,525 (1,557) (951)
-------------------- --------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 1,596 (1,058) (281)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 1,657 $ (1,058) $ (281)
==================== ===================== ====================
ROYCE SMALL-CAP
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 1,115 $ 443 $ 64
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 1,115 443 64
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... 11,025 12,749 5,932
Realized gains (losses) on sale of investments....... (4,843) 64 105,416
-------------------- -------------------- --------------------
Net realized gains (losses)..................... 6,182 12,813 111,348
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 2,799 (19,154) (144,191)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 8,981 (6,341) (32,843)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 10,096 $ (5,898) $ (32,779)
==================== ==================== ====================
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................ $ 59,307 $ 45,047 $ 66,166
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss).................... 59,307 45,047 66,166
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions.......................... -- -- 9,104
Realized gains (losses) on sale of investments....... (12,131) (12,799) (26,242)
-------------------- -------------------- --------------------
Net realized gains (losses)..................... (12,131) (12,799) (17,138)
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments... 45,652 (46,377) 6,462
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments.................................... 33,521 (59,176) (10,676)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................... $ 92,828 $ (14,129) $ 55,490
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
UIF EMERGING MARKETS EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INVESTMENT INCOME:
Dividends............................................... $ 12,938 $ 18,406 $ 4,726
-------------------- -------------------- --------------------
EXPENSES:
Mortality and expense risk charges...................... -- -- --
-------------------- -------------------- --------------------
Net investment income (loss)....................... 12,938 18,406 4,726
-------------------- -------------------- --------------------
NET REALIZED AND CHANGES IN UNREALIZED GAINS (LOSSES)
ON INVESTMENTS:
Realized gain distributions............................. -- -- --
Realized gains (losses) on sale of investments.......... (37,991) (24,296) 14,990
-------------------- -------------------- --------------------
Net realized gains (losses)........................ (37,991) (24,296) 14,990
-------------------- -------------------- --------------------
Change in unrealized gains (losses) on investments...... 171,862 (266,747) (166,226)
-------------------- -------------------- --------------------
Net realized and changes in unrealized gains (losses)
on investments....................................... 133,871 (291,043) (151,236)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations...................................... $ 146,809 $ (272,637) $ (146,510)
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
AB GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ -- $ --
Net realized gains (losses)......................... 877 4,879 1,302
Change in unrealized gains (losses) on investments.. (1,193) (2,756) 2,635
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (316) 2,123 3,937
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,269 1,493 1,269
Net transfers (including fixed account)............. (7,397) (6,753) 13,633
Policy charges...................................... (883) (1,929) (2,507)
Transfers for policy benefits and terminations...... (90) (30,831) (6,798)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (7,101) (38,020) 5,597
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (7,417) (35,897) 9,534
NET ASSETS:
Beginning of year................................... 39,803 75,700 66,166
--------------------- -------------------- --------------------
End of year......................................... $ 32,386 $ 39,803 $ 75,700
===================== ==================== ====================
AB INTERMEDIATE BOND
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,736 $ 2,061 $ 1,921
Net realized gains (losses)......................... 1,078 1,662 689
Change in unrealized gains (losses) on investments.. 49 (3,852) 952
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 3,863 (129) 3,562
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- 644 644
Net transfers (including fixed account)............. 33,741 2,915 32
Policy charges...................................... (3,112) (2,460) (2,264)
Transfers for policy benefits and terminations...... -- -- --
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 30,629 1,099 (1,588)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 34,492 970 1,974
NET ASSETS:
Beginning of year................................... 60,559 59,589 57,615
-------------------- -------------------- ---------------------
End of year......................................... $ 95,051 $ 60,559 $ 59,589
==================== ==================== =====================
AMERICAN CENTURY VP CAPITAL APPRECIATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014 (a)
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ -- $ --
Net realized gains (losses)......................... 3 56 12
Change in unrealized gains (losses) on investments.. (60) (38) 42
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (57) 18 54
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,568 -- --
Net transfers (including fixed account)............. 13 1 589
Policy charges...................................... (266) (368) (211)
Transfers for policy benefits and terminations...... -- -- --
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 3,315 (367) 378
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 3,258 (349) 432
NET ASSETS:
Beginning of year................................... 83 432 --
-------------------- -------------------- ---------------------
End of year......................................... $ 3,341 $ 83 $ 432
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
AMERICAN FUNDS BOND
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 100,993 $ 95,558 $ 106,624
Net realized gains (losses)......................... 24,681 113,025 6,927
Change in unrealized gains (losses) on investments.. 45,632 (201,734) 172,487
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 171,306 6,849 286,038
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 594,195 595,751 623,827
Net transfers (including fixed account)............. 266,964 482,848 255,803
Policy charges...................................... (399,254) (353,117) (362,278)
Transfers for policy benefits and terminations...... (479,171) (500,127) (416,749)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (17,266) 225,355 100,603
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 154,040 232,204 386,641
NET ASSETS:
Beginning of year................................... 6,208,120 5,975,916 5,589,275
-------------------- -------------------- ---------------------
End of year......................................... $ 6,362,160 $ 6,208,120 $ 5,975,916
==================== ==================== =====================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 81,134 $ (91,602) $ (6,851)
Net realized gains (losses)......................... 11,903,440 6,923,224 1,349,400
Change in unrealized gains (losses) on investments.. (10,777,574) (6,348,033) 96,482
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,207,000 483,589 1,439,031
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,934,049 5,361,656 5,749,295
Net transfers (including fixed account)............. (1,739,842) (992,517) (675,673)
Policy charges...................................... (3,505,140) (3,751,216) (3,816,323)
Transfers for policy benefits and terminations...... (4,322,961) (4,463,980) (4,204,832)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,633,894) (3,846,057) (2,947,533)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (3,426,894) (3,362,468) (1,508,502)
NET ASSETS:
Beginning of year................................... 67,195,650 70,558,118 72,066,620
--------------------- -------------------- ---------------------
End of year......................................... $ 63,768,756 $ 67,195,650 $ 70,558,118
===================== ==================== =====================
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,112,235 $ 849,331 $ 1,134,555
Net realized gains (losses)......................... 16,155,775 37,793,980 11,523,746
Change in unrealized gains (losses) on investments.. (2,560,394) (27,669,113) 413,436
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 14,707,616 10,974,198 13,071,737
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 10,568,668 11,128,355 12,033,016
Net transfers (including fixed account)............. (1,947,160) (2,877,301) (1,562,797)
Policy charges...................................... (8,879,484) (8,922,399) (8,831,204)
Transfers for policy benefits and terminations...... (10,245,919) (10,503,688) (10,353,575)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (10,503,895) (11,175,033) (8,714,560)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 4,203,721 (200,835) 4,357,177
NET ASSETS:
Beginning of year................................... 164,709,586 164,910,421 160,553,244
-------------------- -------------------- --------------------
End of year......................................... $ 168,913,307 $ 164,709,586 $ 164,910,421
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,399,526 $ 1,265,966 $ 1,235,698
Net realized gains (losses)......................... 12,245,175 17,136,301 7,216,223
Change in unrealized gains (losses) on investments.. (2,551,087) (16,929,014) 1,935,227
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 11,093,614 1,473,253 10,387,148
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,753,905 7,132,701 7,556,304
Net transfers (including fixed account)............. (1,474,231) (706,082) (746,690)
Policy charges...................................... (5,885,637) (5,898,040) (5,923,496)
Transfers for policy benefits and terminations...... (6,406,059) (6,373,610) (6,455,691)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (7,012,022) (5,845,031) (5,569,573)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 4,081,592 (4,371,778) 4,817,575
NET ASSETS:
Beginning of year................................... 101,658,954 106,030,732 101,213,157
-------------------- -------------------- --------------------
End of year......................................... $ 105,740,546 $ 101,658,954 $ 106,030,732
==================== ==================== ====================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,799 $ 7,125 $ 9,668
Net realized gains (losses)......................... 21,338 53,336 3,059
Change in unrealized gains (losses) on investments.. (18,823) (72,634) (30,549)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 7,314 (12,173) (17,822)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,192 6,030 19,466
Net transfers (including fixed account)............. -- (251,186) 22,024
Policy charges...................................... (6,055) (9,566) (10,594)
Transfers for policy benefits and terminations...... (70,171) -- (16,461)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (74,034) (254,722) 14,435
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (66,720) (266,895) (3,387)
NET ASSETS:
Beginning of year................................... 415,110 682,005 685,392
-------------------- -------------------- ---------------------
End of year......................................... $ 348,390 $ 415,110 $ 682,005
==================== ==================== =====================
AMERICAN FUNDS U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 737 $ 712 $ 520
Net realized gains (losses)......................... 968 401 (30)
Change in unrealized gains (losses) on investments.. (1,163) (350) 1,820
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 542 763 2,310
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,191 2,595 1,253
Net transfers (including fixed account)............. 9 1 --
Policy charges...................................... (1,778) (1,568) (1,489)
Transfers for policy benefits and terminations...... -- -- (6)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 3,422 1,028 (242)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 3,964 1,791 2,068
NET ASSETS:
Beginning of year................................... 50,343 48,552 46,484
-------------------- -------------------- --------------------
End of year......................................... $ 54,307 $ 50,343 $ 48,552
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- ---------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 3,283 $ 4,421 $ 3,201
Net realized gains (losses)......................... (5,322) (390) (210)
Change in unrealized gains (losses) on investments.. (2,271) (10,460) (26,366)
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (4,310) (6,429) (23,375)
--------------------- ---------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. (12,134) -- --
Policy charges...................................... (2,110) (2,287) (2,373)
Transfers for policy benefits and terminations...... -- (1) --
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (14,244) (2,288) (2,373)
--------------------- ---------------------- ---------------------
Net increase (decrease) in net assets............ (18,554) (8,717) (25,748)
NET ASSETS:
Beginning of year................................... 211,852 220,569 246,317
--------------------- ---------------------- ---------------------
End of year......................................... $ 193,298 $ 211,852 $ 220,569
===================== ====================== =====================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 23,502 $ 20,958 $ 20,809
Net realized gains (losses)......................... 60,870 128,965 35,424
Change in unrealized gains (losses) on investments.. (48,668) (145,469) 59,690
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 35,704 4,454 115,923
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 69,385 154,105 105,211
Net transfers (including fixed account)............. 6,528 (120,734) 60,739
Policy charges...................................... (69,707) (80,789) (76,841)
Transfers for policy benefits and terminations...... (113,789) (173,241) (47,777)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (107,583) (220,659) 41,332
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (71,879) (216,205) 157,255
NET ASSETS:
Beginning of year................................... 1,870,972 2,087,177 1,929,922
--------------------- --------------------- ---------------------
End of year......................................... $ 1,799,093 $ 1,870,972 $ 2,087,177
===================== ===================== =====================
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 18,813 $ 25,926 $ 24,338
Net realized gains (losses)......................... 265,269 373,045 118,141
Change in unrealized gains (losses) on investments.. (89,763) (372,526) 174,211
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 194,319 26,445 316,690
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 82,242 177,261 105,425
Net transfers (including fixed account)............. (6,803) (158,700) (10,694)
Policy charges...................................... (91,600) (94,010) (90,082)
Transfers for policy benefits and terminations...... (278,347) (89,062) (58,177)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (294,508) (164,511) (53,528)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (100,189) (138,066) 263,162
NET ASSETS:
Beginning of year................................... 2,775,398 2,913,464 2,650,302
--------------------- --------------------- ---------------------
End of year......................................... $ 2,675,209 $ 2,775,398 $ 2,913,464
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 351 $ 426 $ 687
Net realized gains (losses)......................... 858 2,506 1,056
Change in unrealized gains (losses) on investments.. 1,277 (3,341) 37
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,486 (409) 1,780
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,787 2,405 1,877
Net transfers (including fixed account)............. -- -- (11,506)
Policy charges...................................... (227) (278) (409)
Transfers for policy benefits and terminations...... (1) (14,085) (1)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 1,559 (11,958) (10,039)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 4,045 (12,367) (8,259)
NET ASSETS:
Beginning of year................................... 12,838 25,205 33,464
--------------------- --------------------- ---------------------
End of year......................................... $ 16,883 $ 12,838 $ 25,205
===================== ===================== =====================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 439 $ 361 $ 746
Net realized gains (losses)......................... 427 5,675 3,453
Change in unrealized gains (losses) on investments.. 369 (5,470) (2,030)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,235 566 2,169
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 54,823 49,696 53,609
Net transfers (including fixed account)............. -- (481) --
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (45,887) (78,676) (53,906)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 8,936 (29,461) (297)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 10,171 (28,895) 1,872
NET ASSETS:
Beginning of year................................... 19,219 48,114 46,242
--------------------- --------------------- ---------------------
End of year......................................... $ 29,390 $ 19,219 $ 48,114
===================== ===================== =====================
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 8,579 $ 10,060 $ 16,169
Net realized gains (losses)......................... 19,311 169,271 38,833
Change in unrealized gains (losses) on investments.. 4,403 (177,998) (8,502)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 32,293 1,333 46,500
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 159,769 132,204 113,318
Net transfers (including fixed account)............. (46) (413,184) --
Policy charges...................................... (6,174) (7,305) (12,214)
Transfers for policy benefits and terminations...... (146,943) (168,987) (140,759)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 6,606 (457,272) (39,655)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 38,899 (455,939) 6,845
NET ASSETS:
Beginning of year................................... 528,621 984,560 977,715
--------------------- --------------------- ---------------------
End of year......................................... $ 567,520 $ 528,621 $ 984,560
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP FREEDOM 2025
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 6,677 $ 8,151 $ 613
Net realized gains (losses)......................... 13,307 2,620 1,235
Change in unrealized gains (losses) on investments.. 6,315 (13,249) 73
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 26,299 (2,478) 1,921
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. -- 407,484 --
Policy charges...................................... (10,760) (9,867) (4,514)
Transfers for policy benefits and terminations...... -- -- --
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (10,760) 397,617 (4,514)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 15,539 395,139 (2,593)
NET ASSETS:
Beginning of year................................... 432,727 37,588 40,181
-------------------- --------------------- ---------------------
End of year......................................... $ 448,266 $ 432,727 $ 37,588
==================== ===================== =====================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,599 $ 2,154 $ 1,195
Net realized gains (losses)......................... 3,153 1,753 13,333
Change in unrealized gains (losses) on investments.. 4,716 (4,989) (10,096)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 10,468 (1,082) 4,432
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 337,954 248,938 197,624
Net transfers (including fixed account)............. (74) 1,585 (1,696)
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (286,393) (211,226) (180,726)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 51,487 39,297 15,202
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 61,955 38,215 19,634
NET ASSETS:
Beginning of year................................... 119,873 81,658 62,024
--------------------- --------------------- ---------------------
End of year......................................... $ 181,828 $ 119,873 $ 81,658
===================== ===================== =====================
FIDELITY VIP FREEDOM 2040
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,084 $ 1,492 $ 767
Net realized gains (losses)......................... 2,805 804 1,236
Change in unrealized gains (losses) on investments.. 5,080 (3,345) (709)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 9,969 (1,049) 1,294
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 263,618 178,750 138,827
Net transfers (including fixed account)............. (142) -- --
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (203,651) (141,983) (98,455)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 59,825 36,767 40,372
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............ 69,794 35,718 41,666
NET ASSETS:
Beginning of year................................... 89,215 53,497 11,831
--------------------- -------------------- ---------------------
End of year......................................... $ 159,009 $ 89,215 $ 53,497
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP FREEDOM 2050
INVESTMENT DIVISION
------------------------------------------------------------
2016 2015 2014
------------------- ------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,500 $ 878 $ 355
Net realized gains (losses)......................... 1,669 843 6,639
Change in unrealized gains (losses) on investments.. 2,841 (2,416) (5,093)
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations................................ 6,010 (695) 1,901
------------------- ------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 171,698 115,247 91,003
Net transfers (including fixed account)............. -- (1,460) --
Policy charges...................................... -- -- --
Transfers for policy benefits and terminations...... (122,043) (88,414) (88,212)
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 49,655 25,373 2,791
------------------- ------------------- ------------------
Net increase (decrease) in net assets............. 55,665 24,678 4,692
NET ASSETS:
Beginning of year................................... 51,384 26,706 22,014
------------------- ------------------- ------------------
End of year......................................... $ 107,049 $ 51,384 $ 26,706
=================== =================== ==================
FIDELITY VIP
GOVERNMENT
MONEY MARKET
INVESTMENT DIVISION
-------------------
2016 (b)
-------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,167
Net realized gains (losses)......................... --
Change in unrealized gains (losses) on investments.. --
-------------------
Net increase (decrease) in net assets resulting
from operations................................ 4,167
-------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 256,858
Net transfers (including fixed account)............. 3,598,871
Policy charges...................................... (34,257)
Transfers for policy benefits and terminations...... --
-------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 3,821,472
-------------------
Net increase (decrease) in net assets............. 3,825,639
NET ASSETS:
Beginning of year................................... --
-------------------
End of year......................................... $ 3,825,639
===================
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
------------------------------------------------------------
2016 2015 2014
------------------- ------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 18,971 $ 14,336 $ 10,183
Net realized gains (losses)......................... (443) (455) 158
Change in unrealized gains (losses) on investments.. 19,200 (20,979) (8,210)
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations................................ 37,728 (7,098) 2,131
------------------- ------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 35,555 12,069 3,323
Net transfers (including fixed account)............. 96,126 35,979 3,881
Policy charges...................................... (6,565) (5,315) (5,057)
Transfers for policy benefits and terminations...... -- (2,074) (91)
------------------- ------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 125,116 40,659 2,056
------------------- ------------------- ------------------
Net increase (decrease) in net assets............. 162,844 33,561 4,187
NET ASSETS:
Beginning of year................................... 205,740 172,179 167,992
------------------- ------------------- ------------------
End of year......................................... $ 368,584 $ 205,740 $ 172,179
=================== =================== ==================
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
-----------------------------------------------------------
2016 2015 2014
------------------ ------------------- ------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 28,927 $ 31,506 $ 26,958
Net realized gains (losses)......................... (1,529) 154 (15,735)
Change in unrealized gains (losses) on investments.. 27,988 (39,907) 77,902
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from operations................................ 55,386 (8,247) 89,125
------------------ ------------------- ------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 293 829 829
Net transfers (including fixed account)............. (24,137) (11,610) (509,895)
Policy charges...................................... (14,328) (14,132) (17,492)
Transfers for policy benefits and terminations...... -- -- (5,265)
------------------ ------------------- ------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (38,172) (24,913) (531,823)
------------------ ------------------- ------------------
Net increase (decrease) in net assets............. 17,214 (33,160) (442,698)
NET ASSETS:
Beginning of year................................... 1,224,347 1,257,507 1,700,205
------------------ ------------------- ------------------
End of year......................................... $ 1,241,561 $ 1,224,347 $ 1,257,507
================== =================== ==================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FIDELITY VIP MID CAP
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 766 $ 745 $ 48
Net realized gains (losses)......................... 13,813 31,286 10,492
Change in unrealized gains (losses) on investments.. 9,442 (36,156) 4,318
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 24,021 (4,125) 14,858
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,018 1,486 7,147
Net transfers (including fixed account)............. 261 32,283 (62)
Policy charges...................................... (4,768) (4,213) (3,945)
Transfers for policy benefits and terminations...... (43,917) -- (12,748)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (47,406) 29,556 (9,608)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (23,385) 25,431 5,250
NET ASSETS:
Beginning of year................................... 279,768 254,337 249,087
--------------------- -------------------- ---------------------
End of year......................................... $ 256,383 $ 279,768 $ 254,337
===================== ==================== =====================
FTVIPT FRANKLIN INCOME VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,059 $ 1,086 $ 385
Net realized gains (losses)......................... (110) (154) (51)
Change in unrealized gains (losses) on investments.. 3,968 (2,439) (1,084)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 5,917 (1,507) (750)
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,179 5,340 1,936
Net transfers (including fixed account)............. 10,302 12,510 24,540
Policy charges...................................... (3,200) (2,666) (1,188)
Transfers for policy benefits and terminations...... -- -- --
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 11,281 15,184 25,288
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 17,198 13,677 24,538
NET ASSETS:
Beginning of year................................... 38,833 25,156 618
-------------------- --------------------- --------------------
End of year......................................... $ 56,031 $ 38,833 $ 25,156
==================== ===================== ====================
FTVIPT FRANKLIN MUTUAL GLOBAL DISCOVERY VIP
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 8,262 $ 13,670 $ 10,690
Net realized gains (losses)......................... 36,978 27,706 43,600
Change in unrealized gains (losses) on investments.. 13,065 (58,851) (24,521)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 58,305 (17,475) 29,769
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 55,906 24,639 10,410
Net transfers (including fixed account)............. (15,004) 13,951 8,747
Policy charges...................................... (11,796) (15,139) (16,960)
Transfers for policy benefits and terminations...... (7,814) (14,827) (38,467)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 21,292 8,624 (36,270)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 79,597 (8,851) (6,501)
NET ASSETS:
Beginning of year................................... 479,582 488,433 494,934
--------------------- -------------------- --------------------
End of year......................................... $ 559,179 $ 479,582 $ 488,433
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
FTVIPT FRANKLIN MUTUAL SHARES VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,664 $ 1,895 $ 789
Net realized gains (losses)......................... 6,412 4,213 464
Change in unrealized gains (losses) on investments.. 4,437 (9,723) 1,131
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 12,513 (3,615) 2,384
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 14,420 10,729 4,760
Net transfers (including fixed account)............. 9,226 27,697 14,220
Policy charges...................................... (7,976) (5,813) (3,194)
Transfers for policy benefits and terminations...... (3,186) (72) --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 12,484 32,541 15,786
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 24,997 28,926 18,170
NET ASSETS:
Beginning of year................................... 71,304 42,378 24,208
-------------------- -------------------- --------------------
End of year......................................... $ 96,301 $ 71,304 $ 42,378
==================== ==================== ====================
FTVIPT TEMPLETON FOREIGN VIP
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 114,022 $ 189,205 $ 78,379
Net realized gains (losses)......................... 19,515 182,453 156,830
Change in unrealized gains (losses) on investments.. 260,337 (703,728) (709,096)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 393,874 (332,070) (473,887)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 450,424 522,167 338,970
Net transfers (including fixed account)............. (43,239) 131,629 2,058,544
Policy charges...................................... (193,490) (204,300) (168,065)
Transfers for policy benefits and terminations...... (189,973) (119,949) (813,885)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 23,722 329,547 1,415,564
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 417,596 (2,523) 941,677
NET ASSETS:
Beginning of year................................... 5,344,848 5,347,371 4,405,694
-------------------- -------------------- --------------------
End of year......................................... $ 5,762,444 $ 5,344,848 $ 5,347,371
==================== ==================== ====================
FTVIPT TEMPLETON GLOBAL BOND VIP
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ 83,772 $ 65,826
Net realized gains (losses)......................... (3,707) (92,691) (644)
Change in unrealized gains (losses) on investments.. 24,908 (36,601) (38,430)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 21,201 (45,520) 26,752
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 66,454 35,603 15,639
Net transfers (including fixed account)............. 5,683 (632,092) (47,291)
Policy charges...................................... (25,780) (35,622) (34,683)
Transfers for policy benefits and terminations...... (2,149) -- (41,236)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 44,208 (632,111) (107,571)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 65,409 (677,631) (80,819)
NET ASSETS:
Beginning of year................................... 559,264 1,236,895 1,317,714
-------------------- -------------------- --------------------
End of year......................................... $ 624,673 $ 559,264 $ 1,236,895
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,071 $ 1,118 $ 2,932
Net realized gains (losses)......................... (9,829) 20,793 56,312
Change in unrealized gains (losses) on investments.. 25,433 (48,920) (21,021)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 16,675 (27,009) 38,223
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. (183,580) -- --
Policy charges...................................... (4,736) (7,778) (9,236)
Transfers for policy benefits and terminations...... (1) (12,103) (23,589)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (188,317) (19,881) (32,825)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (171,642) (46,890) 5,398
NET ASSETS:
Beginning of year................................... 254,367 301,257 295,859
--------------------- --------------------- ---------------------
End of year......................................... $ 82,725 $ 254,367 $ 301,257
===================== ===================== =====================
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 413 $ 104 $ 277
Net realized gains (losses)......................... 147 4,727 6,915
Change in unrealized gains (losses) on investments.. 6,057 (5,505) (4,589)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 6,617 (674) 2,603
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 10,556 1,112 2,186
Net transfers (including fixed account)............. -- -- (5,501)
Policy charges...................................... (3,587) (3,707) (3,679)
Transfers for policy benefits and terminations...... (7,826) (1) (26)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (857) (2,596) (7,020)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 5,760 (3,270) (4,417)
NET ASSETS:
Beginning of year................................... 33,793 37,063 41,480
-------------------- -------------------- ---------------------
End of year......................................... $ 39,553 $ 33,793 $ 37,063
==================== ==================== =====================
INVESCO V.I. COMSTOCK
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,913 $ 5,695 $ 3,587
Net realized gains (losses)......................... 31,767 4,410 2,447
Change in unrealized gains (losses) on investments.. 25,839 (32,126) 22,523
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 62,519 (22,021) 28,557
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 59,070 21,481 1,792
Net transfers (including fixed account)............. 257 (1,856) 9,094
Policy charges...................................... (8,620) (8,488) (7,120)
Transfers for policy benefits and terminations...... -- (34) (20)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 50,707 11,103 3,746
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 113,226 (10,918) 32,303
NET ASSETS:
Beginning of year................................... 336,660 347,578 315,275
--------------------- --------------------- ---------------------
End of year......................................... $ 449,886 $ 336,660 $ 347,578
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
------------------------------------------------------------
2016 2015 2014
------------------ ------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,874 $ 5,017 $ 5,421
Net realized gains (losses)......................... 630 2,637 5,138
Change in unrealized gains (losses) on investments.. (8,246) (13,856) (10,871)
------------------ ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ (2,742) (6,202) (312)
------------------ ------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 16,357 -- --
Net transfers (including fixed account)............. 40,410 2,025 12,366
Policy charges...................................... (16,023) (16,496) (15,500)
Transfers for policy benefits and terminations...... (9,023) (1) (45,248)
------------------ ------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 31,721 (14,472) (48,382)
------------------ ------------------- -------------------
Net increase (decrease) in net assets............ 28,979 (20,674) (48,694)
NET ASSETS:
Beginning of year................................... 329,823 350,497 399,191
------------------ ------------------- -------------------
End of year......................................... $ 358,802 $ 329,823 $ 350,497
================== =================== ===================
JANUS ASPEN BALANCED
INVESTMENT DIVISION
-------------------------------------------------------------
2016 2015 2014
------------------- ------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 20,153 $ 15,263 $ 16,228
Net realized gains (losses)......................... 22,229 40,958 37,470
Change in unrealized gains (losses) on investments.. (19) (51,128) 30,740
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 42,363 5,093 84,438
------------------- ------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 55,816 36,006 43,455
Net transfers (including fixed account)............. (14,696) 28,037 39,697
Policy charges...................................... (32,106) (33,574) (34,009)
Transfers for policy benefits and terminations...... (79,063) (17,338) (43,432)
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (70,049) 13,131 5,711
------------------- ------------------- -------------------
Net increase (decrease) in net assets............ (27,686) 18,224 90,149
NET ASSETS:
Beginning of year................................... 1,101,075 1,082,851 992,702
------------------- ------------------- -------------------
End of year......................................... $ 1,073,389 $ 1,101,075 $ 1,082,851
=================== =================== ===================
JANUS ASPEN
ENTERPRISE
INVESTMENT DIVISION
--------------------
2016 (c)
--------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 107
Net realized gains (losses)......................... 38,166
Change in unrealized gains (losses) on investments.. 289
--------------------
Net increase (decrease) in net assets resulting
from operations................................ 38,562
--------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ --
Net transfers (including fixed account)............. 417,833
Policy charges...................................... (3,776)
Transfers for policy benefits and terminations...... --
--------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 414,057
--------------------
Net increase (decrease) in net assets............ 452,619
NET ASSETS:
Beginning of year................................... --
--------------------
End of year......................................... $ 452,619
====================
JANUS ASPEN FORTY
INVESTMENT DIVISION
-------------------------------------------------------------
2016 2015 2014
------------------- ------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ -- $ 252
Net realized gains (losses)......................... 59,807 122,650 312,178
Change in unrealized gains (losses) on investments.. (58,944) (57,429) (248,123)
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 863 65,221 64,307
------------------- ------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 21,593 8,927 17,929
Net transfers (including fixed account)............. -- 262 (352,405)
Policy charges...................................... (15,394) (19,291) (23,445)
Transfers for policy benefits and terminations...... (106,582) (964) (25,992)
------------------- ------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (100,383) (11,066) (383,913)
------------------- ------------------- -------------------
Net increase (decrease) in net assets............ (99,520) 54,155 (319,606)
NET ASSETS:
Beginning of year................................... 604,552 550,397 870,003
------------------- ------------------- -------------------
End of year......................................... $ 505,032 $ 604,552 $ 550,397
=================== =================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
JANUS ASPEN JANUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,500 $ 2,968 $ 1,630
Net realized gains (losses)......................... 62,341 102,491 41,098
Change in unrealized gains (losses) on investments.. (66,733) (79,472) 12,182
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (2,892) 25,987 54,910
--------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,252 6,990 11,134
Net transfers (including fixed account)............. -- -- --
Policy charges...................................... (11,346) (16,553) (15,340)
Transfers for policy benefits and terminations...... (187,482) (26,764) (9,982)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (195,576) (36,327) (14,188)
--------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (198,468) (10,340) 40,722
NET ASSETS:
Beginning of year................................... 469,667 480,007 439,285
--------------------- --------------------- --------------------
End of year......................................... $ 271,199 $ 469,667 $ 480,007
===================== ===================== ====================
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,672 $ 225 $ 1,960
Net realized gains (losses)......................... (6,520) (4,794) 2,312
Change in unrealized gains (losses) on investments.. 1,900 363 (10,605)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ (2,948) (4,206) (6,333)
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 21,555 5,534 5,199
Net transfers (including fixed account)............. -- -- --
Policy charges...................................... (6,610) (7,590) (9,034)
Transfers for policy benefits and terminations...... (4,970) (5,157) (11,226)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 9,975 (7,213) (15,061)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 7,027 (11,419) (21,394)
NET ASSETS:
Beginning of year................................... 36,023 47,442 68,836
--------------------- --------------------- ---------------------
End of year......................................... $ 43,050 $ 36,023 $ 47,442
===================== ===================== =====================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,326 $ 1,587 $ 974
Net realized gains (losses)......................... 10,426 8,958 4,384
Change in unrealized gains (losses) on investments.. 736 (14,256) 1,213
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 12,488 (3,711) 6,571
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 27,743 10,152 938
Net transfers (including fixed account)............. (176) (8,832) 329
Policy charges...................................... (4,103) (4,102) (3,867)
Transfers for policy benefits and terminations...... -- (175) --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 23,464 (2,957) (2,600)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 35,952 (6,668) 3,971
NET ASSETS:
Beginning of year................................... 182,623 189,291 185,320
-------------------- -------------------- --------------------
End of year......................................... $ 218,575 $ 182,623 $ 189,291
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ -- $ --
Net realized gains (losses)......................... 9,227 7,331 46,796
Change in unrealized gains (losses) on investments.. 7,467 (11,470) (63,957)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 16,694 (4,139) (17,161)
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. -- -- --
Policy charges...................................... (6,581) (6,330) (6,047)
Transfers for policy benefits and terminations...... (38) (52) (56)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (6,619) (6,382) (6,103)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 10,075 (10,521) (23,264)
NET ASSETS:
Beginning of year................................... 196,330 206,851 230,115
--------------------- -------------------- ---------------------
End of year......................................... $ 206,405 $ 196,330 $ 206,851
===================== ==================== =====================
MFS VIT VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 369 $ 439 $ 285
Net realized gains (losses)......................... 2,248 1,896 1,241
Change in unrealized gains (losses) on investments.. (76) (2,518) 559
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,541 (183) 2,085
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. -- -- 166
Policy charges...................................... (2,348) (2,032) (1,886)
Transfers for policy benefits and terminations...... -- -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,348) (2,032) (1,720)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 193 (2,215) 365
NET ASSETS:
Beginning of year................................... 19,852 22,067 21,702
-------------------- -------------------- --------------------
End of year......................................... $ 20,045 $ 19,852 $ 22,067
==================== ==================== ====================
MFS VIT II HIGH YIELD
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 9,347 $ 9,868 $ 8,003
Net realized gains (losses)......................... (220) (99) 25
Change in unrealized gains (losses) on investments.. 9,158 (16,013) (4,175)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 18,285 (6,244) 3,853
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- -- --
Net transfers (including fixed account)............. 1 (33) (4,330)
Policy charges...................................... (2,483) (2,300) (2,228)
Transfers for policy benefits and terminations...... -- -- (2,771)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,482) (2,333) (9,329)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 15,803 (8,577) (5,476)
NET ASSETS:
Beginning of year................................... 135,308 143,885 149,361
--------------------- -------------------- ---------------------
End of year......................................... $ 151,111 $ 135,308 $ 143,885
===================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST AB GLOBAL DYNAMIC ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 977 $ 2,180 $ 860
Net realized gains (losses)......................... 430 2,222 991
Change in unrealized gains (losses) on investments.. 769 (4,443) 1,384
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,176 (41) 3,235
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 15,256 16,182 11,361
Net transfers (including fixed account)............. (2,468) 8,940 7,219
Policy charges...................................... (8,319) (9,589) (5,606)
Transfers for policy benefits and terminations...... (5,916) (4,204) (552)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,447) 11,329 12,422
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 729 11,288 15,657
NET ASSETS:
Beginning of year................................... 61,181 49,893 34,236
-------------------- -------------------- --------------------
End of year......................................... $ 61,910 $ 61,181 $ 49,893
==================== ==================== ====================
MIST ALLIANZ GLOBAL INVESTORS DYNAMIC MULTI-ASSET PLUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014 (a)
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2 $ 21 $ --
Net realized gains (losses)......................... (12) (259) 1
Change in unrealized gains (losses) on investments.. 80 (72) 1
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 70 (310) 2
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,715 1,892 104
Net transfers (including fixed account)............. 274 1,102 19
Policy charges...................................... (1,293) (645) (48)
Transfers for policy benefits and terminations...... -- (95) (1)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 2,696 2,254 74
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 2,766 1,944 76
NET ASSETS:
Beginning of year................................... 2,020 76 --
--------------------- -------------------- --------------------
End of year......................................... $ 4,786 $ 2,020 $ 76
===================== ==================== ====================
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 18,208 $ 15,506 $ 13,034
Net realized gains (losses)......................... 76,946 49,693 84,942
Change in unrealized gains (losses) on investments.. (22,963) (69,036) (47,376)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 72,191 (3,837) 50,600
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 85,094 112,261 120,077
Net transfers (including fixed account)............. 21,073 (10,152) (11,952)
Policy charges...................................... (69,192) (60,959) (53,306)
Transfers for policy benefits and terminations...... (12,455) (19,938) (19,004)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 24,520 21,212 35,815
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 96,711 17,375 86,415
NET ASSETS:
Beginning of year................................... 894,053 876,678 790,263
-------------------- --------------------- ---------------------
End of year......................................... $ 990,764 $ 894,053 $ 876,678
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 26,959 $ 24,524 $ 20,605
Net realized gains (losses)......................... 160,188 110,834 262,844
Change in unrealized gains (losses) on investments.. (37,021) (141,365) (180,168)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 150,126 (6,007) 103,281
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 271,362 284,585 260,494
Net transfers (including fixed account)............. 26,046 (51,416) (3,533)
Policy charges...................................... (153,833) (138,948) (136,198)
Transfers for policy benefits and terminations...... (70,269) (45,437) (219,541)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 73,306 48,784 (98,778)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 223,432 42,777 4,503
NET ASSETS:
Beginning of year................................... 1,538,114 1,495,337 1,490,834
-------------------- -------------------- --------------------
End of year......................................... $ 1,761,546 $ 1,538,114 $ 1,495,337
==================== ==================== ====================
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 23,999 $ 17,019 $ 15,920
Net realized gains (losses)......................... 67,729 52,885 82,935
Change in unrealized gains (losses) on investments.. (16,232) (73,320) (41,113)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 75,496 (3,416) 57,742
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 234,792 222,467 248,387
Net transfers (including fixed account)............. 22,400 58,079 17,382
Policy charges...................................... (128,785) (117,193) (114,645)
Transfers for policy benefits and terminations...... (14,859) (211,042) (63,090)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 113,548 (47,689) 88,034
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 189,044 (51,105) 145,776
NET ASSETS:
Beginning of year................................... 969,592 1,020,697 874,921
-------------------- -------------------- --------------------
End of year......................................... $ 1,158,636 $ 969,592 $ 1,020,697
==================== ==================== ====================
MIST AQR GLOBAL RISK BALANCED
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ 7,434 $ --
Net realized gains (losses)......................... (7,843) 10,796 126
Change in unrealized gains (losses) on investments.. 18,548 (30,868) 5,443
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 10,705 (12,638) 5,569
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 40,240 47,166 59,198
Net transfers (including fixed account)............. (10,383) (53,166) (15,436)
Policy charges...................................... (20,166) (21,458) (22,230)
Transfers for policy benefits and terminations...... (19,162) (5,275) --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (9,471) (32,733) 21,532
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 1,234 (45,371) 27,101
NET ASSETS:
Beginning of year................................... 134,644 180,015 152,914
-------------------- -------------------- --------------------
End of year......................................... $ 135,878 $ 134,644 $ 180,015
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST BLACKROCK GLOBAL TACTICAL STRATEGIES
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 4,216 $ 3,577 $ 1,792
Net realized gains (losses)......................... 23,013 9,345 8,814
Change in unrealized gains (losses) on investments.. (13,208) (14,933) (1,686)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 14,021 (2,011) 8,920
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 84,543 68,269 71,428
Net transfers (including fixed account)............. 26,959 617 30,488
Policy charges...................................... (25,547) (22,928) (18,675)
Transfers for policy benefits and terminations...... (9,699) (8,345) (3,178)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 76,256 37,613 80,063
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 90,277 35,602 88,983
NET ASSETS:
Beginning of year................................... 227,159 191,557 102,574
--------------------- --------------------- ---------------------
End of year......................................... $ 317,436 $ 227,159 $ 191,557
===================== ===================== =====================
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 650,259 $ 1,202,742 $ 480,465
Net realized gains (losses)......................... 31,945 48,531 314,419
Change in unrealized gains (losses) on investments.. (362,033) (1,654,271) 3,062,383
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 320,171 (402,998) 3,857,267
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,067,349 2,178,317 2,319,909
Net transfers (including fixed account)............. (931,910) (643,155) 1,111,969
Policy charges...................................... (1,519,377) (1,546,835) (1,557,429)
Transfers for policy benefits and terminations...... (1,814,112) (1,529,344) (1,760,827)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,198,050) (1,541,017) 113,622
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (1,877,879) (1,944,015) 3,970,889
NET ASSETS:
Beginning of year................................... 29,524,589 31,468,604 27,497,715
--------------------- --------------------- ---------------------
End of year......................................... $ 27,646,710 $ 29,524,589 $ 31,468,604
===================== ===================== =====================
MIST CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 233,927 $ 153,096 $ 36,831
Net realized gains (losses)......................... 970,623 1,820,551 867,002
Change in unrealized gains (losses) on investments.. (103,509) (3,670,688) 5,750,935
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,101,041 (1,697,041) 6,654,768
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,112,659 3,350,304 2,789,219
Net transfers (including fixed account)............. (1,658,736) (548,727) 20,585,269
Policy charges...................................... (2,334,139) (2,487,088) (2,040,428)
Transfers for policy benefits and terminations...... (2,140,654) (2,989,221) (2,395,229)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,020,870) (2,674,732) 18,938,831
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. (1,919,829) (4,371,773) 25,593,599
NET ASSETS:
Beginning of year................................... 42,906,771 47,278,544 21,684,945
--------------------- --------------------- ---------------------
End of year......................................... $ 40,986,942 $ 42,906,771 $ 47,278,544
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 812,952 $ 1,300,814 $ 1,043,576
Net realized gains (losses)......................... 1,774,522 3,930,024 5,879,910
Change in unrealized gains (losses) on investments.. 446,527 (6,964,997) (9,320,626)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 3,034,001 (1,734,159) (2,397,140)
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,947,689 3,189,787 3,289,660
Net transfers (including fixed account)............. (726,193) 74,671 (7,351,245)
Policy charges...................................... (1,927,311) (2,084,965) (2,202,103)
Transfers for policy benefits and terminations...... (2,331,900) (2,507,280) (2,639,180)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,037,715) (1,327,787) (8,902,868)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 996,286 (3,061,946) (11,300,008)
NET ASSETS:
Beginning of year................................... 38,468,820 41,530,766 52,830,774
-------------------- --------------------- ---------------------
End of year......................................... $ 39,465,106 $ 38,468,820 $ 41,530,766
==================== ===================== =====================
MIST INVESCO BALANCED-RISK ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 63 $ 1,200 $ --
Net realized gains (losses)......................... (528) 1,727 1,265
Change in unrealized gains (losses) on investments.. 4,887 (4,753) 178
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 4,422 (1,826) 1,443
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 15,956 16,400 11,849
Net transfers (including fixed account)............. (1,153) 2,103 (2,709)
Policy charges...................................... (5,759) (5,388) (4,305)
Transfers for policy benefits and terminations...... (6,082) (3,815) --
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 2,962 9,300 4,835
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 7,384 7,474 6,278
NET ASSETS:
Beginning of year................................... 38,475 31,001 24,723
-------------------- --------------------- --------------------
End of year......................................... $ 45,859 $ 38,475 $ 31,001
==================== ===================== ====================
MIST INVESCO MID CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 650,034 $ 563,734 $ 562,138
Net realized gains (losses)......................... 3,900,369 5,178,767 17,118,207
Change in unrealized gains (losses) on investments.. 7,673,646 (13,696,346) (8,899,738)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 12,224,049 (7,953,845) 8,780,607
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,540,189 5,923,611 6,274,639
Net transfers (including fixed account)............. (1,504,903) 396,833 (1,527,527)
Policy charges...................................... (4,725,378) (5,050,098) (5,148,577)
Transfers for policy benefits and terminations...... (5,462,656) (5,269,245) (5,635,566)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (6,152,748) (3,998,899) (6,037,031)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 6,071,301 (11,952,744) 2,743,576
NET ASSETS:
Beginning of year................................... 82,921,441 94,874,185 92,130,609
-------------------- --------------------- ---------------------
End of year......................................... $ 88,992,742 $ 82,921,441 $ 94,874,185
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST INVESCO SMALL CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (8,076) $ 487 $ (8,994)
Net realized gains (losses)......................... 1,026,683 1,775,499 970,370
Change in unrealized gains (losses) on investments.. (318,719) (1,866,286) (438,103)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 699,888 (90,300) 523,273
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 407,148 432,154 458,397
Net transfers (including fixed account)............. (213,557) (314,953) 80,982
Policy charges...................................... (295,102) (309,254) (300,898)
Transfers for policy benefits and terminations...... (427,897) (252,225) (288,293)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (529,408) (444,278) (49,812)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 170,480 (534,578) 473,461
NET ASSETS:
Beginning of year................................... 6,552,111 7,086,689 6,613,228
-------------------- -------------------- --------------------
End of year......................................... $ 6,722,591 $ 6,552,111 $ 7,086,689
==================== ==================== ====================
MIST JPMORGAN GLOBAL ACTIVE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 3,855 $ 5,107 $ 1,679
Net realized gains (losses)......................... 2,581 8,733 5,242
Change in unrealized gains (losses) on investments.. (1,187) (12,813) 2,680
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 5,249 1,027 9,601
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 41,651 43,757 41,753
Net transfers (including fixed account)............. 2,362 (2,180) 31,866
Policy charges...................................... (25,382) (25,286) (21,706)
Transfers for policy benefits and terminations...... (6,113) (2,835) (786)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 12,518 13,456 51,127
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 17,767 14,483 60,728
NET ASSETS:
Beginning of year................................... 185,624 171,141 110,413
-------------------- -------------------- --------------------
End of year......................................... $ 203,391 $ 185,624 $ 171,141
==================== ==================== ====================
MIST JPMORGAN SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 6,286 $ 4,196 $ 2,563
Net realized gains (losses)......................... 24,634 25,929 30,329
Change in unrealized gains (losses) on investments.. 79,671 (52,802) (18,929)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 110,591 (22,677) 13,963
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 42,502 42,823 27,252
Net transfers (including fixed account)............. (23,758) 19,637 42,989
Policy charges...................................... (27,602) (22,975) (17,294)
Transfers for policy benefits and terminations...... (2,886) (1,767) (26,298)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (11,744) 37,718 26,649
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 98,847 15,041 40,612
NET ASSETS:
Beginning of year................................... 310,452 295,411 254,799
-------------------- -------------------- --------------------
End of year......................................... $ 409,299 $ 310,452 $ 295,411
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST LOOMIS SAYLES GLOBAL MARKETS
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 6,758 $ 7,875 $ 9,637
Net realized gains (losses)......................... 12,698 18,423 4,771
Change in unrealized gains (losses) on investments.. (1,350) (13,993) 1,137
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 18,106 12,305 15,545
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 52,697 43,858 52,562
Net transfers (including fixed account)............. 16,922 (6,677) 9,314
Policy charges...................................... (36,634) (35,911) (34,455)
Transfers for policy benefits and terminations...... (6,534) (109,930) (37,846)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 26,451 (108,660) (10,425)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 44,557 (96,355) 5,120
NET ASSETS:
Beginning of year................................... 327,025 423,380 418,260
-------------------- -------------------- --------------------
End of year......................................... $ 371,582 $ 327,025 $ 423,380
==================== ==================== ====================
MIST MET/ABERDEEN EMERGING MARKETS EQUITY
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 6,049 $ 10,228 $ 2,914
Net realized gains (losses)......................... (30,698) (4,559) (2,174)
Change in unrealized gains (losses) on investments.. 89,323 (82,085) (31,587)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 64,674 (76,416) (30,847)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 132,505 116,005 130,260
Net transfers (including fixed account)............. 50,504 29,215 193,175
Policy charges...................................... (33,644) (40,363) (35,736)
Transfers for policy benefits and terminations...... (100,287) (11,079) (8,565)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 49,078 93,778 279,134
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 113,752 17,362 248,287
NET ASSETS:
Beginning of year................................... 538,485 521,123 272,836
-------------------- -------------------- --------------------
End of year......................................... $ 652,237 $ 538,485 $ 521,123
==================== ==================== ====================
MIST MET/TEMPLETON INTERNATIONAL BOND
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ 16,491 $ 6,729
Net realized gains (losses)......................... (1,685) (5,183) 6
Change in unrealized gains (losses) on investments.. 4,976 (19,099) (3,576)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 3,291 (7,791) 3,159
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 49,471 46,145 40,184
Net transfers (including fixed account)............. 10,118 (9,888) 57,850
Policy charges...................................... (19,999) (17,243) (12,411)
Transfers for policy benefits and terminations...... (7,706) (1,587) (1,693)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 31,884 17,427 83,930
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 35,175 9,636 87,089
NET ASSETS:
Beginning of year................................... 183,501 173,865 86,776
--------------------- -------------------- --------------------
End of year......................................... $ 218,676 $ 183,501 $ 173,865
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST MET/WELLINGTON LARGE CAP RESEARCH
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 7,597,726 $ 1,822,832 $ 1,625,933
Net realized gains (losses)......................... 31,080,785 36,321,046 5,779,958
Change in unrealized gains (losses) on investments.. (8,253,818) (21,509,605) 41,616,595
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 30,424,693 16,634,273 49,022,486
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 24,784,013 25,871,596 26,924,187
Net transfers (including fixed account)............. (2,994,332) (1,616,660) 566,938
Policy charges...................................... (26,012,789) (25,907,001) (25,639,658)
Transfers for policy benefits and terminations...... (21,189,207) (22,796,743) (23,789,708)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (25,412,315) (24,448,808) (21,938,241)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 5,012,378 (7,814,535) 27,084,245
NET ASSETS:
Beginning of year................................... 404,612,655 412,427,190 385,342,945
-------------------- --------------------- ---------------------
End of year......................................... $ 409,625,033 $ 404,612,655 $ 412,427,190
==================== ===================== =====================
MIST METLIFE ASSET ALLOCATION 100
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 509,053 $ 306,462 $ 165,509
Net realized gains (losses)......................... 2,766,221 1,897,763 437,534
Change in unrealized gains (losses) on investments.. (1,391,486) (2,617,113) 404,377
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,883,788 (412,888) 1,007,420
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,219,202 2,468,258 2,400,839
Net transfers (including fixed account)............. (470,839) (542,629) 489,496
Policy charges...................................... (1,181,948) (1,172,423) (1,133,365)
Transfers for policy benefits and terminations...... (1,188,155) (791,081) (1,142,502)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (621,740) (37,875) 614,468
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 1,262,048 (450,763) 1,621,888
NET ASSETS:
Beginning of year................................... 20,442,577 20,893,340 19,271,452
-------------------- --------------------- ---------------------
End of year......................................... $ 21,704,625 $ 20,442,577 $ 20,893,340
==================== ===================== =====================
MIST METLIFE BALANCED PLUS
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 7,951 $ 4,773 $ 2,715
Net realized gains (losses)......................... 2,123 10,549 12,256
Change in unrealized gains (losses) on investments.. 12,397 (26,058) (517)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 22,471 (10,736) 14,454
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 69,223 60,907 41,771
Net transfers (including fixed account)............. 10,477 16,180 106,162
Policy charges...................................... (34,809) (31,093) (21,052)
Transfers for policy benefits and terminations...... (11,096) (10,066) --
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 33,795 35,928 126,881
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 56,266 25,192 141,335
NET ASSETS:
Beginning of year................................... 260,693 235,501 94,166
-------------------- -------------------- ---------------------
End of year......................................... $ 316,959 $ 260,693 $ 235,501
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST METLIFE MULTI-INDEX TARGETED RISK
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,944 $ 1,398 $ --
Net realized gains (losses)......................... (37) 4,170 262
Change in unrealized gains (losses) on investments.. 4,590 (7,672) 4,343
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 6,497 (2,104) 4,605
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 27,195 18,161 7,295
Net transfers (including fixed account)............. 14,107 13,332 111,732
Policy charges...................................... (14,951) (11,516) (4,904)
Transfers for policy benefits and terminations...... (583) (3,193) --
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 25,768 16,784 114,123
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 32,265 14,680 118,728
NET ASSETS:
Beginning of year................................... 136,087 121,407 2,679
--------------------- -------------------- --------------------
End of year......................................... $ 168,352 $ 136,087 $ 121,407
===================== ==================== ====================
MIST METLIFE SMALL CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 8,421 $ 800 $ 366
Net realized gains (losses)......................... (9,536) 312,062 71,109
Change in unrealized gains (losses) on investments.. 191,373 (358,930) (58,142)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 190,258 (46,068) 13,333
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 27,558 9,270 16,136
Net transfers (including fixed account)............. (158,661) (679) (61,174)
Policy charges...................................... (18,270) (21,127) (21,735)
Transfers for policy benefits and terminations...... (68,518) (3,611) (40,137)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (217,891) (16,147) (106,910)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (27,633) (62,215) (93,577)
NET ASSETS:
Beginning of year................................... 802,028 864,243 957,820
-------------------- --------------------- --------------------
End of year......................................... $ 774,395 $ 802,028 $ 864,243
==================== ===================== ====================
MIST MFS RESEARCH INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 363,202 $ 548,242 $ 464,648
Net realized gains (losses)......................... (113,918) 34,366 144,798
Change in unrealized gains (losses) on investments.. (396,420) (864,226) (2,026,000)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (147,136) (281,618) (1,416,554)
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,065,950 1,136,865 1,202,389
Net transfers (including fixed account)............. (137,625) (166,293) (150,627)
Policy charges...................................... (829,989) (883,299) (914,533)
Transfers for policy benefits and terminations...... (900,863) (790,282) (948,026)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (802,527) (703,009) (810,797)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (949,663) (984,627) (2,227,351)
NET ASSETS:
Beginning of year................................... 18,155,763 19,140,390 21,367,741
-------------------- --------------------- --------------------
End of year......................................... $ 17,206,100 $ 18,155,763 $ 19,140,390
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST MORGAN STANLEY MID CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (581,093) $ (686,901) $ (584,279)
Net realized gains (losses)......................... 3,185,085 4,836,759 5,665,992
Change in unrealized gains (losses) on investments.. (20,525,720) (15,427,415) (2,867,790)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (17,921,728) (11,277,557) 2,213,923
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 17,390,742 17,952,987 18,859,785
Net transfers (including fixed account)............. (2,231,512) (1,160,187) (2,225,968)
Policy charges...................................... (12,792,889) (13,674,535) (14,270,234)
Transfers for policy benefits and terminations...... (10,991,989) (13,144,136) (15,106,139)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (8,625,648) (10,025,871) (12,742,556)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (26,547,376) (21,303,428) (10,528,633)
NET ASSETS:
Beginning of year................................... 212,581,898 233,885,326 244,413,959
-------------------- -------------------- --------------------
End of year......................................... $ 186,034,522 $ 212,581,898 $ 233,885,326
==================== ==================== ====================
MIST OPPENHEIMER GLOBAL EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 427,792 $ 504,420 $ 415,696
Net realized gains (losses)......................... 3,311,875 2,578,733 2,942,391
Change in unrealized gains (losses) on investments.. (3,785,262) (1,183,054) (2,309,701)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (45,595) 1,900,099 1,048,386
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,752,403 2,885,208 3,247,625
Net transfers (including fixed account)............. (1,108,515) 1,263,650 (469,967)
Policy charges...................................... (2,302,561) (2,404,251) (2,381,921)
Transfers for policy benefits and terminations...... (2,511,117) (2,602,123) (3,500,487)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,169,790) (857,516) (3,104,750)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (3,215,385) 1,042,583 (2,056,364)
NET ASSETS:
Beginning of year................................... 49,473,104 48,430,521 50,486,885
-------------------- -------------------- --------------------
End of year......................................... $ 46,257,719 $ 49,473,104 $ 48,430,521
==================== ==================== ====================
MIST PANAGORA GLOBAL DIVERSIFIED RISK
INVESTMENT DIVISION
-------------------------------------------
2016 2015 (d)
-------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ -- $ 50
Net realized gains (losses)......................... 1 (295)
Change in unrealized gains (losses) on investments.. (1) 1
-------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ -- (244)
-------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 29 41
Net transfers (including fixed account)............. -- 440
Policy charges...................................... (24) (64)
Transfers for policy benefits and terminations...... -- (163)
-------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 5 254
-------------------- --------------------
Net increase (decrease) in net assets............. 5 10
NET ASSETS:
Beginning of year................................... 10 --
-------------------- --------------------
End of year......................................... $ 15 $ 10
==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST PIMCO INFLATION PROTECTED BOND
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (17,989) $ 540,055 $ 191,714
Net realized gains (losses)......................... (134,822) (211,211) (162,419)
Change in unrealized gains (losses) on investments.. 652,775 (655,945) 319,472
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 499,964 (327,101) 348,767
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 856,782 942,996 1,086,624
Net transfers (including fixed account)............. (25,570) (578,943) 31,773
Policy charges...................................... (670,606) (670,899) (712,219)
Transfers for policy benefits and terminations...... (448,728) (496,484) (690,467)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (288,122) (803,330) (284,289)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 211,842 (1,130,431) 64,478
NET ASSETS:
Beginning of year................................... 10,147,547 11,277,978 11,213,500
-------------------- -------------------- --------------------
End of year......................................... $ 10,359,389 $ 10,147,547 $ 11,277,978
==================== ==================== ====================
MIST PIMCO TOTAL RETURN
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,176,644 $ 2,443,284 $ 1,198,857
Net realized gains (losses)......................... (107,899) 504,809 36,542
Change in unrealized gains (losses) on investments.. 134,407 (2,854,535) 873,849
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,203,152 93,558 2,109,248
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,607,110 3,809,014 4,163,684
Net transfers (including fixed account)............. (511,885) (1,054,727) (3,229,896)
Policy charges...................................... (2,866,241) (2,872,640) (3,052,766)
Transfers for policy benefits and terminations...... (2,911,492) (2,635,927) (2,972,047)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,682,508) (2,754,280) (5,091,025)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. (1,479,356) (2,660,722) (2,981,777)
NET ASSETS:
Beginning of year................................... 44,320,248 46,980,970 49,962,747
-------------------- -------------------- -------------------
End of year......................................... $ 42,840,892 $ 44,320,248 $ 46,980,970
==================== ==================== ===================
MIST PYRAMIS MANAGED RISK
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 47 $ 86 $ --
Net realized gains (losses)......................... 7 978 10
Change in unrealized gains (losses) on investments.. 239 (255) 48
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 293 809 58
------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,148 3,971 1,546
Net transfers (including fixed account)............. 421 96 189
Policy charges...................................... (1,837) (2,087) (516)
Transfers for policy benefits and terminations...... (196) (755) --
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 4,536 1,225 1,219
------------------- ------------------- --------------------
Net increase (decrease) in net assets............. 4,829 2,034 1,277
NET ASSETS:
Beginning of year................................... 3,609 1,575 298
------------------- ------------------- --------------------
End of year......................................... $ 8,438 $ 3,609 $ 1,575
=================== =================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST SCHRODERS GLOBAL MULTI-ASSET
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 675 $ 467 $ 398
Net realized gains (losses)......................... 647 1,436 1,257
Change in unrealized gains (losses) on investments.. 1,558 (2,611) 553
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,880 (708) 2,208
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 20,016 11,927 9,093
Net transfers (including fixed account)............. 3,252 948 3,198
Policy charges...................................... (7,221) (5,687) (5,139)
Transfers for policy benefits and terminations...... (4,272) (605) (239)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 11,775 6,583 6,913
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 14,655 5,875 9,121
NET ASSETS:
Beginning of year................................... 37,661 31,786 22,665
------------------- -------------------- --------------------
End of year......................................... $ 52,316 $ 37,661 $ 31,786
=================== ==================== ====================
MIST SSGA GROWTH AND INCOME ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 193,418 $ 191,488 $ 185,874
Net realized gains (losses)......................... 422,233 507,278 630,738
Change in unrealized gains (losses) on investments.. (166,860) (845,948) (350,740)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 448,791 (147,182) 465,872
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 817,890 902,958 906,155
Net transfers (including fixed account)............. (55,673) (56,759) (356,847)
Policy charges...................................... (475,048) (487,928) (484,443)
Transfers for policy benefits and terminations...... (255,414) (287,368) (640,439)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 31,755 70,903 (575,574)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 480,546 (76,279) (109,702)
NET ASSETS:
Beginning of year................................... 7,641,743 7,718,022 7,827,724
-------------------- -------------------- -------------------
End of year......................................... $ 8,122,289 $ 7,641,743 $ 7,718,022
==================== ==================== ===================
MIST SSGA GROWTH ETF
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 152,958 $ 144,898 $ 110,880
Net realized gains (losses)......................... 388,499 399,376 458,401
Change in unrealized gains (losses) on investments.. (116,079) (699,498) (255,403)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 425,378 (155,224) 313,878
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 957,099 1,101,174 1,072,149
Net transfers (including fixed account)............. (419,927) 27,146 369,458
Policy charges...................................... (381,379) (371,675) (333,333)
Transfers for policy benefits and terminations...... (150,373) (335,865) (546,709)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 5,420 420,780 561,565
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 430,798 265,556 875,443
NET ASSETS:
Beginning of year................................... 6,711,219 6,445,663 5,570,220
-------------------- -------------------- -------------------
End of year......................................... $ 7,142,017 $ 6,711,219 $ 6,445,663
==================== ==================== ===================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MIST T. ROWE PRICE LARGE CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 63,487 $ 36,741 $ 32,258
Net realized gains (losses)......................... 264,852 91,303 6,947
Change in unrealized gains (losses) on investments.. 1,148 (197,956) 244,232
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 329,487 (69,912) 283,437
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,540 7,472 3,948
Net transfers (including fixed account)............. 57,340 (203,997) 113,630
Policy charges...................................... (30,407) (30,931) (30,992)
Transfers for policy benefits and terminations...... (63,517) (68,966) (119)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (32,044) (296,422) 86,467
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 297,443 (366,334) 369,904
NET ASSETS:
Beginning of year................................... 2,029,557 2,395,891 2,025,987
-------------------- -------------------- --------------------
End of year......................................... $ 2,327,000 $ 2,029,557 $ 2,395,891
==================== ==================== ====================
MIST T. ROWE PRICE MID CAP GROWTH
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (45,975) $ (45,309) $ (39,978)
Net realized gains (losses)......................... 5,204,270 5,782,950 3,333,489
Change in unrealized gains (losses) on investments.. (3,017,999) (3,612,484) 275,430
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,140,296 2,125,157 3,568,941
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 2,103,996 2,017,424 1,971,641
Net transfers (including fixed account)............. 419,067 2,394,912 1,134,159
Policy charges...................................... (1,724,543) (1,635,548) (1,470,638)
Transfers for policy benefits and terminations...... (2,214,117) (2,115,852) (1,719,618)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,415,597) 660,936 (84,456)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 724,699 2,786,093 3,484,485
NET ASSETS:
Beginning of year................................... 34,019,234 31,233,141 27,748,656
--------------------- --------------------- ---------------------
End of year......................................... $ 34,743,933 $ 34,019,234 $ 31,233,141
===================== ===================== =====================
MSF BAILLIE GIFFORD INTERNATIONAL STOCK
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 447,534 $ 519,877 $ 411,479
Net realized gains (losses)......................... (310,525) (206,507) (176,452)
Change in unrealized gains (losses) on investments.. 1,728,920 (1,227,962) (1,735,615)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,865,929 (914,592) (1,500,588)
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,389,861 3,575,231 3,833,062
Net transfers (including fixed account)............. (547,175) (179,571) (778,376)
Policy charges...................................... (2,612,067) (2,610,457) (2,744,350)
Transfers for policy benefits and terminations...... (2,000,028) (2,221,523) (2,453,566)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,769,409) (1,436,320) (2,143,230)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 96,520 (2,350,912) (3,643,818)
NET ASSETS:
Beginning of year................................... 38,861,610 41,212,522 44,856,340
--------------------- --------------------- ---------------------
End of year......................................... $ 38,958,130 $ 38,861,610 $ 41,212,522
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF BARCLAYS AGGREGATE BOND INDEX
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 3,516,381 $ 3,706,067 $ 3,602,466
Net realized gains (losses)......................... 157,844 111,155 62,943
Change in unrealized gains (losses) on investments.. (713,953) (3,467,125) 3,247,015
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,960,272 350,097 6,912,424
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 10,321,297 10,650,517 10,905,300
Net transfers (including fixed account)............. 1,939,507 (390,145) 8,138,349
Policy charges...................................... (8,491,979) (8,265,344) (8,147,634)
Transfers for policy benefits and terminations...... (6,293,235) (6,269,190) (8,356,763)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,524,410) (4,274,162) 2,539,252
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 435,862 (3,924,065) 9,451,676
NET ASSETS:
Beginning of year................................... 126,951,477 130,875,542 121,423,866
--------------------- -------------------- --------------------
End of year......................................... $ 127,387,339 $ 126,951,477 $ 130,875,542
===================== ==================== ====================
MSF BLACKROCK BOND INCOME
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,253,120 $ 2,849,615 $ 2,540,384
Net realized gains (losses)......................... 30,488 913,996 70,435
Change in unrealized gains (losses) on investments.. (97,803) (3,544,439) 2,699,020
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 2,185,805 219,172 5,309,839
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,132,147 6,361,507 6,564,554
Net transfers (including fixed account)............. 326,685 (1,236,326) (132,609)
Policy charges...................................... (5,607,933) (5,484,593) (5,530,279)
Transfers for policy benefits and terminations...... (4,113,027) (4,302,406) (4,664,936)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,262,128) (4,661,818) (3,763,270)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (1,076,323) (4,442,646) 1,546,569
NET ASSETS:
Beginning of year................................... 78,353,726 82,796,372 81,249,803
-------------------- --------------------- --------------------
End of year......................................... $ 77,277,403 $ 78,353,726 $ 82,796,372
==================== ===================== ====================
MSF BLACKROCK CAPITAL APPRECIATION
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (9,977) $ (10,693) $ (2,468)
Net realized gains (losses)......................... 1,047,770 2,022,735 3,803,528
Change in unrealized gains (losses) on investments.. (1,066,351) (1,407,738) (2,831,679)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (28,558) 604,304 969,381
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 736,403 793,014 901,941
Net transfers (including fixed account)............. (3,208) 336,170 (11,673,050)
Policy charges...................................... (570,923) (588,991) (632,673)
Transfers for policy benefits and terminations...... (856,815) (655,032) (709,448)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (694,543) (114,839) (12,113,230)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. (723,101) 489,465 (11,143,849)
NET ASSETS:
Beginning of year................................... 10,225,796 9,736,331 20,880,180
-------------------- --------------------- --------------------
End of year......................................... $ 9,502,695 $ 10,225,796 $ 9,736,331
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF BLACKROCK LARGE CAP VALUE
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 296,620 $ 335,383 $ 216,952
Net realized gains (losses)......................... 1,069,485 1,421,917 4,317,782
Change in unrealized gains (losses) on investments.. 1,883,740 (2,942,487) (2,739,427)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 3,249,845 (1,185,187) 1,795,307
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,545,784 1,614,117 1,677,799
Net transfers (including fixed account)............. (30,878) 139,650 458,183
Policy charges...................................... (1,098,505) (1,098,817) (1,071,625)
Transfers for policy benefits and terminations...... (1,075,384) (1,132,285) (1,236,456)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (658,983) (477,335) (172,099)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 2,590,862 (1,662,522) 1,623,208
NET ASSETS:
Beginning of year................................... 18,418,261 20,080,783 18,457,575
-------------------- -------------------- --------------------
End of year......................................... $ 21,009,123 $ 18,418,261 $ 20,080,783
==================== ==================== ====================
MSF BLACKROCK ULTRA-SHORT TERM BOND
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (18,384) $ (35,014) $ (38,422)
Net realized gains (losses)......................... 3,712 -- --
Change in unrealized gains (losses) on investments.. 60,725 -- --
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 46,053 (35,014) (38,422)
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 567,291 476,089 2,264,640
Net transfers (including fixed account)............. (1,366,452) (4,569,788) 5,773,861
Policy charges...................................... (907,994) (886,480) (1,047,919)
Transfers for policy benefits and terminations...... (365,895) (333,363) (701,246)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,073,050) (5,313,542) 6,289,336
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (2,026,997) (5,348,556) 6,250,914
NET ASSETS:
Beginning of year................................... 24,684,237 30,032,793 23,781,879
-------------------- -------------------- --------------------
End of year......................................... $ 22,657,240 $ 24,684,237 $ 30,032,793
==================== ==================== ====================
MSF FRONTIER MID CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (1,459,027) $ (1,605,819) $ (1,529,952)
Net realized gains (losses)......................... 28,319,213 36,288,678 26,100,542
Change in unrealized gains (losses) on investments.. (16,692,072) (28,947,695) (1,683,974)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 10,168,114 5,735,164 22,886,616
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 12,817,058 13,526,076 14,123,989
Net transfers (including fixed account)............. (1,665,871) (546,174) (2,083,030)
Policy charges...................................... (13,012,542) (13,281,761) (13,134,488)
Transfers for policy benefits and terminations...... (10,971,677) (13,018,169) (14,207,419)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (12,833,032) (13,320,028) (15,300,948)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (2,664,918) (7,584,864) 7,585,668
NET ASSETS:
Beginning of year................................... 227,974,826 235,559,690 227,974,022
-------------------- -------------------- --------------------
End of year......................................... $ 225,309,908 $ 227,974,826 $ 235,559,690
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF JENNISON GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 52,283 $ 49,690 $ 43,836
Net realized gains (losses)......................... 3,125,595 4,130,001 1,760,217
Change in unrealized gains (losses) on investments.. (3,197,364) (1,789,865) 102,570
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ (19,486) 2,389,826 1,906,623
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,333,946 1,340,497 1,453,986
Net transfers (including fixed account)............. 2,483 509,083 255,971
Policy charges...................................... (1,218,365) (1,224,290) (1,193,061)
Transfers for policy benefits and terminations...... (1,425,516) (1,580,551) (1,317,032)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,307,452) (955,261) (800,136)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (1,326,938) 1,434,565 1,106,487
NET ASSETS:
Beginning of year................................... 24,295,178 22,860,613 21,754,126
-------------------- -------------------- --------------------
End of year......................................... $ 22,968,240 $ 24,295,178 $ 22,860,613
==================== ==================== ====================
MSF LOOMIS SAYLES SMALL CAP CORE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 53,376 $ 13,776 $ (14,295)
Net realized gains (losses)......................... 2,236,001 3,521,185 3,617,443
Change in unrealized gains (losses) on investments.. 1,915,532 (3,857,826) (2,720,783)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 4,204,909 (322,865) 882,365
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,334,562 1,455,376 1,565,136
Net transfers (including fixed account)............. (285,957) (362,429) (73,345)
Policy charges...................................... (1,187,314) (1,217,974) (1,224,901)
Transfers for policy benefits and terminations...... (1,306,062) (1,348,393) (1,266,842)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,444,771) (1,473,420) (999,952)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 2,760,138 (1,796,285) (117,587)
NET ASSETS:
Beginning of year................................... 23,094,886 24,891,171 25,008,758
-------------------- -------------------- ---------------------
End of year......................................... $ 25,855,024 $ 23,094,886 $ 24,891,171
==================== ==================== =====================
MSF LOOMIS SAYLES SMALL CAP GROWTH
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (9,163) $ (9,783) $ (10,498)
Net realized gains (losses)......................... 1,222,132 1,804,809 1,860,548
Change in unrealized gains (losses) on investments.. (582,015) (1,598,061) (1,752,743)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 630,954 196,965 97,307
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 747,090 790,736 896,507
Net transfers (including fixed account)............. (235,047) 38,986 (421,247)
Policy charges...................................... (586,052) (610,291) (607,725)
Transfers for policy benefits and terminations...... (620,076) (603,154) (728,890)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (694,085) (383,723) (861,355)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (63,131) (186,758) (764,048)
NET ASSETS:
Beginning of year................................... 11,185,851 11,372,609 12,136,657
-------------------- -------------------- --------------------
End of year......................................... $ 11,122,720 $ 11,185,851 $ 11,372,609
==================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF MET/ARTISAN MID CAP VALUE
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 573,294 $ 651,607 $ 401,768
Net realized gains (losses)......................... 6,376,782 8,080,747 1,070,144
Change in unrealized gains (losses) on investments.. 4,919,832 (14,388,947) (313,797)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 11,869,908 (5,656,593) 1,158,115
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,977,996 4,248,709 4,484,293
Net transfers (including fixed account)............. (613,228) (532,025) (394,233)
Policy charges...................................... (3,245,776) (3,288,323) (3,529,069)
Transfers for policy benefits and terminations...... (3,402,376) (3,481,517) (4,058,223)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,283,384) (3,053,156) (3,497,232)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 8,586,524 (8,709,749) (2,339,117)
NET ASSETS:
Beginning of year................................... 53,555,874 62,265,623 64,604,740
-------------------- --------------------- --------------------
End of year......................................... $ 62,142,398 $ 53,555,874 $ 62,265,623
==================== ===================== ====================
MSF MET/WELLINGTON BALANCED
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 6,577,117 $ 4,411,640 $ 4,452,005
Net realized gains (losses)......................... 15,625,107 55,909,979 5,320,748
Change in unrealized gains (losses) on investments.. (3,743,348) (53,963,621) 19,346,415
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 18,458,876 6,357,998 29,119,168
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 21,296,974 22,226,199 23,111,609
Net transfers (including fixed account)............. (1,837,317) (1,114,111) (2,156,943)
Policy charges...................................... (22,205,884) (22,125,724) (22,284,172)
Transfers for policy benefits and terminations...... (16,090,657) (17,838,451) (18,266,637)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (18,836,884) (18,852,087) (19,596,143)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (378,008) (12,494,089) 9,523,025
NET ASSETS:
Beginning of year................................... 299,841,089 312,335,178 302,812,153
-------------------- -------------------- --------------------
End of year......................................... $ 299,463,081 $ 299,841,089 $ 312,335,178
==================== ==================== ====================
MSF MET/WELLINGTON CORE EQUITY OPPORTUNITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,122,364 $ 1,263,131 $ 451,613
Net realized gains (losses)......................... 3,128,463 26,124,464 7,756,545
Change in unrealized gains (losses) on investments.. 855,321 (25,717,218) (869,547)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 5,106,148 1,670,377 7,338,611
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,745,132 5,175,987 5,479,853
Net transfers (including fixed account)............. (230,740) (1,253,819) (1,548,334)
Policy charges...................................... (3,977,030) (3,976,712) (3,989,630)
Transfers for policy benefits and terminations...... (4,646,198) (4,646,062) (4,457,258)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,108,836) (4,700,606) (4,515,369)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 997,312 (3,030,229) 2,823,242
NET ASSETS:
Beginning of year................................... 72,522,716 75,552,945 72,729,703
-------------------- -------------------- ---------------------
End of year......................................... $ 73,520,028 $ 72,522,716 $ 75,552,945
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF METLIFE ASSET ALLOCATION 20
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 177,898 $ 116,446 $ 201,461
Net realized gains (losses)......................... 122,062 174,994 239,244
Change in unrealized gains (losses) on investments.. (54,551) (309,762) (203,125)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 245,409 (18,322) 237,580
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 475,558 514,400 486,493
Net transfers (including fixed account)............. 274,364 93,614 224,914
Policy charges...................................... (539,657) (522,816) (502,703)
Transfers for policy benefits and terminations...... (823,306) (165,837) (70,115)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (613,041) (80,639) 138,589
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ (367,632) (98,961) 376,169
NET ASSETS:
Beginning of year................................... 5,434,761 5,533,722 5,157,553
--------------------- --------------------- ---------------------
End of year......................................... $ 5,067,129 $ 5,434,761 $ 5,533,722
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 40
INVESTMENT DIVISION
---------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 365,152 $ 29,433 $ 273,153
Net realized gains (losses)......................... 649,364 699,512 467,475
Change in unrealized gains (losses) on investments.. (402,883) (854,363) (270,968)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 611,633 (125,418) 469,660
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 946,570 952,025 955,553
Net transfers (including fixed account)............. 238,465 315,680 607,149
Policy charges...................................... (796,923) (829,348) (775,283)
Transfers for policy benefits and terminations...... (274,767) (637,520) (593,011)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 113,345 (199,163) 194,408
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 724,978 (324,581) 664,068
NET ASSETS:
Beginning of year................................... 9,648,019 9,972,600 9,308,532
--------------------- --------------------- ---------------------
End of year......................................... $ 10,372,997 $ 9,648,019 $ 9,972,600
===================== ===================== =====================
MSF METLIFE ASSET ALLOCATION 60
INVESTMENT DIVISION
----------------------------------------------------------------------
2016 2015 2014
--------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,661,041 $ 305,717 $ 1,121,316
Net realized gains (losses)......................... 4,802,939 4,072,097 2,840,090
Change in unrealized gains (losses) on investments.. (2,834,262) (4,965,532) (1,284,610)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 3,629,718 (587,718) 2,676,796
--------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,497,839 4,710,179 4,845,492
Net transfers (including fixed account)............. 27,071 (516,267) 1,294,516
Policy charges...................................... (3,556,897) (3,570,057) (3,579,223)
Transfers for policy benefits and terminations...... (3,005,552) (2,803,258) (2,913,886)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (2,037,539) (2,179,403) (353,101)
--------------------- --------------------- ---------------------
Net increase (decrease) in net assets............ 1,592,179 (2,767,121) 2,323,695
NET ASSETS:
Beginning of year................................... 50,967,639 53,734,760 51,411,065
--------------------- --------------------- ---------------------
End of year......................................... $ 52,559,818 $ 50,967,639 $ 53,734,760
===================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF METLIFE ASSET ALLOCATION 80
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 2,942,462 $ 427,851 $ 1,670,618
Net realized gains (losses)......................... 12,021,813 6,177,764 1,673,184
Change in unrealized gains (losses) on investments.. (7,365,543) (8,037,823) 1,795,645
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 7,598,732 (1,432,208) 5,139,447
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 8,365,149 9,064,666 9,639,429
Net transfers (including fixed account)............. (1,384,318) (479,555) 1,001,195
Policy charges...................................... (5,526,010) (5,646,022) (5,665,664)
Transfers for policy benefits and terminations...... (6,463,563) (5,971,484) (5,697,181)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (5,008,742) (3,032,395) (722,221)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 2,589,990 (4,464,603) 4,417,226
NET ASSETS:
Beginning of year................................... 93,610,979 98,075,582 93,658,356
-------------------- -------------------- ---------------------
End of year......................................... $ 96,200,969 $ 93,610,979 $ 98,075,582
==================== ==================== =====================
MSF METLIFE MID CAP STOCK INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,044,591 $ 965,012 $ 843,384
Net realized gains (losses)......................... 8,154,617 7,586,957 8,284,867
Change in unrealized gains (losses) on investments.. 7,196,356 (10,506,888) (1,040,640)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 16,395,564 (1,954,919) 8,087,611
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,416,314 5,638,229 5,599,962
Net transfers (including fixed account)............. (936,758) 508,090 (10,183,170)
Policy charges...................................... (4,718,498) (4,665,601) (4,685,942)
Transfers for policy benefits and terminations...... (4,649,606) (5,028,583) (5,756,275)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,888,548) (3,547,865) (15,025,425)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 11,507,016 (5,502,784) (6,937,814)
NET ASSETS:
Beginning of year................................... 83,672,129 89,174,913 96,112,727
-------------------- -------------------- ---------------------
End of year......................................... $ 95,179,145 $ 83,672,129 $ 89,174,913
==================== ==================== =====================
MSF METLIFE STOCK INDEX
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 17,167,447 $ 14,801,691 $ 13,571,216
Net realized gains (losses)......................... 57,978,009 58,353,168 45,473,224
Change in unrealized gains (losses) on investments.. 31,292,870 (63,726,527) 58,022,278
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 106,438,326 9,428,332 117,066,718
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 67,338,784 70,011,175 71,591,777
Net transfers (including fixed account)............. (2,630,167) 798,237 (11,181,289)
Policy charges...................................... (47,351,375) (46,759,361) (46,691,201)
Transfers for policy benefits and terminations...... (60,879,042) (59,435,957) (70,976,222)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (43,521,800) (35,385,906) (57,256,935)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 62,916,526 (25,957,574) 59,809,783
NET ASSETS:
Beginning of year................................... 960,107,143 986,064,717 926,254,934
--------------------- -------------------- --------------------
End of year......................................... $ 1,023,023,669 $ 960,107,143 $ 986,064,717
===================== ==================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF MFS TOTAL RETURN
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- -------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 277,775 $ 247,122 $ 221,552
Net realized gains (losses)......................... 579,525 196,619 193,152
Change in unrealized gains (losses) on investments.. 3,086 (470,036) 388,544
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from operations................................ 860,386 (26,295) 803,248
-------------------- -------------------- -------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 866,669 968,017 803,185
Net transfers (including fixed account)............. 183,218 63,944 80,744
Policy charges...................................... (622,365) (604,132) (608,835)
Transfers for policy benefits and terminations...... (685,850) (558,787) (680,255)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (258,328) (130,958) (405,161)
-------------------- -------------------- -------------------
Net increase (decrease) in net assets............. 602,058 (157,253) 398,087
NET ASSETS:
Beginning of year................................... 9,806,863 9,964,116 9,566,029
-------------------- -------------------- -------------------
End of year......................................... $ 10,408,921 $ 9,806,863 $ 9,964,116
==================== ==================== ===================
MSF MFS VALUE
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,832,604 $ 2,254,602 $ 1,340,478
Net realized gains (losses)......................... 8,023,482 14,425,867 5,617,216
Change in unrealized gains (losses) on investments.. 1,456,878 (16,842,516) 1,679,688
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 11,312,964 (162,047) 8,637,382
-------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 5,385,806 5,724,364 5,969,586
Net transfers (including fixed account)............. (616,694) (394,287) (737,889)
Policy charges...................................... (4,746,152) (4,715,726) (4,711,074)
Transfers for policy benefits and terminations...... (5,299,972) (5,310,681) (5,805,644)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (5,277,012) (4,696,330) (5,285,021)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets............. 6,035,952 (4,858,377) 3,352,361
NET ASSETS:
Beginning of year................................... 82,376,165 87,234,542 83,882,181
-------------------- ------------------- --------------------
End of year......................................... $ 88,412,117 $ 82,376,165 $ 87,234,542
==================== =================== ====================
MSF MSCI EAFE INDEX
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
-------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,943,289 $ 2,500,052 $ 1,944,941
Net realized gains (losses)......................... 101,562 707,350 1,139,967
Change in unrealized gains (losses) on investments.. (990,605) (3,862,935) (7,881,915)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,054,246 (655,533) (4,797,007)
-------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,241,891 6,286,345 6,436,883
Net transfers (including fixed account)............. 813,637 1,565,657 6,174,254
Policy charges...................................... (4,254,888) (4,329,144) (4,328,910)
Transfers for policy benefits and terminations...... (3,939,562) (4,133,342) (6,727,062)
-------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,138,922) (610,484) 1,555,165
-------------------- ------------------- --------------------
Net increase (decrease) in net assets............. (84,676) (1,266,017) (3,241,842)
NET ASSETS:
Beginning of year................................... 76,534,999 77,801,016 81,042,858
-------------------- ------------------- --------------------
End of year......................................... $ 76,450,323 $ 76,534,999 $ 77,801,016
==================== =================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF NEUBERGER BERMAN GENESIS
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 399,379 $ 361,906 $ 324,320
Net realized gains (losses)......................... 1,826,763 1,512,189 1,496,496
Change in unrealized gains (losses) on investments.. 15,758,188 (1,230,308) (2,029,896)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 17,984,330 643,787 (209,080)
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,799,075 7,267,381 7,662,015
Net transfers (including fixed account)............. (1,167,465) (927,026) (396,548)
Policy charges...................................... (5,931,913) (5,942,383) (6,031,755)
Transfers for policy benefits and terminations...... (6,477,508) (6,568,694) (7,231,509)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (6,777,811) (6,170,722) (5,997,797)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 11,206,519 (5,526,935) (6,206,877)
NET ASSETS:
Beginning of year................................... 101,297,663 106,824,598 113,031,475
-------------------- -------------------- ---------------------
End of year......................................... $ 112,504,182 $ 101,297,663 $ 106,824,598
==================== ==================== =====================
MSF RUSSELL 2000 INDEX
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 913,083 $ 828,476 $ 763,845
Net realized gains (losses)......................... 5,704,425 6,271,433 3,797,910
Change in unrealized gains (losses) on investments.. 7,347,406 (10,053,677) (996,894)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 13,964,914 (2,953,768) 3,564,861
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,810,814 4,964,713 5,061,087
Net transfers (including fixed account)............. (461,739) 432,389 570,926
Policy charges...................................... (3,605,728) (3,613,698) (3,622,004)
Transfers for policy benefits and terminations...... (4,191,102) (4,335,031) (4,139,758)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (3,447,755) (2,551,627) (2,129,749)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 10,517,159 (5,505,395) 1,435,112
NET ASSETS:
Beginning of year................................... 68,161,805 73,667,200 72,232,088
-------------------- -------------------- --------------------
End of year......................................... $ 78,678,964 $ 68,161,805 $ 73,667,200
==================== ==================== ====================
MSF T. ROWE PRICE LARGE CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (8,318) $ 57,337 $ (6,271)
Net realized gains (losses)......................... 11,522,738 17,568,369 7,894,789
Change in unrealized gains (losses) on investments.. (10,229,673) (8,845,976) (880,615)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,284,747 8,779,730 7,007,903
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,913,132 5,084,380 5,142,662
Net transfers (including fixed account)............. 143,272 (3,825) 447,854
Policy charges...................................... (4,630,873) (4,639,514) (4,447,459)
Transfers for policy benefits and terminations...... (5,259,756) (4,665,654) (5,183,233)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (4,834,225) (4,224,613) (4,040,176)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. (3,549,478) 4,555,117 2,967,727
NET ASSETS:
Beginning of year................................... 87,850,152 83,295,035 80,327,308
-------------------- -------------------- ---------------------
End of year......................................... $ 84,300,674 $ 87,850,152 $ 83,295,035
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF T. ROWE PRICE SMALL CAP GROWTH
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ (95,610) $ (248,946) $ (370,603)
Net realized gains (losses)......................... 15,506,158 12,918,905 17,881,602
Change in unrealized gains (losses) on investments.. (3,850,598) (9,935,901) (10,294,099)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 11,559,950 2,734,058 7,216,900
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 6,771,118 6,600,673 6,500,697
Net transfers (including fixed account)............. (896,281) 926,025 (16,314,954)
Policy charges...................................... (5,218,226) (5,239,072) (5,322,474)
Transfers for policy benefits and terminations...... (7,068,348) (7,416,481) (7,648,701)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (6,411,737) (5,128,855) (22,785,432)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 5,148,213 (2,394,797) (15,568,532)
NET ASSETS:
Beginning of year................................... 107,313,520 109,708,317 125,276,849
-------------------- -------------------- --------------------
End of year......................................... $ 112,461,733 $ 107,313,520 $ 109,708,317
==================== ==================== ====================
MSF VAN ECK GLOBAL NATURAL RESOURCES
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,967 $ 974 $ 983
Net realized gains (losses)......................... (7,201) (9,795) (436)
Change in unrealized gains (losses) on investments.. 88,581 (64,308) (44,636)
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 83,347 (73,129) (44,089)
--------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 56,552 58,025 82,106
Net transfers (including fixed account)............. (24,534) 33,612 (14,270)
Policy charges...................................... (19,533) (16,064) (17,934)
Transfers for policy benefits and terminations...... (10,218) (4,972) --
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 2,267 70,601 49,902
--------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 85,614 (2,528) 5,813
NET ASSETS:
Beginning of year................................... 173,650 176,178 170,365
--------------------- -------------------- ---------------------
End of year......................................... $ 259,264 $ 173,650 $ 176,178
===================== ==================== =====================
MSF WESTERN ASSET MANAGEMENT STRATEGIC BOND OPPORTUNITIES
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 761,904 $ 1,289,587 $ 1,344,118
Net realized gains (losses)......................... 119,058 73,628 163,589
Change in unrealized gains (losses) on investments.. 2,417,251 (1,827,670) (168,552)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 3,298,213 (464,455) 1,339,155
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,165,030 2,048,302 2,069,314
Net transfers (including fixed account)............. 26,947,040 416,380 284,768
Policy charges...................................... (2,541,922) (1,498,601) (1,508,520)
Transfers for policy benefits and terminations...... (2,942,766) (1,520,683) (1,535,921)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 24,627,382 (554,602) (690,359)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 27,925,595 (1,019,057) 648,796
NET ASSETS:
Beginning of year................................... 24,996,181 26,015,238 25,366,442
-------------------- --------------------- --------------------
End of year......................................... $ 52,921,776 $ 24,996,181 $ 26,015,238
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
MSF WESTERN ASSET MANAGEMENT U.S. GOVERNMENT
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 400,422 $ 357,540 $ 302,649
Net realized gains (losses)......................... (10,757) (6,880) (4,464)
Change in unrealized gains (losses) on investments.. (199,711) (270,748) 143,123
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 189,954 79,912 441,308
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,678,562 1,737,457 1,783,465
Net transfers (including fixed account)............. 141,399 3,538 (202,894)
Policy charges...................................... (1,306,280) (1,277,275) (1,276,160)
Transfers for policy benefits and terminations...... (908,115) (1,069,051) (853,922)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (394,434) (605,331) (549,511)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (204,480) (525,419) (108,203)
NET ASSETS:
Beginning of year................................... 15,860,627 16,386,046 16,494,249
-------------------- -------------------- --------------------
End of year......................................... $ 15,656,147 $ 15,860,627 $ 16,386,046
==================== ==================== ====================
OPPENHEIMER VA MAIN STREET SMALL CAP
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014 (e)
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 46 $ 40 $ --
Net realized gains (losses)......................... 355 625 --
Change in unrealized gains (losses) on investments.. 988 (894) 198
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,389 (229) 198
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 1,244 995 950
Net transfers (including fixed account)............. -- 4,936 4,034
Policy charges...................................... (2,077) (926) (91)
Transfers for policy benefits and terminations...... (4,559) -- (39)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (5,392) 5,005 4,854
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (4,003) 4,776 5,052
NET ASSETS:
Beginning of year................................... 9,828 5,052 --
-------------------- -------------------- --------------------
End of year......................................... $ 5,825 $ 9,828 $ 5,052
==================== ==================== ====================
PIMCO VIT ALL ASSET
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 3,261 $ 17,942 $ 49,509
Net realized gains (losses)......................... (833) (111,468) 28
Change in unrealized gains (losses) on investments.. 12,619 38,369 (44,010)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 15,047 (55,157) 5,527
-------------------- -------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 8,337 4,611 9,596
Net transfers (including fixed account)............. 76 (723,721) (9,803)
Policy charges...................................... (7,013) (18,374) (20,445)
Transfers for policy benefits and terminations...... -- -- (6,773)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 1,400 (737,484) (27,425)
-------------------- -------------------- ---------------------
Net increase (decrease) in net assets............. 16,447 (792,641) (21,898)
NET ASSETS:
Beginning of year................................... 109,756 902,397 924,295
-------------------- -------------------- ---------------------
End of year......................................... $ 126,203 $ 109,756 $ 902,397
==================== ==================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
PIMCO VIT COMMODITYREALRETURN STRATEGY
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 111 $ 1,467 $ 86
Net realized gains (losses)......................... (957) (11,415) (39)
Change in unrealized gains (losses) on investments.. 2,262 3,408 (10,088)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,416 (6,540) (10,041)
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- 2,720 2,721
Net transfers (including fixed account)............. -- (19,227) 38,376
Policy charges...................................... (1,699) (1,972) (1,596)
Transfers for policy benefits and terminations...... -- -- (13)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,699) (18,479) 39,488
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (283) (25,019) 29,447
NET ASSETS:
Beginning of year................................... 10,211 35,230 5,783
------------------- -------------------- --------------------
End of year......................................... $ 9,928 $ 10,211 $ 35,230
=================== ==================== ====================
PIMCO VIT LOW DURATION
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 13,010 $ 29,643 $ 17,764
Net realized gains (losses)......................... (325) 12,574 512
Change in unrealized gains (losses) on investments.. (271) (33,266) (4,896)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 12,414 8,951 13,380
------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,335 1,329 3,323
Net transfers (including fixed account)............. 48,327 (723,808) --
Policy charges...................................... (16,404) (16,831) (24,792)
Transfers for policy benefits and terminations...... (14) (4) (6,920)
------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 35,244 (739,314) (28,389)
------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 47,658 (730,363) (15,009)
NET ASSETS:
Beginning of year................................... 824,924 1,555,287 1,570,296
------------------- -------------------- --------------------
End of year......................................... $ 872,582 $ 824,924 $ 1,555,287
=================== ==================== ====================
PIONEER VCT MID CAP VALUE
INVESTMENT DIVISION
-----------------------------------------------------------------
2016 2015 2014
------------------- ------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 342 $ 412 $ 452
Net realized gains (losses)......................... 3,167 10,473 7,922
Change in unrealized gains (losses) on investments.. 3,146 (13,938) 732
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 6,655 (3,053) 9,106
------------------- ------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 20,177 -- --
Net transfers (including fixed account)............. -- (418) 14,941
Policy charges...................................... (3,579) (4,119) (3,653)
Transfers for policy benefits and terminations...... (13,760) (16,227) (72)
------------------- ------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 2,838 (20,764) 11,216
------------------- ------------------- --------------------
Net increase (decrease) in net assets............. 9,493 (23,817) 20,322
NET ASSETS:
Beginning of year................................... 46,440 70,257 49,935
------------------- ------------------- --------------------
End of year......................................... $ 55,933 $ 46,440 $ 70,257
=================== =================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014
PUTNAM VT INTERNATIONAL VALUE
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 122 $ 91 $ 95
Net realized gains (losses)......................... (165) (22) 46
Change in unrealized gains (losses) on investments.. 58 (118) (775)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 15 (49) (634)
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ -- 1,288 1,288
Net transfers (including fixed account)............. 1 -- 32
Policy charges...................................... (1,450) (1,363) (1,293)
Transfers for policy benefits and terminations...... -- (1) (1)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... (1,449) (76) 26
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. (1,434) (125) (608)
NET ASSETS:
Beginning of year................................... 5,695 5,820 6,428
--------------------- -------------------- --------------------
End of year......................................... $ 4,261 $ 5,695 $ 5,820
===================== ==================== ====================
ROYCE MICRO-CAP
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
--------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 61 $ -- $ --
Net realized gains (losses)......................... 71 499 670
Change in unrealized gains (losses) on investments.. 1,525 (1,557) (951)
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 1,657 (1,058) (281)
--------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 939 939 939
Net transfers (including fixed account)............. -- -- 1
Policy charges...................................... (81) (78) (80)
Transfers for policy benefits and terminations...... (71) -- --
--------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 787 861 860
--------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 2,444 (197) 579
NET ASSETS:
Beginning of year................................... 8,139 8,336 7,757
--------------------- -------------------- --------------------
End of year......................................... $ 10,583 $ 8,139 $ 8,336
===================== ==================== ====================
ROYCE SMALL-CAP
INVESTMENT DIVISION
--------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- ---------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 1,115 $ 443 $ 64
Net realized gains (losses)......................... 6,182 12,813 111,348
Change in unrealized gains (losses) on investments.. 2,799 (19,154) (144,191)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from operations................................ 10,096 (5,898) (32,779)
-------------------- --------------------- ---------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 21,194 278 --
Net transfers (including fixed account)............. -- 12,275 (595,217)
Policy charges...................................... (4,548) (4,053) (9,562)
Transfers for policy benefits and terminations...... (12,165) -- --
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 4,481 8,500 (604,779)
-------------------- --------------------- ---------------------
Net increase (decrease) in net assets............. 14,577 2,602 (637,558)
NET ASSETS:
Beginning of year................................... 53,973 51,371 688,929
-------------------- --------------------- ---------------------
End of year......................................... $ 68,550 $ 53,973 $ 51,371
==================== ===================== =====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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 -- (CONCLUDED)
FOR THE YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014
UIF EMERGING MARKETS DEBT
INVESTMENT DIVISION
------------------------------------------------------------------
2016 2015 2014
-------------------- -------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 59,307 $ 45,047 $ 66,166
Net realized gains (losses)......................... (12,131) (12,799) (17,138)
Change in unrealized gains (losses) on investments.. 45,652 (46,377) 6,462
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 92,828 (14,129) 55,490
-------------------- -------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 3,052 3,052 3,052
Net transfers (including fixed account)............. 264,923 149,611 (402,394)
Policy charges...................................... (19,895) (14,377) (17,192)
Transfers for policy benefits and terminations...... (18) (781) (6,416)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 248,062 137,505 (422,950)
-------------------- -------------------- --------------------
Net increase (decrease) in net assets............. 340,890 123,376 (367,460)
NET ASSETS:
Beginning of year................................... 915,935 792,559 1,160,019
-------------------- -------------------- --------------------
End of year......................................... $ 1,256,825 $ 915,935 $ 792,559
==================== ==================== ====================
UIF EMERGING MARKETS EQUITY
INVESTMENT DIVISION
-------------------------------------------------------------------
2016 2015 2014
-------------------- --------------------- --------------------
INCREASE (DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income (loss)........................ $ 12,938 $ 18,406 $ 4,726
Net realized gains (losses)......................... (37,991) (24,296) 14,990
Change in unrealized gains (losses) on investments.. 171,862 (266,747) (166,226)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from operations................................ 146,809 (272,637) (146,510)
-------------------- --------------------- --------------------
POLICY TRANSACTIONS:
Premium payments received from policy owners........ 4,305 4,305 4,305
Net transfers (including fixed account)............. 831,692 408,440 1,057,866
Policy charges...................................... (47,189) (36,287) (26,285)
Transfers for policy benefits and terminations...... (296) (301) (3,783)
-------------------- --------------------- --------------------
Net increase (decrease) in net assets resulting
from policy transactions....................... 788,512 376,157 1,032,103
-------------------- --------------------- --------------------
Net increase (decrease) in net assets............. 935,321 103,520 885,593
NET ASSETS:
Beginning of year................................... 2,225,571 2,122,051 1,236,458
-------------------- --------------------- --------------------
End of year......................................... $ 3,160,892 $ 2,225,571 $ 2,122,051
==================== ===================== ====================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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
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 its plan to pursue the separation
of a portion of its retail business, (the "Separation"). Additionally, on July
21, 2016, MetLife, Inc. announced that following the Separation, the separated
business will be rebranded as "Brighthouse Financial." On October 5, 2016,
Brighthouse Financial, Inc., a subsidiary of MetLife, Inc. ("Brighthouse"),
filed a registration statement on Form 10 (the "Form 10") with the U.S.
Securities and Exchange Commission ("SEC"), which included a description of how
MetLife, Inc. currently plans to effectuate the Separation. On December 6,
2016, Brighthouse filed amendments to its registration statement on Form 10
with the SEC. The information statement filed as an exhibit to the Form 10
disclosed that the Company intends to include MetLife Insurance Company USA,
New England Life Insurance Company, First MetLife Investors Insurance Company
and MetLife Advisers, LLC ("MetLife Advisers"), among other companies, in the
proposed separated business. The ultimate form and timing of the Separation
will be influenced by a number of factors, including regulatory considerations
and economic conditions. MetLife continues to evaluate and pursue structural
alternatives for the proposed Separation. MetLife expects that the life and
annuity business sold through the Company will not be a part of Brighthouse
Financial. The Separation remains subject to certain conditions, including,
among others, obtaining final approval from the MetLife, Inc. Board of
Directors, receipt of a favorable ruling from the Internal Revenue Service and
an opinion from MetLife's tax advisor regarding certain U.S. federal income tax
matters, and an SEC declaration of the effectiveness of the Form 10.
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")
*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.
180
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, 2016:
AB Global Thematic Growth Investment Division Janus Aspen Janus Investment Division
AB Intermediate Bond Investment Division Janus Aspen Overseas Investment Division
American Century VP Capital Appreciation Investment MFS VIT Global Equity Investment Division
Division MFS VIT New Discovery Investment Division
American Funds Bond Investment Division MFS VIT Value Investment Division
American Funds Global Small Capitalization MFS VIT II High Yield Investment Division
Investment Division MIST AB Global Dynamic Allocation Investment
American Funds Growth Investment Division Division
American Funds Growth-Income Investment Division MIST Allianz Global Investors Dynamic Multi-Asset
American Funds International Investment Division Plus Investment Division
American Funds U.S. Government/AAA-Rated MIST American Funds Balanced Allocation
Securities Investment Division Investment Division
Dreyfus VIF International Value Investment Division MIST American Funds Growth Allocation Investment
Fidelity VIP Asset Manager: Growth Investment Division
Division MIST American Funds Moderate Allocation
Fidelity VIP Contrafund Investment Division Investment Division
Fidelity VIP Equity-Income Investment Division MIST AQR Global Risk Balanced Investment Division
Fidelity VIP Freedom 2010 Investment Division MIST BlackRock Global Tactical Strategies Investment
Fidelity VIP Freedom 2020 Investment Division Division
Fidelity VIP Freedom 2025 Investment Division MIST Clarion Global Real Estate Investment Division
Fidelity VIP Freedom 2030 Investment Division MIST ClearBridge Aggressive Growth Investment
Fidelity VIP Freedom 2040 Investment Division Division
Fidelity VIP Freedom 2050 Investment Division MIST Harris Oakmark International Investment
Fidelity VIP Government Money Market Portfolio Division
Investment Division (a) MIST Invesco Balanced-Risk Allocation Investment
Fidelity VIP High Income Investment Division Division
Fidelity VIP Investment Grade Bond Investment MIST Invesco Mid Cap Value Investment Division
Division MIST Invesco Small Cap Growth Investment
Fidelity VIP Mid Cap Investment Division Division (b)
FTVIPT Franklin Income VIP Investment Division MIST JPMorgan Small Cap Value Investment Division
FTVIPT Franklin Mutual Global Discovery VIP MIST JPMorgan Global Active Allocation Investment
Investment Division Division
FTVIPT Franklin Mutual Shares VIP Investment MIST Loomis Sayles Global Markets Investment
Division Division
FTVIPT Templeton Foreign VIP Investment Division MIST Met/Aberdeen Emerging Markets Equity
FTVIPT Templeton Global Bond VIP Investment Investment Division (b)
Division MIST Met/Templeton International Bond Investment
Goldman Sachs Mid-Cap Value Investment Division Division
Goldman Sachs Small Cap Equity Insights Investment MIST Met/Wellington Large Cap Research Investment
Division Division
Invesco V.I. Comstock Investment Division MIST MetLife Asset Allocation 100 Investment
Invesco V.I. International Growth Investment Division Division (b)
Janus Aspen Balanced Investment Division MIST MetLife Balanced Plus Investment Division
Janus Aspen Enterprise Investment Division MIST MetLife Multi-Index Targeted Risk Investment
Janus Aspen Forty Investment Division Division
181
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
2. LIST OF INVESTMENT DIVISIONS -- (CONTINUED)
MIST MetLife Small Cap Value Investment Division MSF Met/Wellington Balanced Investment Division
MIST MFS Research International Investment MSF Met/Wellington Core Equity Opportunities
Division (b) Investment Division
MIST Morgan Stanley Mid Cap Growth Investment MSF MetLife Asset Allocation 20 Investment
Division Division (b)
MIST Oppenheimer Global Equity Investment MSF MetLife Asset Allocation 40 Investment
Division Division (b)
MIST PanAgora Global Diversified Risk Investment MSF MetLife Asset Allocation 60 Investment
Division Division (b)
MIST PIMCO Inflation Protected Bond Investment MSF MetLife Asset Allocation 80 Investment Division
Division MSF MetLife Mid Cap Stock Index Investment
MIST PIMCO Total Return Investment Division Division
MIST Pyramis Managed Risk Investment Division MSF MetLife Stock Index Investment Division
MIST Schroders Global Multi-Asset Investment MSF MFS Total Return Investment Division (b)
Division MSF MFS Value Investment Division
MIST SSGA Growth and Income ETF Investment MSF MSCI EAFE Index Investment Division
Division MSF Neuberger Berman Genesis Investment Division
MIST SSGA Growth ETF Investment Division MSF Russell 2000 Index Investment Division
MIST T. Rowe Price Large Cap Value Investment MSF T. Rowe Price Large Cap Growth Investment
Division Division
MIST T. Rowe Price Mid Cap Growth Investment MSF T. Rowe Price Small Cap Growth Investment
Division (b) Division
MSF Baillie Gifford International Stock Investment MSF Van Eck Global Natural Resources Investment
Division Division
MSF Barclays Aggregate Bond Index Investment MSF Western Asset Management Strategic Bond
Division Opportunities Investment Division
MSF BlackRock Bond Income Investment Division MSF Western Asset Management U.S. Government
MSF BlackRock Capital Appreciation Investment Investment Division
Division Oppenheimer VA Main Street Small Cap Investment
MSF BlackRock Large Cap Value Investment Division Division
MSF BlackRock Ultra-Short Term Bond Investment PIMCO VIT All Asset Investment Division
Division PIMCO VIT CommodityRealReturn Strategy
MSF Frontier Mid Cap Growth Investment Division Investment Division
MSF Jennison Growth Investment Division PIMCO VIT Low Duration Investment Division
MSF Loomis Sayles Small Cap Core Investment Pioneer VCT Mid Cap Value Investment Division
Division Putnam VT International Value Investment Division
MSF Loomis Sayles Small Cap Growth Investment Royce Micro-Cap Investment Division
Division Royce Small-Cap Investment Division
MSF Met/Artisan Mid Cap Value Investment UIF Emerging Markets Debt Investment Division
Division (b) UIF Emerging Markets Equity Investment Division
(a) This Investment Division began operations during the year ended December
31, 2016.
(b) This Investment Division invests in two or more share classes within the
underlying fund, portfolio or series of the Trusts.
182
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
2. LIST OF INVESTMENT DIVISIONS -- (CONCLUDED)
B. The following Investment Divisions had no net assets as of December 31,
2016:
AB International Value Investment Division PIMCO VIT Long-Term U.S. Government Investment
American Funds High-Income Bond Investment Division
Division TAP 1919 Variable Socially Responsive Balanced
Fidelity VIP Freedom 2015 Investment Division Investment Division
Invesco V.I. Government Securities Investment
Division
3. PORTFOLIO CHANGES
The following Investment Divisions ceased operations during the year ended
December 31, 2016:
MIST Lord Abbett Bond Debenture Investment Wells Fargo VT Total Return Bond Investment
Division Division
MIST Pioneer Fund Investment Division
The operations of the Investment Divisions were affected by the following
changes that occurred during the year ended December 31, 2016:
NAME CHANGES:
Former Name New Name
(MIST) MFS Emerging Markets Equity Portfolio (MIST) Met/Aberdeen Emerging Markets Equity
Portfolio
(MIST) WMC Large Cap Research Portfolio (MIST) Met/Wellington Large Cap Research Portfolio
(MSF) BlackRock Money Market Portfolio (MSF) BlackRock Ultra-Short Term Bond Portfolio
(MSF) WMC Balanced Portfolio (MSF) Met/Wellington Balanced Portfolio
(MSF) WMC Core Equity Opportunities Portfolio (MSF) Met/Wellington Core Equity Opportunities
Portfolio
MERGERS:
Former Portfolio New Portfolio
(MIST) Lord Abbett Bond Debenture Portfolio (MSF) Western Asset Management Strategic Bond
Opportunities Portfolio
(MIST) Pioneer Fund Portfolio (MSF) Met/Wellington Core Equity Opportunities
Portfolio
LIQUIDATION:
Wells Fargo VT Total Return Bond Fund
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 ("FASB") ACCOUNTING STANDARDS CODIFICATION TOPIC
946.
183
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
4. SIGNIFICANT ACCOUNTING POLICIES -- (CONTINUED)
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. 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.
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.
184
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
4. SIGNIFICANT ACCOUNTING POLICIES -- (CONCLUDED)
ADOPTION OF NEW ACCOUNTING PRONOUNCEMENT
In March 2015, the FASB issued new guidance to improve fair value measurement
guidance (ASU 2015-07, FAIR VALUE MEASUREMENT (TOPIC 820): DISCLOSURE FOR
INVESTMENTS IN CERTAIN ENTITIES THAT CALCULATE NET ASSET VALUE PER SHARE (OR
ITS EQUIVALENT)), effective for fiscal years beginning after December 15, 2015
and interim periods within those years. The objective of this update is to
address the diversity in practice related to how certain investments measured
at NAV with redemption dates in the future (including periodic redemption
dates) are categorized within the fair value hierarchy. The amendments in the
ASU remove the requirement to categorize within the fair value hierarchy all
investments for which the fair value is measured using the NAV per share
practical expedient. Effective January 1, 2016, the Separate Accounts adopted
this guidance. The adoption resulted in removal of the related disclosures in
Note 4.
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, 2016:
-------------------------------------------------------------------------------------------------------------------------
Mortality and Expense Risk 0.00% - 0.90%
-------------------------------------------------------------------------------------------------------------------------
The above referenced charge may not necessarily correspond to the costs
associated with providing the services or benefits indicated by the
designation of the charge or associated with a particular policy.
For some Policies, a mortality and expense risk charge ranging from 0.05% 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. Policy administrative charges
range from $0 to $15 based on face amounts of policies and are assessed
monthly.
For some Policies, a surrender charge is imposed if the policy is partially or
fully surrendered within the specified surrender charge period that ranges from
$3.75 to $38.25 for every $1,000 of the policy face amount. Surrender charges
for other Policies are equal to the lesser of the maximum surrender charge
premium or the premiums actually paid in the first two policy years.
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 $100 of the
benefit provided.
The above referenced charges are paid to the Company and are recorded as policy
charges in the accompanying statements of changes in net assets of the
applicable Investment Divisions for the years ended December 31, 2016, 2015 and
2014.
The MIST and MSF Trusts currently offer shares of their portfolios only to
separate accounts established by the Company and other affiliated life
insurance companies, and are managed by MetLife Advisers, an affiliate of the
Company. MetLife Advisers is also the investment adviser to the portfolios of
the MIST and MSF Trusts.
185
METROPOLITAN LIFE SEPARATE ACCOUNT UL
OF METROPOLITAN LIFE INSURANCE COMPANY
NOTES TO THE FINANCIAL STATEMENTS -- (CONTINUED)
6. STATEMENTS OF INVESTMENTS
AS OF DECEMBER 31
------------------------
SHARES COST ($)
---------- ------------
2016 2016
---------- ------------
AB Global Thematic Growth
Investment Division...... 1,505 28,905
AB Intermediate Bond
Investment Division...... 9,018 102,332
American Century VP
Capital Appreciation
Investment Division...... 239 3,398
American Funds Bond
Investment Division...... 596,266 6,470,931
American Funds Global
Small Capitalization
Investment Division...... 3,233,710 66,490,045
American Funds Growth
Investment Division...... 2,524,108 144,467,282
American Funds
Growth-Income
Investment Division...... 2,403,194 91,998,406
American Funds
International Investment
Division................. 20,787 380,704
American Funds U.S.
Government/AAA-Rated
Securities Investment
Division................. 4,552 56,371
Dreyfus VIF International
Value Investment
Division................. 19,887 248,900
Fidelity VIP Asset Manager:
Growth Investment
Division................. 96,311 1,402,889
Fidelity VIP Contrafund
Investment Division...... 80,969 2,195,512
Fidelity VIP Equity-Income
Investment Division...... 772 16,506
Fidelity VIP Freedom 2010
Investment Division...... 2,387 29,292
Fidelity VIP Freedom 2020
Investment Division...... 45,185 418,339
Fidelity VIP Freedom 2025
Investment Division...... 34,615 451,502
Fidelity VIP Freedom 2030
Investment Division...... 14,261 180,648
Fidelity VIP Freedom 2040
Investment Division...... 8,647 157,438
Fidelity VIP Freedom 2050
Investment Division...... 6,469 106,042
Fidelity VIP Government
Money Market
Investment Division...... 3,825,639 3,825,639
FOR THE YEAR ENDED DECEMBER 31
--------------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
------------------------------------------- -----------------------------------------
2016 2015 2014 2016 2015 2014
-------------- ----------- -------------- ------------- ---------- -------------
AB Global Thematic Growth
Investment Division...... 1,292 1,345 17,021 8,394 39,364 11,424
AB Intermediate Bond
Investment Division...... 37,741 7,452 3,407 3,112 2,460 2,264
American Century VP
Capital Appreciation
Investment Division...... 3,530 23 589(a) 211 368 211(a)
American Funds Bond
Investment Division...... 1,181,124 1,545,785 879,839 1,074,225 1,108,315 670,493
American Funds Global
Small Capitalization
Investment Division...... 13,648,704 7,946,645 2,323,592 6,278,241 6,304,457 4,957,120
American Funds Growth
Investment Division...... 18,186,698 37,422,273 11,457,537 12,987,017 13,129,504 11,167,958
American Funds
Growth-Income
Investment Division...... 13,903,223 18,327,316 7,783,956 8,263,717 7,549,944 7,114,338
American Funds
International Investment
Division................. 38,138 68,037 49,085 78,418 282,880 24,982
American Funds U.S.
Government/AAA-Rated
Securities Investment
Division................. 8,050 3,712 1,772 2,881 1,568 1,495
Dreyfus VIF International
Value Investment
Division................. 3,283 4,421 3,201 14,244 2,288 2,373
Fidelity VIP Asset Manager:
Growth Investment
Division................. 119,159 265,538 181,483 177,581 464,095 117,715
Fidelity VIP Contrafund
Investment Division...... 309,370 557,464 226,935 369,548 430,569 199,157
Fidelity VIP Equity-Income
Investment Division...... 3,033 5,037 2,954 248 14,338 11,967
Fidelity VIP Freedom 2010
Investment Division...... 19,953 71,664 21,634 10,123 100,698 20,447
Fidelity VIP Freedom 2020
Investment Division...... 79,257 55,480 165,843 47,384 500,336 171,907
Fidelity VIP Freedom 2025
Investment Division...... 20,296 418,024 1,384 10,760 9,867 4,514
Fidelity VIP Freedom 2030
Investment Division...... 130,631 90,730 140,205 71,722 48,668 122,464
Fidelity VIP Freedom 2040
Investment Division...... 115,530 80,078 93,959 49,939 41,278 52,334
Fidelity VIP Freedom 2050
Investment Division...... 87,984 56,548 60,842 34,580 29,989 57,314
Fidelity VIP Government
Money Market
Investment Division...... 4,295,616(b) -- -- 469,978(b) -- --
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) Commenced April 28, 2008 and began transactions in 2014.
186
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 ($)
----------- ------------
2016 2016
----------- ------------
Fidelity VIP High Income
Investment Division..... 68,510 381,591
Fidelity VIP Investment
Grade Bond Investment
Division................ 99,325 1,275,734
Fidelity VIP Mid Cap
Investment Division..... 7,762 231,550
FTVIPT Franklin
Income VIP Investment
Division................ 3,643 55,578
FTVIPT Franklin Mutual
Global Discovery VIP
Investment Division..... 28,370 569,362
FTVIPT Franklin Mutual
Shares VIP Investment
Division................ 4,796 98,455
FTVIPT Templeton
Foreign VIP Investment
Division................ 414,863 6,063,675
FTVIPT Templeton Global
Bond VIP Investment
Division................ 37,073 666,163
Goldman Sachs Mid-Cap
Value Investment
Division................ 5,097 80,679
Goldman Sachs Small Cap
Equity Insights
Investment Division..... 2,868 36,185
Invesco V.I. Comstock
Investment Division..... 24,161 329,102
Invesco V.I. International
Growth Investment
Division................ 10,909 353,554
Janus Aspen Balanced
Investment Division..... 33,659 971,754
Janus Aspen Enterprise
Investment Division..... 8,051 452,329
Janus Aspen Forty
Investment Division..... 16,402 550,588
Janus Aspen Janus
Investment Division..... 9,374 220,677
Janus Aspen Overseas
Investment Division..... 1,804 61,182
MFS VIT Global Equity
Investment Division..... 11,821 186,039
MFS VIT New Discovery
Investment Division..... 13,751 201,066
MFS VIT Value
Investment Division..... 1,078 14,894
FOR THE YEAR ENDED DECEMBER 31
---------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
------------------------------------- ------------------------------------
2016 2015 2014 2016 2015 2014
---------- --------- --------- ----------- ------- -------
Fidelity VIP High Income
Investment Division..... 150,652 66,394 21,533 6,565 11,400 9,295
Fidelity VIP Investment
Grade Bond Investment
Division................ 69,382 84,404 492,396 78,041 76,817 996,618
Fidelity VIP Mid Cap
Investment Division..... 16,360 67,101 20,809 48,504 6,163 24,409
FTVIPT Franklin
Income VIP Investment
Division................ 15,286 21,745 30,058 1,946 5,475 4,384
FTVIPT Franklin Mutual
Global Discovery VIP
Investment Division..... 101,655 86,232 87,301 32,925 36,427 79,798
FTVIPT Franklin Mutual
Shares VIP Investment
Division................ 28,542 41,137 19,716 7,538 2,521 2,934
FTVIPT Templeton
Foreign VIP Investment
Division................ 858,963 1,005,831 2,395,132 631,827 309,654 901,189
FTVIPT Templeton Global
Bond VIP Investment
Division................ 80,798 421,942 94,840 36,141 965,007 136,586
Goldman Sachs Mid-Cap
Value Investment
Division................ 1,114 21,240 54,571 188,316 19,881 35,646
Goldman Sachs Small Cap
Equity Insights
Investment Division..... 12,021 5,606 7,642 11,479 3,707 9,176
Invesco V.I. Comstock
Investment Division..... 93,775 28,117 14,379 8,620 10,378 7,046
Invesco V.I. International
Growth Investment
Division................ 54,374 20,431 23,557 17,780 29,885 66,518
Janus Aspen Balanced
Investment Division..... 88,391 115,942 131,441 124,071 52,044 82,517
Janus Aspen Enterprise
Investment Division..... 520,373(c) -- -- 67,509(c) -- --
Janus Aspen Forty
Investment Division..... 88,431 129,875 266,429 120,900 19,860 400,760
Janus Aspen Janus
Investment Division..... 21,208 94,675 42,556 198,040 43,217 23,494
Janus Aspen Overseas
Investment Division..... 24,345 6,872 14,546 11,570 12,411 21,028
MFS VIT Global Equity
Investment Division..... 38,573 18,861 11,222 4,052 13,725 11,006
MFS VIT New Discovery
Investment Division..... 9,401 6,957 45,561 6,619 6,382 6,105
MFS VIT Value
Investment Division..... 1,998 1,676 955 2,348 2,032 1,720
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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 ($)
---------- -----------
2016 2016
---------- -----------
MFS VIT II High Yield
Investment Division..... 26,418 159,864
MIST AB Global Dynamic
Allocation Investment
Division................ 5,523 62,646
MIST Allianz Global
Investors Dynamic
Multi-Asset Plus
Investment Division..... 457 4,777
MIST American Funds
Balanced Allocation
Investment Division..... 101,513 1,000,782
MIST American Funds
Growth Allocation
Investment Division..... 190,850 1,809,180
MIST American Funds
Moderate Allocation
Investment Division..... 119,079 1,202,338
MIST AQR Global Risk
Balanced Investment
Division................ 14,899 152,793
MIST BlackRock Global
Tactical Strategies
Investment Division..... 32,558 341,475
MIST Clarion Global Real
Estate Investment
Division................ 2,375,147 28,177,731
MIST ClearBridge
Aggressive Growth
Investment Division..... 2,618,973 30,375,468
MIST Harris Oakmark
International Investment
Division................ 2,994,317 42,687,773
MIST Invesco
Balanced-Risk Allocation
Investment Division..... 4,478 45,426
MIST Invesco Mid Cap
Value Investment
Division................ 4,623,002 80,816,803
MIST Invesco Small Cap
Growth Investment
Division................ 491,055 7,280,839
MIST JPMorgan Global
Active Allocation
Investment Division..... 18,558 208,730
MIST JPMorgan Small
Cap Value Investment
Division................ 22,601 368,661
FOR THE YEAR ENDED DECEMBER 31
--------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
--------------------------------------- ---------------------------------------
2016 2015 2014 2016 2015 2014
--------- --------- ------------- --------- --------- --------------
MFS VIT II High Yield
Investment Division..... 9,347 10,209 8,053 2,483 2,674 9,380
MIST AB Global Dynamic
Allocation Investment
Division................ 13,677 35,828 17,377 13,517 19,998 3,240
MIST Allianz Global
Investors Dynamic
Multi-Asset Plus
Investment Division..... 3,059 11,135 100(a) 362 8,841 24(a)
MIST American Funds
Balanced Allocation
Investment Division..... 187,577 147,094 187,720 67,351 64,178 60,112
MIST American Funds
Growth Allocation
Investment Division..... 396,311 329,483 432,644 130,443 160,757 272,941
MIST American Funds
Moderate Allocation
Investment Division..... 240,261 262,764 261,530 33,951 253,058 80,567
MIST AQR Global Risk
Balanced Investment
Division................ 27,205 77,154 57,534 36,676 89,138 35,216
MIST BlackRock Global
Tactical Strategies
Investment Division..... 118,225 100,309 104,608 13,985 49,822 14,302
MIST Clarion Global Real
Estate Investment
Division................ 1,878,250 2,921,699 7,937,396 3,426,042 3,259,973 7,343,310
MIST ClearBridge
Aggressive Growth
Investment Division..... 1,483,635 3,901,426 22,044,282 4,270,593 6,423,106 3,068,564
MIST Harris Oakmark
International Investment
Division................ 5,011,447 7,532,177 7,989,660 3,821,009 3,678,669 11,781,678
MIST Invesco
Balanced-Risk Allocation
Investment Division..... 12,570 29,687 10,894 9,545 16,109 4,860
MIST Invesco Mid Cap
Value Investment
Division................ 5,175,259 7,116,167 17,257,547 6,788,812 6,104,875 6,663,774
MIST Invesco Small Cap
Growth Investment
Division................ 1,501,383 2,489,399 1,841,187 901,550 1,159,496 1,116,722
MIST JPMorgan Global
Active Allocation
Investment Division..... 39,661 61,002 72,943 20,198 33,585 15,555
MIST JPMorgan Small
Cap Value Investment
Division................ 177,343 86,606 107,150 160,195 18,000 49,885
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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 ($)
---------- ------------
2016 2016
---------- ------------
MIST Loomis Sayles
Global Markets
Investment Division..... 24,739 342,684
MIST Met/Aberdeen
Emerging Markets
Equity Investment
Division................ 72,733 674,256
MIST Met/Templeton
International Bond
Investment Division..... 21,780 235,331
MIST Met/Wellington
Large Cap Research
Investment Division..... 29,747,643 332,446,000
MIST MetLife
Asset Allocation 100
Investment Division..... 1,868,081 21,012,668
MIST MetLife Balanced
Plus Investment
Division................ 29,457 324,758
MIST MetLife Multi-Index
Targeted Risk Investment
Division................ 14,065 167,039
MIST MetLife Small Cap
Value Investment
Division................ 49,043 697,329
MIST MFS Research
International Investment
Division................ 1,699,797 18,292,796
MIST Morgan Stanley
Mid Cap Growth
Investment Division..... 12,901,142 133,745,596
MIST Oppenheimer
Global Equity Investment
Division................ 2,399,259 34,933,837
MIST PanAgora Global
Diversified Risk
Investment Division..... 1 16
MIST PIMCO Inflation
Protected Bond
Investment Division..... 1,060,326 11,454,001
MIST PIMCO Total
Return Investment
Division................ 3,784,531 44,569,610
MIST Pyramis Managed
Risk Investment
Division................ 754 8,400
MIST Schroders Global
Multi-Asset Investment
Division................ 4,518 51,341
FOR THE YEAR ENDED DECEMBER 31
------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
-------------------------------------- --------------------------------------
2016 2015 2014 2016 2015 2014
---------- ------------- ---------- ---------- -------------- ----------
MIST Loomis Sayles
Global Markets
Investment Division..... 64,439 28,756 47,648 20,106 129,542 48,429
MIST Met/Aberdeen
Emerging Markets
Equity Investment
Division................ 280,017 165,039 409,348 224,891 61,034 127,301
MIST Met/Templeton
International Bond
Investment Division..... 47,279 88,215 99,613 14,910 53,943 8,955
MIST Met/Wellington
Large Cap Research
Investment Division..... 36,766,804 35,133,904 8,159,906 28,454,286 28,229,973 28,472,042
MIST MetLife
Asset Allocation 100
Investment Division..... 4,730,554 3,914,059 2,705,529 2,179,118 2,073,396 1,925,555
MIST MetLife Balanced
Plus Investment
Division................ 68,237 137,489 157,666 23,414 83,354 16,033
MIST MetLife Multi-Index
Targeted Risk Investment
Division................ 34,824 128,550 116,860 7,112 107,270 2,566
MIST MetLife Small Cap
Value Investment
Division................ 58,002 320,730 53,036 245,917 25,332 120,727
MIST MFS Research
International Investment
Division................ 1,019,232 1,366,765 1,401,947 1,458,560 1,521,529 1,748,099
MIST Morgan Stanley
Mid Cap Growth
Investment Division..... 2,579,919 2,463,949 2,474,168 11,786,859 13,176,582 15,801,000
MIST Oppenheimer
Global Equity Investment
Division................ 4,429,172 5,241,230 3,170,102 4,922,398 4,474,959 4,390,657
MIST PanAgora Global
Diversified Risk
Investment Division..... 23 9,129(d) -- 18 8,759(d) --
MIST PIMCO Inflation
Protected Bond
Investment Division..... 788,450 1,409,990 1,814,740 1,094,561 1,673,265 1,907,316
MIST PIMCO Total
Return Investment
Division................ 2,360,550 4,418,576 2,535,003 3,866,415 4,184,544 6,427,172
MIST Pyramis Managed
Risk Investment
Division................ 5,396 47,328 1,698 798 45,584 476
MIST Schroders Global
Multi-Asset Investment
Division................ 20,539 21,659 11,548 7,433 13,208 3,147
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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 ($)
---------- ------------
2016 2016
---------- ------------
MIST SSGA Growth and
Income ETF Investment
Division................ 731,738 8,407,961
MIST SSGA Growth ETF
Investment Division..... 643,425 7,277,484
MIST T. Rowe Price
Large Cap Value
Investment Division..... 68,826 1,829,964
MIST T. Rowe Price
Mid Cap Growth
Investment Division..... 3,352,165 32,748,124
MSF Baillie Gifford
International Stock
Investment Division..... 3,872,577 42,567,672
MSF Barclays Aggregate
Bond Index Investment
Division................ 11,719,166 128,640,793
MSF BlackRock Bond
Income Investment
Division................ 729,101 78,355,913
MSF BlackRock Capital
Appreciation Investment
Division................ 285,967 8,146,387
MSF BlackRock Large Cap
Value Investment
Division................ 2,326,592 22,916,872
MSF BlackRock
Ultra-Short Term Bond
Investment Division..... 225,940 22,596,515
MSF Frontier Mid Cap
Growth Investment
Division................ 7,173,191 189,544,567
MSF Jennison Growth
Investment Division..... 1,733,452 21,514,327
MSF Loomis Sayles
Small Cap Core
Investment Division..... 95,487 21,890,065
MSF Loomis Sayles
Small Cap Growth
Investment Division..... 899,896 10,240,806
MSF Met/Artisan Mid Cap
Value Investment
Division................ 268,738 56,551,386
MSF Met/Wellington
Balanced Investment
Division................ 16,195,948 272,250,594
MSF Met/Wellington Core
Equity Opportunities
Investment Division..... 2,569,732 73,937,517
FOR THE YEAR ENDED DECEMBER 31
--------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
------------------------------------ ------------------------------------
2016 2015 2014 2016 2015 2014
----------- ---------- ---------- ----------- ----------- ----------
MIST SSGA Growth and
Income ETF Investment
Division................ 1,326,767 1,604,888 1,761,161 661,795 903,258 1,687,133
MIST SSGA Growth ETF
Investment Division..... 1,734,080 1,782,647 1,868,438 1,151,062 847,783 847,985
MIST T. Rowe Price
Large Cap Value
Investment Division..... 370,384 50,140 147,425 96,983 305,400 28,700
MIST T. Rowe Price
Mid Cap Growth
Investment Division..... 6,929,699 9,041,352 5,023,487 3,461,363 3,314,619 2,437,153
MSF Baillie Gifford
International Stock
Investment Division..... 1,543,527 2,432,046 1,702,428 2,865,403 3,348,491 3,434,170
MSF Barclays Aggregate
Bond Index Investment
Division................ 11,585,206 12,590,249 17,873,747 10,593,238 13,158,342 11,732,000
MSF BlackRock Bond
Income Investment
Division................ 4,713,262 7,717,489 5,415,462 5,722,257 8,611,007 6,638,355
MSF BlackRock Capital
Appreciation Investment
Division................ 1,421,521 2,583,957 690,157 1,273,610 965,221 12,805,858
MSF BlackRock Large Cap
Value Investment
Division................ 2,994,184 3,367,903 6,262,989 1,897,812 1,904,152 1,834,624
MSF BlackRock
Ultra-Short Term Bond
Investment Division..... 4,650,856 5,475,949 18,335,118 6,741,803 10,824,505 12,084,209
MSF Frontier Mid Cap
Growth Investment
Division................ 26,534,374 32,585,116 21,151,998 15,129,899 16,451,475 17,712,139
MSF Jennison Growth
Investment Division..... 3,792,971 5,344,129 3,179,188 2,099,971 2,703,444 2,763,458
MSF Loomis Sayles
Small Cap Core
Investment Division..... 2,539,914 3,725,578 3,980,334 1,817,794 2,034,904 1,814,675
MSF Loomis Sayles
Small Cap Growth
Investment Division..... 1,580,502 2,397,390 2,282,405 1,117,866 1,247,114 1,779,900
MSF Met/Artisan Mid Cap
Value Investment
Division................ 7,947,921 9,241,788 1,388,923 4,439,962 4,195,279 4,484,383
MSF Met/Wellington
Balanced Investment
Division................ 23,782,916 60,097,474 7,536,901 22,291,040 22,658,546 22,681,028
MSF Met/Wellington Core
Equity Opportunities
Investment Division..... 6,093,025 28,017,024 7,579,420 5,861,337 6,046,488 5,561,430
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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 ($)
----------- ------------
2016 2016
----------- ------------
MSF MetLife Asset
Allocation 20
Investment Division..... 474,354 5,316,611
MSF MetLife Asset
Allocation 40 Investment
Division................ 914,039 10,588,178
MSF MetLife Asset
Allocation 60 Investment
Division................ 4,469,678 50,391,982
MSF MetLife Asset
Allocation 80 Investment
Division................ 7,480,635 85,892,618
MSF MetLife Mid Cap
Stock Index Investment
Division................ 5,038,599 70,061,406
MSF MetLife Stock Index
Investment Division..... 22,225,150 733,836,445
MSF MFS Total Return
Investment Division..... 61,218 8,869,005
MSF MFS Value
Investment Division..... 5,774,795 80,417,426
MSF MSCI EAFE Index
Investment Division..... 6,386,828 73,166,937
MSF Neuberger Berman
Genesis Investment
Division................ 5,262,123 76,477,187
MSF Russell 2000 Index
Investment Division..... 3,891,146 53,840,528
MSF T. Rowe Price
Large Cap Growth
Investment Division..... 4,177,437 69,524,816
MSF T. Rowe Price
Small Cap Growth
Investment Division..... 5,252,768 82,919,535
MSF Van Eck Global
Natural Resources
Investment Division..... 23,873 269,922
MSF Western Asset
Management Strategic
Bond Opportunities
Investment Division..... 3,952,335 50,507,057
MSF Western Asset
Management U.S.
Government Investment
Division................ 1,333,574 16,106,303
Oppenheimer VA Main
Street Small Cap
Investment Division..... 242 5,534
FOR THE YEAR ENDED DECEMBER 31
--------------------------------------------------------------------------------
COST OF PROCEEDS
PURCHASES ($) FROM SALES ($)
--------------------------------------- ---------------------------------------
2016 2015 2014 2016 2015 2014
---------- ---------- -------------- ----------- ---------- -------------
MSF MetLife Asset
Allocation 20
Investment Division..... 1,036,496 823,597 1,528,404 1,292,119 619,628 974,749
MSF MetLife Asset
Allocation 40 Investment
Division................ 1,895,999 2,475,186 1,909,288 763,627 2,085,619 1,095,441
MSF MetLife Asset
Allocation 60 Investment
Division................ 8,110,189 6,027,977 7,170,769 3,864,641 4,491,997 4,378,369
MSF MetLife Asset
Allocation 80 Investment
Division................ 16,783,861 8,947,130 7,388,669 7,686,144 7,178,922 6,440,275
MSF MetLife Mid Cap
Stock Index Investment
Division................ 10,306,403 10,066,908 8,192,648 7,484,325 7,032,261 18,250,892
MSF MetLife Stock Index
Investment Division..... 77,348,992 79,790,746 55,709,939 61,428,404 59,505,671 76,321,598
MSF MFS Total Return
Investment Division..... 1,526,015 1,186,630 862,352 1,089,235 1,070,466 1,045,972
MSF MFS Value
Investment Division..... 10,748,509 17,539,930 6,999,445 6,609,698 6,622,488 7,007,481
MSF MSCI EAFE Index
Investment Division..... 7,036,142 7,716,691 10,695,798 6,231,772 5,827,123 7,195,699
MSF Neuberger Berman
Genesis Investment
Division................ 1,292,992 1,163,361 2,063,278 7,671,427 6,972,177 7,736,851
MSF Russell 2000 Index
Investment Division..... 8,863,762 8,769,748 6,587,826 7,356,183 6,340,553 6,379,754
MSF T. Rowe Price
Large Cap Growth
Investment Division..... 12,293,158 18,463,477 7,579,276 6,914,180 7,557,701 6,082,255
MSF T. Rowe Price
Small Cap Growth
Investment Division..... 16,109,793 13,093,685 10,586,051 9,357,582 8,702,468 25,182,622
MSF Van Eck Global
Natural Resources
Investment Division..... 52,402 96,754 134,400 48,169 25,178 80,461
MSF Western Asset
Management Strategic
Bond Opportunities
Investment Division..... 31,396,621 2,670,409 2,618,269 6,007,341 1,935,423 1,964,514
MSF Western Asset
Management U.S.
Government Investment
Division................ 1,319,950 1,262,553 1,153,933 1,313,956 1,510,344 1,400,796
Oppenheimer VA Main
Street Small Cap
Investment Division..... 1,649 6,650 4,945(e) 6,651 939 91(e)
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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 -- (CONCLUDED)
AS OF DECEMBER 31 FOR THE YEAR ENDED DECEMBER 31
------------------------ -------------------------------------------------------------------------
COST OF PROCEEDS
SHARES COST ($) PURCHASES ($) FROM SALES ($)
---------- ------------ ----------------------------------- -----------------------------------
2016 2016 2016 2015 2014 2016 2015 2014
---------- ------------ --------- -------- --------- ------- ------- -------
PIMCO VIT All Asset
Investment Division.... 12,608 136,206 11,673 59,535 59,597 7,013 779,077 37,514
PIMCO VIT
CommodityRealReturn
Strategy Investment
Division............... 1,262 14,472 111 4,187 40,783 1,699 21,199 1,248
PIMCO VIT Low Duration
Investment Division.... 85,344 892,270 64,676 30,973 21,087 16,404 740,639 31,701
Pioneer VCT Mid Cap
Value Investment
Division............... 2,730 49,736 23,486 6,247 22,259 17,407 20,763 3,724
Putnam VT International
Value Investment
Division............... 451 4,620 122 1,379 1,415 1,450 1,364 1,293
Royce Micro-Cap
Investment Division.... 953 10,021 1,940 1,437 1,597 1,092 78 80
Royce Small-Cap
Investment Division.... 8,151 82,456 33,245 25,745 399,926 16,623 4,053 998,708
UIF Emerging Markets
Debt Investment
Division............... 161,338 1,342,069 440,035 304,283 126,705 132,665 121,731 474,385
UIF Emerging Markets
Equity Investment
Division............... 240,189 3,380,662 1,196,444 758,349 1,371,355 394,994 363,786 334,525
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) Commenced April 28, 2008 and began transactions in 2014.
192
This page is intentionally left blank.
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, 2016, 2015 AND 2014:
AB GLOBAL THEMATIC GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 5,659 11,048 10,121
Units issued and
transferred from other
funding options....... 220 227 2,619
Units redeemed and
transferred to other
funding options....... (1,234) (5,616) (1,692)
----------------- ----------------- -----------------
Units end of year........ 4,645 5,659 11,048
================= ================= =================
AB INTERMEDIATE BOND
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 3,779 3,712 3,812
Units issued and
transferred from other
funding options....... 2,092 219 44
Units redeemed and
transferred to other
funding options....... (187) (152) (144)
----------------- ----------------- -----------------
Units end of year........ 5,684 3,779 3,712
================= ================= =================
AMERICAN CENTURY VP CAPITAL APPRECIATION
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014 (A)
----------------- ----------------- -----------------
Units beginning of year.. 4 21 --
Units issued and
transferred from other
funding options....... 162 -- 32
Units redeemed and
transferred to other
funding options....... (13) (17) (11)
----------------- ----------------- -----------------
Units end of year........ 153 4 21
================= ================= =================
AMERICAN FUNDS BOND
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 437,856 422,554 417,001
Units issued and
transferred from other
funding options....... 111,731 130,560 99,347
Units redeemed and
transferred to other
funding options....... (115,207) (115,258) (93,794)
----------------- ----------------- -----------------
Units end of year........ 434,380 437,856 422,554
================= ================= =================
AMERICAN FUNDS GLOBAL SMALL CAPITALIZATION
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 1,684,041 1,772,715 1,848,240
Units issued and
transferred from other
funding options....... 191,087 211,987 218,125
Units redeemed and
transferred to other
funding options....... (309,314) (300,661) (293,650)
----------------- ----------------- -----------------
Units end of year........ 1,565,814 1,684,041 1,772,715
================= ================= =================
AMERICAN FUNDS GROWTH
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 1,045,168 1,119,856 1,184,798
Units issued and
transferred from other
funding options....... 95,816 101,013 116,712
Units redeemed and
transferred to other
funding options....... (162,778) (175,701) (181,654)
----------------- ----------------- -----------------
Units end of year........ 978,206 1,045,168 1,119,856
================= ================= =================
AMERICAN FUNDS GROWTH-INCOME
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 1,173,413 1,243,407 1,315,261
Units issued and
transferred from other
funding options....... 106,983 120,286 131,341
Units redeemed and
transferred to other
funding options....... (186,495) (190,280) (203,195)
----------------- ----------------- -----------------
Units end of year........ 1,093,901 1,173,413 1,243,407
================= ================= =================
AMERICAN FUNDS INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 12,487 19,587 19,162
Units issued and
transferred from other
funding options....... 153 842 1,226
Units redeemed and
transferred to other
funding options....... (2,517) (7,942) (801)
----------------- ----------------- -----------------
Units end of year........ 10,123 12,487 19,587
================= ================= =================
AMERICAN FUNDS
U.S. GOVERNMENT/AAA-RATED SECURITIES
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ----------------- ------------------
Units beginning of year.. 2,125 2,082 2,093
Units issued and
transferred from other
funding options....... 266 109 54
Units redeemed and
transferred to other
funding options....... (126) (66) (65)
------------------ ----------------- ------------------
Units end of year........ 2,265 2,125 2,082
================== ================= ==================
DREYFUS VIF INTERNATIONAL VALUE
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ------------------ -----------------
Units beginning of year.. 15,363 15,519 15,672
Units issued and
transferred from other
funding options....... 7,615 -- --
Units redeemed and
transferred to other
funding options....... (8,735) (156) (153)
----------------- ------------------ -----------------
Units end of year........ 14,243 15,363 15,519
================= ================== =================
FIDELITY VIP ASSET MANAGER: GROWTH
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ------------------ -----------------
Units beginning of year.. 121,099 135,053 132,058
Units issued and
transferred from other
funding options....... 5,334 16,970 11,986
Units redeemed and
transferred to other
funding options....... (12,652) (30,924) (8,991)
----------------- ------------------ -----------------
Units end of year........ 113,781 121,099 135,053
================= ================== =================
FIDELITY VIP CONTRAFUND
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ------------------ -----------------
Units beginning of year.. 107,835 113,831 115,785
Units issued and
transferred from other
funding options....... 3,302 11,187 6,940
Units redeemed and
transferred to other
funding options....... (14,816) (17,183) (8,894)
------------------ ------------------ -----------------
Units end of year........ 96,321 107,835 113,831
================== ================== =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014:
FIDELITY VIP EQUITY-INCOME
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
----------------- ------------------ ------------------
Units beginning of year.. 669 1,259 1,817
Units issued and
transferred from other
funding options....... 90 122 100
Units redeemed and
transferred to other
funding options....... (13) (712) (658)
----------------- ------------------ ------------------
Units end of year........ 746 669 1,259
================= ================== ==================
FIDELITY VIP FREEDOM 2010
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ----------------- ------------------
Units beginning of year.. 1,392 3,474 3,488
Units issued and
transferred from other
funding options....... 4,597 8,348 7,340
Units redeemed and
transferred to other
funding options....... (3,971) (10,430) (7,354)
------------------ ----------------- ------------------
Units end of year........ 2,018 1,392 3,474
================== ================= ==================
FIDELITY VIP FREEDOM 2020
INVESTMENT DIVISION
----------------------------------------------------------
2016 2015 2014
------------------ ------------------ ------------------
Units beginning of year.. 30,947 56,045 58,587
Units issued and
transferred from other
funding options....... 13,670 12,806 25,007
Units redeemed and
transferred to other
funding options....... (13,099) (37,904) (27,549)
------------------ ------------------ ------------------
Units end of year........ 31,518 30,947 56,045
================== ================== ==================
FIDELITY VIP FREEDOM 2025
INVESTMENT DIVISION
----------------------------------------------------------
2016 2015 2014
------------------ ------------------ ------------------
Units beginning of year.. 22,070 1,914 2,149
Units issued and
transferred from other
funding options....... -- 20,650 --
Units redeemed and
transferred to other
funding options....... (539) (494) (235)
------------------ ------------------ ------------------
Units end of year........ 21,531 22,070 1,914
================== ================== ==================
FIDELITY VIP FREEDOM 2030
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ------------------ -----------------
Units beginning of year.. 8,698 5,911 4,709
Units issued and
transferred from other
funding options....... 29,741 20,629 23,056
Units redeemed and
transferred to other
funding options....... (26,063) (17,842) (21,854)
----------------- ------------------ -----------------
Units end of year........ 12,376 8,698 5,911
================= ================== =================
FIDELITY VIP FREEDOM 2040
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ------------------ -----------------
Units beginning of year.. 5,641 3,374 782
Units issued and
transferred from other
funding options....... 19,827 12,698 10,224
Units redeemed and
transferred to other
funding options....... (16,057) (10,431) (7,632)
------------------ ------------------ -----------------
Units end of year........ 9,411 5,641 3,374
================== ================== =================
FIDELITY VIP
GOVERNMENT
FIDELITY VIP FREEDOM 2050 MONEY MARKET
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- -------------------
2016 2015 2014 2016 (B)
------------------ ----------------- ------------------ -------------------
Units beginning of year.. 3,221 1,669 1,444 --
Units issued and
transferred from other
funding options....... 12,345 8,271 7,473 246,409
Units redeemed and
transferred to other
funding options....... (9,285) (6,719) (7,248) (28,166)
------------------ ----------------- ------------------ -------------------
Units end of year........ 6,281 3,221 1,669 218,243
================== ================= ================== ===================
FIDELITY VIP HIGH INCOME
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
------------------ ----------------- -----------------
Units beginning of year.. 10,801 8,712 8,598
Units issued and
transferred from other
funding options....... 6,406 2,652 576
Units redeemed and
transferred to other
funding options....... (323) (563) (462)
------------------ ----------------- -----------------
Units end of year........ 16,884 10,801 8,712
================== ================= =================
FIDELITY VIP INVESTMENT GRADE BOND
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ----------------- ------------------
Units beginning of year.. 75,247 76,739 109,725
Units issued and
transferred from other
funding options....... 2,441 3,210 29,160
Units redeemed and
transferred to other
funding options....... (4,759) (4,702) (62,146)
----------------- ----------------- ------------------
Units end of year........ 72,929 75,247 76,739
================= ================= ==================
FIDELITY VIP MID CAP
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ----------------- ------------------
Units beginning of year.. 7,000 6,260 6,501
Units issued and
transferred from other
funding options....... 52 889 386
Units redeemed and
transferred to other
funding options....... (1,320) (149) (627)
----------------- ----------------- ------------------
Units end of year........ 5,732 7,000 6,260
================= ================= ==================
FTVIPT FRANKLIN INCOME VIP
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ------------------ -----------------
Units beginning of year.. 47 28 1
Units issued and
transferred from other
funding options....... 15 25 32
Units redeemed and
transferred to other
funding options....... (3) (6) (5)
----------------- ------------------ -----------------
Units end of year........ 59 47 28
================= ================== =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014:
FTVIPT FRANKLIN MUTUAL GLOBAL DISCOVERY VIP
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 18,532 18,185 19,479
Units issued and
transferred from other
funding options....... 5,870 1,837 1,756
Units redeemed and
transferred to other
funding options....... (5,140) (1,490) (3,050)
----------------- ----------------- -----------------
Units end of year........ 19,262 18,532 18,185
================= ================= =================
FTVIPT FRANKLIN MUTUAL SHARES VIP
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 194 109 67
Units issued and
transferred from other
funding options....... 51 92 50
Units redeemed and
transferred to other
funding options....... (20) (7) (8)
----------------- ----------------- -----------------
Units end of year........ 225 194 109
================= ================= =================
FTVIPT TEMPLETON FOREIGN VIP
INVESTMENT DIVISION
------------------------------------------------------
2016 2015 2014
---------------- ----------------- -----------------
Units beginning of year.. 295,281 276,787 203,220
Units issued and
transferred from other
funding options....... 39,368 39,852 129,250
Units redeemed and
transferred to other
funding options....... (38,480) (21,358) (55,683)
---------------- ----------------- -----------------
Units end of year........ 296,169 295,281 276,787
================ ================= =================
FTVIPT TEMPLETON GLOBAL BOND VIP
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 23,525 49,895 54,283
Units issued and
transferred from other
funding options....... 3,542 14,084 1,227
Units redeemed and
transferred to other
funding options....... (1,607) (40,454) (5,615)
----------------- ----------------- -----------------
Units end of year........ 25,460 23,525 49,895
================= ================= =================
GOLDMAN SACHS MID-CAP VALUE
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ------------------ -----------------
Units beginning of year.. 9,834 10,570 11,790
Units issued and
transferred from other
funding options....... -- -- 140
Units redeemed and
transferred to other
funding options....... (7,017) (736) (1,360)
----------------- ------------------ -----------------
Units end of year........ 2,817 9,834 10,570
================= ================== =================
GOLDMAN SACHS SMALL CAP EQUITY INSIGHTS
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ------------------ -----------------
Units beginning of year.. 1,645 1,766 2,114
Units issued and
transferred from other
funding options....... 477 53 111
Units redeemed and
transferred to other
funding options....... (559) (174) (459)
------------------ ------------------ -----------------
Units end of year........ 1,563 1,645 1,766
================== ================== =================
INVESCO V.I. COMSTOCK
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ----------------- ------------------
Units beginning of year.. 19,259 18,652 18,458
Units issued and
transferred from other
funding options....... 3,226 1,183 598
Units redeemed and
transferred to other
funding options....... (485) (576) (404)
------------------ ----------------- ------------------
Units end of year........ 22,000 19,259 18,652
================== ================= ==================
INVESCO V.I. INTERNATIONAL GROWTH
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ----------------- ------------------
Units beginning of year.. 13,685 14,202 16,229
Units issued and
transferred from other
funding options....... 2,404 674 795
Units redeemed and
transferred to other
funding options....... (1,134) (1,191) (2,882)
------------------ ----------------- ------------------
Units end of year........ 14,955 13,685 14,202
================== ================= ==================
JANUS ASPEN
JANUS ASPEN BALANCED ENTERPRISE
INVESTMENT DIVISION INVESTMENT DIVISION
--------------------------------------------------------- -------------------
2016 2015 2014 2016 (C)
----------------- ------------------ ------------------ -------------------
Units beginning of year.. 45,385 44,817 44,471 --
Units issued and
transferred from other
funding options....... 2,340 2,768 4,121 22,750
Units redeemed and
transferred to other
funding options....... (5,315) (2,200) (3,775) (2,995)
----------------- ------------------ ------------------ -------------------
Units end of year........ 42,410 45,385 44,817 19,755
================= ================== ================== ===================
JANUS ASPEN FORTY
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ------------------ -----------------
Units beginning of year.. 19,926 20,307 34,817
Units issued and
transferred from other
funding options....... 704 500 912
Units redeemed and
transferred to other
funding options....... (4,301) (881) (15,422)
------------------ ------------------ -----------------
Units end of year........ 16,329 19,926 20,307
================== ================== =================
JANUS ASPEN JANUS
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
------------------ ------------------ -----------------
Units beginning of year.. 25,523 27,479 28,415
Units issued and
transferred from other
funding options....... 348 407 699
Units redeemed and
transferred to other
funding options....... (11,207) (2,363) (1,635)
------------------ ------------------ -----------------
Units end of year........ 14,664 25,523 27,479
================== ================== =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014:
JANUS ASPEN OVERSEAS
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 1,568 1,884 2,403
Units issued and
transferred from other
funding options....... 1,016 223 240
Units redeemed and
transferred to other
funding options....... (575) (539) (759)
----------------- ----------------- -----------------
Units end of year........ 2,009 1,568 1,884
================= ================= =================
MFS VIT GLOBAL EQUITY
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 7,506 7,650 7,761
Units issued and
transferred from other
funding options....... 1,062 430 357
Units redeemed and
transferred to other
funding options....... (177) (574) (468)
----------------- ----------------- -----------------
Units end of year........ 8,391 7,506 7,650
================= ================= =================
MFS VIT NEW DISCOVERY
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 8,220 8,474 8,721
Units issued and
transferred from other
funding options....... 9 8 5
Units redeemed and
transferred to other
funding options....... (286) (262) (252)
----------------- ----------------- -----------------
Units end of year........ 7,943 8,220 8,474
================= ================= =================
MFS VIT VALUE
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 820 903 978
Units issued and
transferred from other
funding options....... -- -- 1,462
Units redeemed and
transferred to other
funding options....... (92) (83) (1,537)
----------------- ----------------- -----------------
Units end of year........ 728 820 903
================= ================= =================
MFS VIT II HIGH YIELD
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ------------------ -----------------
Units beginning of year.. 7,464 7,587 8,075
Units issued and
transferred from other
funding options....... -- 40 3
Units redeemed and
transferred to other
funding options....... (129) (163) (491)
----------------- ------------------ -----------------
Units end of year........ 7,335 7,464 7,587
================= ================== =================
MIST AB GLOBAL DYNAMIC ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 4,712 3,865 2,847
Units issued and
transferred from other
funding options....... 911 2,377 1,277
Units redeemed and
transferred to other
funding options....... (1,020) (1,530) (259)
----------------- ----------------- -----------------
Units end of year........ 4,603 4,712 3,865
================= ================= =================
MIST ALLIANZ GLOBAL INVESTORS
DYNAMIC MULTI-ASSET PLUS
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014 (A)
----------------- ------------------ -----------------
Units beginning of year.. 1,942 72 --
Units issued and
transferred from other
funding options....... 2,920 10,338 96
Units redeemed and
transferred to other
funding options....... (351) (8,468) (24)
----------------- ------------------ -----------------
Units end of year........ 4,511 1,942 72
================= ================== =================
MIST AMERICAN FUNDS BALANCED ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 61,306 59,916 57,458
Units issued and
transferred from other
funding options....... 6,090 5,741 6,662
Units redeemed and
transferred to other
funding options....... (4,515) (4,351) (4,204)
----------------- ----------------- -----------------
Units end of year........ 62,881 61,306 59,916
================= ================= =================
MIST AMERICAN FUNDS GROWTH ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 105,040 101,601 108,102
Units issued and
transferred from other
funding options....... 13,432 14,045 12,222
Units redeemed and
transferred to other
funding options....... (8,393) (10,606) (18,723)
----------------- ----------------- -----------------
Units end of year........ 110,079 105,040 101,601
================= ================= =================
MIST AMERICAN FUNDS MODERATE ALLOCATION
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 67,812 71,127 64,895
Units issued and
transferred from other
funding options....... 10,042 14,053 12,069
Units redeemed and
transferred to other
funding options....... (2,301) (17,368) (5,837)
----------------- ----------------- -----------------
Units end of year........ 75,553 67,812 71,127
================= ================= =================
MIST AQR GLOBAL RISK BALANCED
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 14,099 17,046 15,059
Units issued and
transferred from other
funding options....... 2,702 5,403 5,307
Units redeemed and
transferred to other
funding options....... (3,742) (8,350) (3,320)
----------------- ----------------- -----------------
Units end of year........ 13,059 14,099 17,046
================= ================= =================
MIST BLACKROCK GLOBAL TACTICAL STRATEGIES
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 18,463 15,552 8,821
Units issued and
transferred from other
funding options....... 7,371 6,931 7,919
Units redeemed and
transferred to other
funding options....... (1,128) (4,020) (1,188)
----------------- ----------------- -----------------
Units end of year........ 24,706 18,463 15,552
================= ================= =================
(a) For the period April 28, 2014 to December 31, 2014.
(b) For the period April 29, 2016 to December 31, 2016.
(c) Commenced May 3, 2010 and began transactions in 2016.
(d) Commenced April 28, 2014 and began transactions in 2015.
(e) 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, 2016, 2015 AND 2014:
MIST CLARION GLOBAL REAL ESTATE
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
----------------- ------------------ -----------------
Units beginning of year.. 1,353,491 1,424,610 1,412,669
Units issued and
transferred from other
funding options....... 158,424 197,300 493,788
Units redeemed and
transferred to other
funding options....... (258,129) (268,419) (481,847)
----------------- ------------------ -----------------
Units end of year........ 1,253,786 1,353,491 1,424,610
================= ================== =================
MIST CLEARBRIDGE AGGRESSIVE GROWTH
INVESTMENT DIVISION
---------------------------------------------------------
2016 2015 2014
----------------- ------------------ ------------------
Units beginning of year.. 2,377,629 2,519,284 1,375,745
Units issued and
transferred from other
funding options....... 257,617 466,292 1,550,161
Units redeemed and
transferred to other
funding options....... (430,581) (607,947) (406,622)
----------------- ------------------ ------------------
Units end of year........ 2,204,665 2,377,629 2,519,284
================= ================== ==================
MIST HARRIS OAKMARK INTERNATIONAL
INVESTMENT DIVISION
-------------------------------------------------------
2016 2015 2014
----------------- ----------------- -----------------
Units beginning of year.. 1,402,957 1,446,693 1,980,844
Units issued and
transferred from other
funding options....... 171,969 200,787 220,406
Units redeemed and
transferred to other
funding options....... (242,710) (244,523) (754,557)
----------------- ----------------- -----------------
Units end of year........ 1,332,216 1,402,957 1,446,693
================= ================= =================
MIST INVESCO BALANCED-RISK ALLOCATION
INVESTMENT DIVISION
--------------------------------------------------------
2016 2015 2014
------------------ ----------------- -----------------